Ports in, tech stocks out can be the theme for Friday.
Investors seem to insure themselves against geopolitical tensions that have sprouted in the Middle East and Hong Kong this week, with gold vault on Friday. Meanwhile, US technology warehouses cannot win any population competitions as a red flag cut off how the trade war bites that industry.
Tech conglomerate Broadcom pushes in premarket activity after entering the sales guide, citing a hit from an export ban on major Chinese customer Huawei, so it can be Nasdaq
leading the market south as traders enter the weekend.
Trade tensions are also a reason. DoubleLine Capital Chief Executive Officer Jeffrey Gundlach now sees a greater chance of a recession Gundlach predicted a 40% to 50% chance of a US recession over the next six months, and a 65% chance of what happens in the next 1
Read: China's economy continues to cool down in May
The so-called peasant king and closely watched market leader are not the only ones to begin to discern. JPMorgan's chief strategist, Marko Kolanovic, said in a comment this week that President Donald Trump's trade fights have cost US trillions, and could trigger a decline that would eventually become known as the "Trump recession."
At the same time, Morgan Stanley on Thursday reported that its closely monitored Business Conditions Index fell most on record in June to a level of 13, approaching levels not seen since the 2008 downturn, but economist Ellen Zentner said their analysts didn't really blame it on trade.
There is no doubt that the demands of the Federal Reserve to slow down are growing stronger by day. Gundlach does not expect an interest rate strike when the Fed meets next week. Instead, he notes that the bond market is losing two or three cuts at the end of the year.
For where Gundlach puts his money, he said that he is "surely far gold", given expectations of the dollar, which is to take a hit if the Fed lowers interest rates, will close the year weaker.
are leading stocks lower, with Dow
S & P