Dow plunges 760 points in worst day of 2019 as trade war intensifies

Nov 2005
9,160
3,628
California
Stocks fell sharply Monday as a trade war between the world’s largest economies intensified with China retaliating against President Donald Trump’s latest move.

The Dow Jones Industrial Average plunged 767.27 points, or 2.9%, to close at 25,717.74 and dropped as much as 961.63 points at one point. The S&P 500dropped nearly 3% to 2,844.74. The Nasdaq Composite lagged, falling 3.5% to 7,726.04. it was the worst percentage drop for all three indexes this year. The S&P 500 is now more than 6% below its record hit only last month.


The Nasdaq fell for a sixth straight session, its longest losing streak since late 2016. The S&P 500 also posted a six-day losing streak. The Dow declined for a fifth straight day. The move continues a sell-off that began last week when President Donald Trump ordered new tariffs on the rest of Chinese goods and the Federal Reserve failed to signal it would be as aggressive as the market hoped in backstopping the economic slowdown.

Apple led the decline in stocks that have the most to lose from the new round of tariffs, losing 5.2%. The SPDR S&P Retail ETF (XRT) closed 2.2% lower as the new tariffs will hit items apparel, electronics and toys. Nike dropped 2.7%. Macy’s and Best Buy pulled back 3.1% and 3.5%, respectively.

FedEx dropped 4%. Caterpillar and Boeing dropped 2.3% and 2.5%, respectively. Semiconductor stocks such as Micron Technology, Skyworks Solutions and Advanced Micro Devices fell at least 4.4%.

Now we have a trade situation that is going off the rails as the side effects multiply due to the ramping up of the use of tariffs and we are only further apart from any resolution with the Chinese,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The policy of using tariffs as a tool to address our legitimate beefs with the Chinese has failed miserably.
Dow plunges 760 points in worst day of 2019 as trade war intensifies

Trump loves to shoot off his mouth and damn the consequences... :mad:
 
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Dec 2018
2,823
2,024
Wisconsin
China announced tonight a freeze on all US agricultural purchases.

Expect things to drop again tomorrow.
 

imaginethat

Forum Staff
Oct 2010
68,577
28,370
Colorado
From another thread:

Global trade wars threatening the global economy.

Bonds with an inverted yield curve



And a flat, inflated, high P/E stock market.

View attachment 4556

Add the latest market declines....

And,

Zippy Duvall, the president of the American Farm Bureau Federation, called the announcement “a body blow to thousands of farmers and ranchers who are already struggling to get by.” American exports to China fell $1.3 billion during the first half of the year, and American farmers now stand to lose all of what was a $9.1 billion market in 2018, Mr. Duvall said. That had fallen from a $19.5 billion market in 2017, before the trade war began.

China’s Currency Moves Escalate Trade War, Rattling Markets

There has got to be someone out there who's getting tired of winning.
 
Jul 2014
15,263
9,364
massachusetts
We live in a world with a global economy, when the worlds economy is good, our economy is good, when the world goes into the toilet, so do we.
It's all very fragile,so when someone is a "disrupter", they can fuck everything up.
Which is why trade deals are so complicated, and take so long to put in place.
The deals that were in place got us to where we were, now that those deals are trashed, what happens next is very much up in the air.
"New Trade deal, much better than previous deal" is the real long shot.
"New trade deal, almost exactly like the old trade deal, after a recession" is the most likely scenario.
 
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Feb 2007
5,581
3,143
USA
When Trump first entered the scene in Atlantic City, NJ the public in that region largely welcomed him with open arms with the hope that he would help turn Atlantic City around from being the slowly decaying town it had become.

But when Trump decided, years later, to depart that town once and for all, that very same public couldn't wait to see him leave.

And I strongly suspect history will somewhat repeat itself...though with regards to a much larger population of people and regarding more important issues.
 
Nov 2012
11,034
9,248
nirvana
From another thread:

Global trade wars threatening the global economy.

Bonds with an inverted yield curve



And a flat, inflated, high P/E stock market.

View attachment 4556

Add the latest market declines....

And,

Zippy Duvall, the president of the American Farm Bureau Federation, called the announcement “a body blow to thousands of farmers and ranchers who are already struggling to get by.” American exports to China fell $1.3 billion during the first half of the year, and American farmers now stand to lose all of what was a $9.1 billion market in 2018, Mr. Duvall said. That had fallen from a $19.5 billion market in 2017, before the trade war began.

China’s Currency Moves Escalate Trade War, Rattling Markets

There has got to be someone out there who's getting tired of winning.
I got tired at the end of 2017. My money will be on the sidelines until dotard is gone. If I lose out on any gains I’m fine with that.
 
Jul 2019
4,659
2,381
Georgia
possible rebound today, futures bounced back up

which would be just fine with me but this instability is not cool