Stocks fall sharply Monday as investors focus on stalled U.S. -China trade talks and new retaliatory measures announced by China
U.S. stocks fell sharply Monday morning as China moved to raise tariffs on U.S. goods and take other retaliatory measures after Washington last week increased duties on Chinese imports and both sides appeared to harden their positions.
— Hu Xijin 胡锡进 May 13, 2019 In several tweets over the weekend, President Donald Trump argued that the U.S. was in an advantageous position over trade, though White House economic adviser Larry Kudlow admitted Sunday that “both sides” will feel the pain. His comment that Trump and China’s President, Xi Jinping, may meet at the Group of 20 international conference in June failed to soothe investors.
Chinese state-ran media over the weekend published several editorials blasting the U.S. position and vowing that Beijing would stand firm in the talks.Stocks had ended last week on a positive note, with the Dow rising 114.01 points, or 0.4%, to finish at 25,942.37 on Friday. The S&P gained 0.4% to 2,881.40, while the Nasdaq climbed 0.1% to 7,916.94. For the week, however, the Dow fell 2.1%, its biggest weekly loss since March. The S&P saw a 2.
Uber Inc. stock was still in the spotlight, after the ride-hailing firm made its debut on the New York Stock Exchange Friday. After pricing at $45 per share, Uber stock closed down 7.6% at 41.57. Shares remain under pressure Monday, down 9.7%. Fed Vice Chairman Richard Clarida gave a speech Monday morning on the central bank’s ongoing review of its overall monetary policy strategy, saying “we expect to make our conclusions public in the first half of 2020.”
“On the heels of 2019’s historic rally, valuations are no longer depressed, making it harder for equities to shrug off looming macro risks,” he added. “With the ultimate trade outcome inherently uncertain and difficult to model or predict, investors are selling first and asking questions later. More globally exposed, cyclical industries like technology and industrials are proving most vulnerable.”
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