That ramped up investor worries that countries are more likely to retaliate than negotiate, leading to a protracted global trade war.
- Wall Street appears headed for another ugly day as China offered a first retaliatory volley in response to President Trump’s tariffs.
- Dow futures are down over 1,000 points, and Nasdaq and S&P 500 futures are both off over 3%.
- The 10-year treasury (^TNX) yield fell below the the 4% threshold on Friday morning as investors flocked to bonds amid trade war and recession fears.
- The benchmark yield fell as much as 15 basis points to 3.88%, the lowest level since President Trump took office after China announced retaliatory tariffs on US imports in reaction to President Trump’s wide-spread duty announcement earlier this week.
- Fears of a global slowdown or recession gripped investors after Trump announced tariffs on its trading partners, sending the stock market into a tailspin.
- Trump’s announcement on Wednesday brought levies against Chinese made imports to 54%. Analysts believe those levies will impact a variety of goods, including clothing, toys, and electronics.
- GameStop (GME) initially jumped over 3% in premarket Friday after CEO Ryan Cohen bought 500,000 more shares, but has since slipped almost % as trading unfolds.
- Reuters reports:
- Read more here.
- Oil prices declined in early Friday trading in Asia, on track for their worst week in months, as President Trump’s new tariffs fueled fears of a global trade conflict that could dampen oil demand.
- Reuters reports:
- Read more here.
