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Wall St cuts losses as Kudlow promises China trade talks

07 April, 2018, 01:00 | Author: Shawna Walton
  • Dow drops more than 400 points on fears of trade war with China

USA stocks traded lower on Thursday as news that President Donald Trump would propose trade duties on China imports stoked fresh fears about a potential trade war between two of the world's largest economies that could impede domestic economic expansion in roughly its ninth year. The Dow is up 332.79 points or 1.4 percent at 24,597.09, the Nasdaq is up 62.64 points or 0.9 percent at 7,104.75 and the S&P 500 is up 25.93 points or 1 percent at 2,670.62. The Standard and Poor's 500 index and Nasdaq took opened 1.4 percent percent lower, respectively, while industrial and materials sector stocks took the heaviest losses. Only two of the most active US stocks premarket were higher. In the absence of new all-time highs, stock fans on bear watch should be waiting for the 21,293.37 level in the Dow and 2,298.30 in the S&P.

Hedge fund manager Doug Kass, who runs Seabreeze Partners Management Inc, said he was shorting the Standard & Poor's 500."The hastily crafted policy like we have seen from Trump over the last two, three days and now tonight in a world that is flat and ever-more interconnected is risky". China earlier said no talks were ongoing. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.4 basis points at 2.832 percent. Technology companies, banks, industrial and health care stocks sank.

Stocks are falling sharply again as trade tensions heat up between the US and China.

Hilton Capital Management LLC boosted its holdings in shares of Direxion Daily S&P 500 Bull 1.25X Shares (NYSEARCA:LLSP) by 77.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve's 2-percent target. It fell 0.7 percent for the week.

The trade tensions overshadowed the latest U.S.jobs report, which showed hiring cooled by more than forecast in March.

The Labor Department also said fewer jobs were added in January and February that it initially estimated. Heating oil lost 2 cents to $1.96 a gallon. Oil prices fell nearly 5 percent this week as investors wondered if an increase in trade tensions will reduce demand for oil by slowing down the global economy. While the UK's FTSE 100 Index crept up by 0.1%, the French CAC 40 Index dipped by 0.2% and the German DAX Index fell by 0.4%.


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