renegadebusdallas.com
renegadebusdallas.com April 20, 2018


Wall Street recovers from sharp losses sparked by China tariffs

05 April 2018, 12:54 | Lionel James

Wall Street recovers from sharp losses sparked by China tariffs

Wall Street recovers from sharp losses sparked by China tariffs

Manufacturing stocks also stumbled after China slapped tariffs of up to 25 percent on 128 American-made products in response to the Trump administration's decision to place steep duties on imported steel and aluminum.

"Because recent lows in the market have held, people may feel a bit more comfortable buying the dip, even though nothing has changed or been resolved", he said.

Advancing issues outnumbered declining ones on the NYSE by a 2.98-to-1 ratio; on Nasdaq, a 1.86-to-1 ratio favored advancers.

Boeing was down in premarket action by about 5 percent and Caterpillar shares were off some 3.5%.

While manufacturers were the bigger losers as a group, the technology sector's 1.74 percent drop weighed the most on the market. Processing company ADP said USA employers created a higher-than-expected 241,000 in March. The S&P 500 index gained 30 points to 2,645, or 1.2%. France's CAC fell by 0.60% and Germany's DAX dropped 1.22%.

USA stocks rallied in afternoon trading, reaching positive territory after plummeting earlier amid reports that China is planning to retaliate against the United States in an escalating trade conflict that has investors around the world on edge.

Facebook says it will not extend GDPR privacy protections beyond EU
More incidents are likely to crop up, some Facebook executives fear. "I'm not sure we shouldn't be regulated", he said to CNN. The memo to employees reiterated the company's desire to connect people with one another, but not without a price.

Stocks open with large losses follows China's announcement of additional tariffs on $50B in USA imports including soybeans, planes, autos and chemicals; Dow -1.6%, S&P -1.2%, Nasdaq -1.2%.

Volume on US exchanges was 7.04 billion shares, compared with the 7.3 billion average for the last 20 trading days.

"As a sector, technology has the most to lose from a world in which global trade is restricted and of course, some of the subjects of the tariffs, will also be hit", said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey. Late Tuesday, the maker of electric cars reported first-quarter production and delivery numbers that missed expectations (http://www.marketwatch.com/story/tesla-stock-jumps-after-production-misses-but-liquidity-concerns-addressed-2018-04-03), but said it would not need to raise more money this year.

Stocks have fluctuated over the course of the trading session on Tuesday and are seeing moderate strength in mid-day trading.

Over on the Nasdaq, Viacom shares fell further by 4.42% on reports that the all-share offering, which CBS is proposing as part of its merger, will fall below Viacom's current market value. Viacom shares rose 3.9%.

The choppy trading since then comes as traders look ahead to the release of the Labor Department's closely watched monthly jobs report on Friday. Amazon (NASDAQ:AMZN) added 1.52% to US$1,392.80.



Other News

Trending Now

SpaceX launches 14th Space Station resupply mission
After the spacecraft has been captured, NASA TV will resume live coverage of its installation in the Harmony module at 8:30 a.m. Expedition 55/56 crewmembers will therefore have about a month to unload and repack the Dragon before its scheduled departure.

Easter weekend storm to spread wintry mix from Midwest to Northeast
There won't be much accumulation by morning since recent higher temperatures in Philadelphia and NY warmed up the ground. As of right now, the southern portion of the state is not expected to be impacted by the storm.

Slowdown in Eurozone manufacturing growth continues in March
Earlier sister surveys showed although growth slowed in the currency union's four biggest economies it still stayed strong. Weaker conditions remain evident in the small but diverse textile, clothing & other manufacturing sub-sector.

New York Yankees home opener, New York Mets game snowed out
The New York Yankees postpone their home opener against the Tampa Bay Rays amid a snowstorm Monday, according to team officials. The Rays will shift to ace Chris Archer in place of Austin Pruitt , who won Thursday's opener in relief.

Wall Street surges on last day of turbulent quarter
The S&P 500 rose 35 points, or 1.4 percent, to 2,640 while the Nasdaq finished up 114 points, or 1.6 percent, at 7,063. GameStop ( GME.N ) shares fell 10.8 percent after the company provided disappointing full-year sales forecast.

Kawhi Leonard Has Returned To New York For Rehab
The Kawhi Leonard-San Antonio Spurs saga has continued to unfold as the regular season slowly comes down to an end. Wojnarowski reported that Leonard planned to play in San Antonio's game on March 15, but that plan was aborted.

10 dead, several feared trapped as four-storey building collapses in Indore
Three people were killed and two others injured after a building collapsed in Madhya Pradesh's Indore on Saturday evening. Sources said that some passersby at the time of the mishap might also be trapped under the debris.

Manufacturers are anxious about Trump tariffs
In March, the White House took aim at unfair practices concerning IT services in China under section 301 of the USA trade act. Observers have suggested that Beijing may be saving stronger retaliatory measures for a response to that White House plan.

Samsung Galaxy Note9 reportedly releasing as early as July
The Galaxy Note 7 got launched a bit earlier than that in the same month, but we all know how well that went. Samsung's upcoming flagship smartphone - the Galaxy Note9 - may hit the stores in July or August.

Raiders offseason workout program, OTA dates revealed
Team practice may be conducted on a "separates" basis, but no live contact or team offense vs. team defense drills are permitted. Helmets are permitted and teams can do team drills and situations, including 11-on-11, but live contact is still prohibited.