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Rex Gold Hedged S&P 500 ETF (GHS) Rises 0.953% for April 5

11 April 2018, 12:44 | Melanie Burgess

Stock market DROPS after Trump threatens $100billion tariffs on Chinese imports as trade war fears grow

Dow industrials down more than 300 points at Thursday's opening bell

Trump, in a statement, said he proposed the additional tariffs "in light of China's unfair retaliation" against earlier USA actions that included $50 billion of tariffs on Chinese goods.

Jason Pride, chief investment officer for Glenmede's private client business, said Trump's latest order caught investors off guard. The FTSE 100 in Britain lost 0.2 percent. Some people said this dip and all the recent volatility doesn't deter them from investing in the stock market.

The Dow Jones industrial average fell 572.46 points to 23,932.76, closing back in correction.

Then came a directive from the White House, asking staff to find $100 billion worth of Chinese goods to hit with tariffs.

Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning.

"Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process", McMillan said.

"We're going to need brand new, bad news on trade for the equity markets to push lower".

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"These potential trade wars are not good for the market", said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

Analysts said the market also responded to Federal Reserve Chair Jerome Powell, who said that the USA economy was growing and a turbulent stock market would not change the Fed's course to gradually raise interest rates.

Mnuchin said he was hopeful that negotiations with his Chinese counterparts could avert a damaging escalation of retaliatory, tit-for-tat tariffs but declined to elaborate on the status of talks and whether he thought an agreement could be reached. "The number of advancing stocks on the NYSE are outnumbering decliners 2,347 to 486, or by an 5-to-1 margin".

"I think it shows a willingness to go to the mat on this and fight it out", he said. He noted that the USA hasn't entered a full-blown trade war since 1930, and trade relationships were much different back then. Caterpillar fell 3.5 percent.

With the Dow and 10-year yields testing support near the tops of 70-year and 25-year channels in the first chart and the Dow and S&P testing support at each (2) in the second chart, if these support lines would break to the downside, don't be surprised if selling pressure picks up. Even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty.

BONDS: Bond prices rose, sending yields lower.



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