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Home / Business / Trade Jitters sends Wall Street to the worst week of the year by Investing.com

Trade Jitters sends Wall Street to the worst week of the year by Investing.com



© Reuters.

Investing.com – Stocks fell for a fifth straight day Friday, suffering the worst weekly losses since the December recession.

If there was good news for stocks, it was that the buy-in after President Donald Trump allegedly mitigated his threat of introducing 10% customs duties on Chinese exports to the United States in September, according to CNBC. If there is evidence that China actually buys agricultural and other products, the United States may not impose tariffs.

It was down 0.73% on the day. It was down 1

.32% and fell 0.37%. The Dow had been down as many as 311 points early in the day.

It, a more concentrated list, was down 1.4%, with Apple (NASDAQ :), Amazon.com (NASDAQ :), Microsoft (NASDAQ :), Cisco Systems (NASDAQ :), Facebook (NASDAQ :)) and Google's parents Alphabet (NASDAQ 🙂 contributed half the day's loss.

The S&P and Nasdaq refusals were their fifth in a row. Dow's decline was the fourth strike.

It finished down 3.1% for the week. The Nasdaq fell 3.9%. Dow's decline was 2.6%.

The slumps exploded on Wednesday after Federal Reserve Chairman Jerome Powell suggested at a news conference that the Fed's quarter-point interest rates could be a one-off event. He tried to take it back, but the routine was on.

The sale broke out again Thursday after Trump tweeted his threat to impose more retaliatory tariffs on China and continued into Friday until CNBC reported that he had softened his view on real farm purchases. However, White House economic adviser Larry Kudlow belittled the report.

Trade struggles and the administration's unhappiness with the Fed's modest interest rate cut to 2% to 2.25%, left many traders exhausted at the end of the week. Next week is light on financial reports. So the potential for market drama is strong.

The focus on trade totally overwhelmed any market reaction to the Department of Labor's report that the economy added 164,000 jobs in July. Unemployment was unchanged at 3.7%. Wage gains have declined. But most economists said the report was solid.

However, from a stock perspective, solid financial figures can get sellers out because it harms the chances of future interest rate cuts.

Dow opened lower and slid abruptly until the purchase began to kick in around 11 AM (3 PM GMT).

The rebound was not enough to bring the shares back to a steady level. Technical and communications services were weak throughout the day. NetApp (NASDAQ 🙂 fell by more than 20% after warning that the cloud computing company's first-quarter revenue could be down 20% from a year ago.

Apple (NASDAQ 🙂 dropped because it depends so much on access to the Chinese new business market and because most of the products are manufactured in China. They will potentially be damaged by a new round of tariffs. Shares went down 2% on the day, drawing 29 points from the Dow.

Oil prices recovered after a large sale on Thursday. increased $ 1.71 to $ 55.66. Crude oil rebounded $ 1.39 to $ 61.89. Both had fallen more than 7% the day before.

Interest rates were lower, falling to 1.855% from 1.892% on Thursday.

Winners and losers in S&P

Consumer production company Newell Brands (NASDAQ :), software security company Fortinet (NASDAQ 🙂 and food packaging company Sealed Air ) were among the top performers Friday.

NetApp (NASDAQ :), Arista Networks (NYSE :), plastic manufacturer LyondellBasell Industries (NYSE 🙂 and Cisco Systems (NASDAQ 🙂 were among the weakest S&P 500 performers.


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