Wall Street extended its sell-off on Friday as renewed U.S.-China trade jitters ...
NEW YORK - Wall Street extended its sell-off on Friday as renewed U.S.-China trade jitters and a slowdown in job growth put all three major U.S. stock indexes on pace for their worst week since December, when markets hit their trough amid recession fears.
The sell-off wrapped up a tumultuous week, which saw the U.S. Federal Reserve cut interest rates for the first time since 2008 and a renewal of trade war fears following a tweet by U.S. President Donald Trump announcing plans to impose additional tariffs on $300 billion of Chinese imports on Sept 1. “President Donald Trump’s move to re-escalate tensions with China has clearly increased the pressure on the Fed to deliver further policy loosening,” Hunter added. “But the relative resilience of employment growth suggests that trade tensions alone won’t necessarily be enough to convince officials to cut rates again.”
Second quarter earnings season has passed its halfway mark, with 380 of the companies in the S&P 500 having reported. Of those, 73.9% have beaten analyst expectations.Exxon topped analyst expectations but fell year-on-year, while Chevron’s earnings rose 26% in line with forecasts. Exxon Mobil’s and Chevron’s shares were down 1.5%, and 0.1%, respectively.
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