China hits back on U.S. tariffs, Dow falls almost 500 points
04 April, 2018, 01:01 | Author: Samuel Sharp
The year started strong, but early gains evaporated as the markets entered a correction over interest rate jitters, fears of an escalating import tariff dispute between the United States and China, and a selloff in the tech sector.
The S&P 500 fell 58 points, or 2.2 percent, to 2,581, slightly above its low for the year reached February 8. Shares of other tech companies, including Facebook, Netflix, and Google's Alphabet, followed Amazon as it dropped after Trump tweeted that "only fools, or worse, are saying that our money-losing Post Office makes money with Amazon".
Shares of Boeing Co., for instance, continued their recent slide on Monday, losing 1.7 per cent, as investors fretted about whether the US airplane maker, a major supplier to Chinese state-owned airlines, will have its wings clipped by retaliatory Chinese action. Walmart stock fell 3.8 per cent.
USA markets were closed Friday for the Good Friday holiday.
The Dow lost 694 points, or 2.9 percent, to 23,408. "Interest rates, the concern about tariffs, we're going to get into a trade war", said Doug Cote, chief market strategist at Voya Investment Management in NY. The Dow Jones rose 0.4% after popping more than 1% higher.
"The US markets will likely serve as a focal point as investors stateside and elsewhere consider what tact the administration will take toward trade in the weeks ahead and what effects it could have on the US economy and the economies of its trading partners", John Stoltzfus, the chief investment strategist of Oppenheimer & Co., wrote in a note to clients Monday.
The Dow plummeted over 700 points on Monday and the Nasdaq dropping 3 percent following President Donald Trump doubling down on his attacks on Amazon.
One test of Wall Street's mindset will come on Tuesday, when music streamer Spotify Technology SA goes public in an unusual direct listing.
BONDS: Bond prices recovered after an early dip. Silver fell 1.7 percent to $16.39 an ounce.
That tweet was enough to send Amazon shares down 7 percent, or $50 billion, in early morning trading last week.
Returning from the long Easter holiday weekend, Germany's DAX fell 0.8 percent while London's FTSE 100 declined 0.4 percent and France's CAC 40 dipped 0.3 percent. The yield on the 10-year Treasury stayed at 2.74 percent after a sharp decline last week.
The dollar edged down to 105.87 yen from Monday's 105.89 yen as currency traders shifted money into the Japanese currency, seen as a haven in times of market turmoil. "Amazon should pay these costs (plus) and not have them bourne [sic] by the American Taxpayer". Hong Kong's Hang Seng bucked the trend, ending up 0.2 percent.
COMMODITIES: Benchmark U.S. crude lost $1.71, or 2.7 percent, to $63.23 a barrel in NY. The euro edged up to $1.2308 from $1.2306. Brent crude, used to price global oils, slid $1.52, or 2.2 percent, to $67.82 a barrel in London.
However, knowing the host who is full of antics, Colbert thanked MSNBC and not CNN , queueing laughter from the crowd. It took only 400 odd days, but Stephen Colbert and President Trump are finally on the same page.
Verlander is now 10-1 in the regular season since being acquired by the Astros from Detroit in a trade-deadline deal on August 31. Manager Jeff Banister expects to see a closer emerge over the course of the season. "But he was able to settle in and mix".
According to the Illinois Department of Health, 22 cases have been linked to the drug since March 7, mostly in the Chicago area. Jennifer Layden, the chief medical officer of the Illinois Department of Public Health, told CBS Chicago .
The agency had no prior history with the family, said Norah West, a spokeswoman with the Department of Social and Health Services. A neighbor Bruce Dekalb said, "I think that it's a little odd that three of them left the vehicle and three of them didn't".
And they proved costly as Suarez finally beat Rico with an acrobatic effort, with more drama to come in the visitors' next attack. Ernesto Valverde has praised his Barcelona side for not losing faith as the La Liga leaders fought back to draw 2-2 at Sevilla .
The critics continue to say that his former affiliation with Republicans makes him a propagandist, ' the Sinclair executive said. It shows multiple TV anchors from different markets in video "boxes" saying: "This is extremely unsafe to our democracy".
Meanwhile, Guardiola will prioritise the second leg over this weekend's Manchester Derby when making his team selection. That was an opportunity passed up - and that's a lesson to carry over into the Champions League .
Nearly the entire Lower Peninsula has a wind advisory in effect from late morning Saturday to early evening Saturday. On Sunday, accumulations should only be a couple of inches, mainly on grassy surfaces from Nebraska to Pennsylvania.
For the second time, he made a decision to leave the team and travel to New York City to rehabilitate his quad injury . Leonard showed up for a team picture on March 17 and the other San Antonio players held an impromptu meeting with him.
ET, Dow e-minis 1YMc1 were up 75 points, S&P 500 e-minis ESc1 rose 9.25 points and Nasdaq 100 e-minis NQc1 gained 38.5 points. Facebook has been under pressure over a consumer data scandal and Tesla following a fatal auto accident California.
Trump says to use military to secure US-Mexico border
Trump has already blasted Mexico and threatened to upend the North American Free Trade Agreement (NAFTA) over the caravan. Trump said at the White House as he met with the leaders of Estonia, Latvia and Lithuania.
Condom-Snorting Challenge Is Latest Dangerous Trend
One suffered from pneumonia , while the other got a small piece of the condom lodged in her appendix and had to undergo surgery. As with the Tide pod challenge , the press went into full-on moral panic mode in their coverage of condom snorting.
Google will close the service for link shortening
As upsetting as this closure could be, the fact that there are many URL shortener alternatives make this a minor deal for most. First, it was used for Google Toolbar and Feedburner , but it became goo.gl and opened up to the public in September 2010.
Crowds line street to farewell famed scientist Stephen Hawking
Mike Meylan, a New Zealand mathematics professor visiting Cambridge University, brought his children to explain Hawking's genius. Mary the Great in the English town of Cambridge on Saturday for the service honoring Hawking , who died on March 14 at age 76 .
Date failed: robot Sophia is not impressed courting will Smith
The actor also shared a video of what appears to be an "online date" with the robot, created by Hong Kong-based Hanson Robotics . Someone has Sophia's sass settings on way too high. "Let's hang out and get to know each other for a little while", Sophia said.