US stocks halt 4-day win streak as latest China tariffs

US stocks snapped a four-session winning streak Wednesday after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world, which some investors fear could morph into a full-on trade war.

The Dow Jones Industrial Average slumped 219.21 points, or 0.9%, to 24,700.45.

The S&P 500 fell 19.82 points, or 0.7%, to 2,774.02. Only 1 of the 11 primary S&P 500 sectors closed in the green, with materials and the industrial sectors, both of which are seen as sensitive to trade issues, among the biggest losers. The energy sector also weighed on the market, tumbling more than 2% alongside a steep drop in the price of crude-oil futures. The utilities sector, up 0.9%, was the sole gainer.

The Nasdaq Composite Index shed 42.59 points, or 0.6% to 7,716.61.

Source : Marketwatch

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Dow Industrials Aim For First 4-Day Rise in About a Month as Stock Market Extends Gains

U.S. stocks opened higher Tuesday, setting the main indexes up for a fourth straight advance on the back of strong economic data that have thus far offset a recent bout of trade-related jitters.

The Dow Jones Industrial Average climbed 100 points, or 0.5%, at 24,884, a day after it rallied by 320 points. A fourth session in the green for the blue-chip gauge would represent its longest string of wins since a similar stretch ended June 11, according to FactSet data. the S&P 500 index advanced 0.2% at 2,790, while the Nasdaq Composite Index rose 0.1% at 7,767.

Investors are gearing up for a rush of corporate results, which are poised to extend a run of double-digit growth enjoyed in the previous quarter on the back of corporate tax cuts enacted at the end of 2017. Wall Street is trying to shake off linger concerns of market-disruptive trade disputes between the U.S. and its partners in China, North America and Europe. In corporate news, PepsiCo Inc.’s posted better-than-expected earnings before the open Tuesday, sending its stock up. On the data front, a May reading on job openings is scheduled for release at 10 a.m. Eastern Time.

Source : Marketwatch

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Hong Kong stocks snap 4-day rising streak on trade war fears

Hong Kong stocks fell on Wednesday, breaking a four-day rising streak, as fears of a Sino-U.S. trade war outweighed optimism from China’s solid economic data.

The Hang Seng index fell 0.5 percent to 31,435.01, while the China Enterprises Index lost 0.5 percent to 12,684.52 points.

U.S. President Donald Trump is seeking to impose tariffs on up to $ 60 billion of Chinese imports in the very near future and will target the technology and telecommunications sectors, Reuters reported on Tuesday. Also fuelling fears of a trade war, Trump has fired his Secretary of State, regarded as a moderate in his administration.

Investors shrugged off stronger-than-expected data from China which showed the country’s industrial output expanded at a surprisingly faster pace at the start of the year. Fixed asset investment also handily beat forecasts, while retail sales improved from December.

Source: Reuters

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