US stocks fell to the lowest level since May and Treasuries rallied amid renewed concern that the Trump administration will crack down on Chinese investment. Energy producers surged with crude, while the dollar jumped.
The S&P 500 Index erased gains that reached 0.9% to finish at the worst level since May 29. Comments from Larry Kudlow re-established the White House’s hard line on trade even after President Donald Trump softened his stance. Tech bore the brunt of selling as the White House intentions on limiting Chinese investment remained murky. Banks in the S&P 500 fell a record 13th straight day. Exxon Mobil Corp. rallied as oil moved toward $73 a barrel, though the Dow Jones Industrial Average pushed its loss in the year past 2%.
Trade dominated US equities for a third straight day as investors grapple with the implications of the on-again, off-again dust-ups with key partners. Federal Reserve Bank of Atlanta President Raphael Bostic yesterday warned that disruption to trade could increase risk to the economy. Crude added to its surge sparked by the US requesting allies to halt imports of Iranian oil.
The S&P 500 Index erased gains that reached 0.9% to finish at the worst level since May 29. Comments from Larry Kudlow re-established the White House’s hard line on trade even after President Donald Trump softened his stance. Tech bore the brunt of selling as the White House intentions on limiting Chinese investment remained murky. Banks in the S&P 500 fell a record 13th straight day. Exxon Mobil Corp. rallied as oil moved toward $73 a barrel, though the Dow Jones Industrial Average pushed its loss in the year past 2%.
Trade dominated US equities for a third straight day as investors grapple with the implications of the on-again, off-again dust-ups with key partners. Federal Reserve Bank of Atlanta President Raphael Bostic yesterday warned that disruption to trade could increase risk to the economy. Crude added to its surge sparked by the US requesting allies to halt imports of Iranian oil.
CASH CALL: BUY MPHASIS ABOVE 1100 TARGETS 1109.30 / 1122.00 / 1138.50 STOPLOSS 1087.00
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