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U.S. stock markets ended sharply lower on Monday as lingering trade conflicts between the United States and China escalated once again. Investor’s confidence has been dented significantly following news that President Donald Trump will announce fresh tariffs worth $200 billion on Chinese imports. The broad-based market decline was evident from the fact that all three major stock indexes closed in negative territory.
The Dow Jones Industrial Average (DJI) closed at 26,062.12, declining 0.4%. The S&P 500 Index (INX) was down 0.6% to close at 2,888.80. The Nasdaq Composite Index (IXIC) closed at 7,895.79, decreasing 1.4% or114.25 points. A total of 6.21 billion shares were traded on Monday, marginally higher than the last 20-session average of 6.14 billion shares. Decliners outnumbered advancers on the NYSE by 1.46-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 2.12-to-1 ratio. The CBOE VIX increased 13.3% to close at 13.68, reversing its downward trend in the last five trading days.
How Did the Benchmarks Perform?
The Dow closed in negative territory ending its four day winning streak. Notably, half of the 30-stock blue-chip index’s components closed in the green while the other half finished in the red.
The S&P 500 finished in the red reversing its winning streak for sixth straight day. The benchmark index’s decline was led by a decrease of 1.3% in Technology Select Sector SPDR (XLK), 1.2% drop in Consumer Discretionary Select Sector SPDR (XLY) and 1% fall in Communication Services Select Sector SPDR (XLC). Only 5 out of 11 sectors of the broad-market index finished in the red while six ended in the green.
The tech-heavy Nasdaq Composite continued its downward journey for the second-straight day registering its highest daily decline since Jul 27. The disappointing performance of the tech-laden index was primarily attributed to sharp fall in share prices of a series of large-cap tech stock as trade war fears reignite.
Trump Imposes Fresh Tariffs on China
Ongoing trade conflicts between the United States and China, which started in March, is showing no signs of abatement. On Sep 17, President Trump said that he has given the go-ahead to the United States Trade Representative (USTR) for levying a fresh round of tariffs worth $200 billion on Chinese goods. The new tariffs, which will be implemented from Sep 24, will be set at 10% till the end of this year. However, from Jan 1, 2019, targeted products will be subject to 25% tariffs.
Trump has further said that if China retaliates against U.S. tariffs, then a new round of tariffs worth $267 billion will be imposed on Chinese goods. Notably, the two countries have already imposed $50 billion of tariffs on each other. Notably, the value of U.S. imports from China, its largest trading partner, in 2017 was about $505 billion.
Meanwhile, the Chinese government has indicated that fresh round of U.S. tariffs will put upcoming U.S.-China trade negotiations in jeopardy, compelling China to retaliate step by step. China is reportedly seeking permission from the World Trade Organization to impose sanctions upon the United States.
Coca-Cola Co. (KO - Free Report) , popularly known as Coke, is surely on the go with its search for alternatives to combat troubles related to the fading popularity of its sugary carbonated drinks. (Read More)
5 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2018 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs. A bonus Zacks Special Report names this breakthrough and the 5 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains.
Image: Bigstock
Stock Market News For Sep 18, 2018
U.S. stock markets ended sharply lower on Monday as lingering trade conflicts between the United States and China escalated once again. Investor’s confidence has been dented significantly following news that President Donald Trump will announce fresh tariffs worth $200 billion on Chinese imports. The broad-based market decline was evident from the fact that all three major stock indexes closed in negative territory.
The Dow Jones Industrial Average (DJI) closed at 26,062.12, declining 0.4%. The S&P 500 Index (INX) was down 0.6% to close at 2,888.80. The Nasdaq Composite Index (IXIC) closed at 7,895.79, decreasing 1.4% or114.25 points. A total of 6.21 billion shares were traded on Monday, marginally higher than the last 20-session average of 6.14 billion shares. Decliners outnumbered advancers on the NYSE by 1.46-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 2.12-to-1 ratio. The CBOE VIX increased 13.3% to close at 13.68, reversing its downward trend in the last five trading days.
How Did the Benchmarks Perform?
The Dow closed in negative territory ending its four day winning streak. Notably, half of the 30-stock blue-chip index’s components closed in the green while the other half finished in the red.
The S&P 500 finished in the red reversing its winning streak for sixth straight day. The benchmark index’s decline was led by a decrease of 1.3% in Technology Select Sector SPDR (XLK), 1.2% drop in Consumer Discretionary Select Sector SPDR (XLY) and 1% fall in Communication Services Select Sector SPDR (XLC). Only 5 out of 11 sectors of the broad-market index finished in the red while six ended in the green.
The tech-heavy Nasdaq Composite continued its downward journey for the second-straight day registering its highest daily decline since Jul 27. The disappointing performance of the tech-laden index was primarily attributed to sharp fall in share prices of a series of large-cap tech stock as trade war fears reignite.
Trump Imposes Fresh Tariffs on China
Ongoing trade conflicts between the United States and China, which started in March, is showing no signs of abatement. On Sep 17, President Trump said that he has given the go-ahead to the United States Trade Representative (USTR) for levying a fresh round of tariffs worth $200 billion on Chinese goods. The new tariffs, which will be implemented from Sep 24, will be set at 10% till the end of this year. However, from Jan 1, 2019, targeted products will be subject to 25% tariffs.
Trump has further said that if China retaliates against U.S. tariffs, then a new round of tariffs worth $267 billion will be imposed on Chinese goods. Notably, the two countries have already imposed $50 billion of tariffs on each other. Notably, the value of U.S. imports from China, its largest trading partner, in 2017 was about $505 billion.
Meanwhile, the Chinese government has indicated that fresh round of U.S. tariffs will put upcoming U.S.-China trade negotiations in jeopardy, compelling China to retaliate step by step. China is reportedly seeking permission from the World Trade Organization to impose sanctions upon the United States.
As U.S. – China trade conflicts heightened, share price of trade-sensitive stocks like The Boeing Co. (BA - Free Report) , Apple Inc. (AAPL - Free Report) , Netflix Inc. (NFLX - Free Report) and Micron Technology Inc. (MU - Free Report) plummeted 1.1%, 2.7%, 3.9% and 1.6% respectively. Apple carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock That Made Headline
Is Coca-Cola's Cannabis Venture a Solution to Its Problems?
Coca-Cola Co. (KO - Free Report) , popularly known as Coke, is surely on the go with its search for alternatives to combat troubles related to the fading popularity of its sugary carbonated drinks. (Read More)
5 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2018 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs. A bonus Zacks Special Report names this breakthrough and the 5 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains.
Click to see them right now >>