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Title: Dow plunges 550 points after Trump says steel and aluminum tariffs coming next week
Source:
CNBC
URL Source: https://www.cnbc.com/2018/03/01/us-stocks-powell-fed-trump.html
Published: Mar 1, 2018
Author: staff
Post Date: 2018-03-01 14:27:53 by buckeroo
Keywords: None
Views: 828
Comments: 14
The Dow Jones industrial average traded 550 points lower after rising more than 150 points earlier in the day. The S&P 500 declined 1.8 percent, with tech as the worst-performing sector. The Nasdaq composite fell 1.9 percent and broke below its 50-day moving average, a key technical level. The U.S. will set tariffs of 25 percent for steel and 10 percent for aluminum, the president said. It is unclear whether they will apply to all imports or only metals from certain countries. "That could really spook the market," said Marc Chaikin, CEO of Chaikin Analytics. "The biggest wildcard would be a trade war and nobody should be excited for that." Chaikin also noted some of the pressure seen in stocks is in response to the news on tariffs. Shares of Ford Motor and General Motors traded near session lows, down more than 3 percent. Steel stocks like U.S. Steel and AK Steel traded sharply higher. Wall Street also digested fresh testimony from Federal Reserve Chair Jerome Powell. Powell spoke before the Senate Finance Committee later on Thursday. After delivering prepared remarks, he said: "We don't see any strong evidence yet of a decisive move up in wages. We see wages, by a couple measures, trending up a little bit, but most of them continuing to grow at about two and a half percent. Nothing in that suggests to me that wage inflation is at a point of acceleration." The Dow, S&P 500 and Nasdaq all hit session highs on the back of that comment before retreating. Earlier this week, he testified before the House Financial Services Committee, where he indicated market volatility won't stop the central bank from raising rates. "It is too early to make any sort of comment on his tenure, but we do suspect that Chairman Powell will be a little more willing to ruffle feathers on the Committee and use the power of his seniority to impose policy on other members," said Michael Shaoul, chairman and CEO of Marketfield Asset Management, in a note. "If this proves to be the case then we may see rather more obvious aggressive dissent going forwards, which again may feed into a more volatile environment," Shaoul noted. His testimony from earlier this week sent stocks reeling. The Dow closed nearly 300 points lower on Tuesday, while the S&P 500 and Nasdaq each fell more than 1 percent. Art Hogan, chief market strategist at B. Riley FBR, said the market is trying to find its footing with the new Fed chair. "I think we'll get a better idea on monetary policy after the March Fed meeting." Thursday marked the first trading day of March. In February, the Dow and S&P 500 snapped a streak of 10 straight monthly gains, while the Nasdaq posted its first monthly decline in eight months. "We still see the environment as glass-half-full, although more difficult given the volatility in the market," said Lisa Erickson, head of traditional investments at U.S. Bank Wealth Management. "There is a paradigm shift in that rates are going up and they may be going up more than expected." In economic news, the Commerce Department said consumer spending rose 0.2 percent in January, while personal income rose 0.4 percent. The core personal consumption expenditures (PCE) price index, meanwhile, advanced 1.5 percent on an annualized basis, in line with expectations.Stocks fell on Thursday after President Donald Trump said the U.S. will implement tariffs on steel and aluminum imports next week.
Thanks, Donald! You are fucking up!
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#1. To: buckeroo (#0)
After the crash and the Greatest Depression of 2018, The Donald will offer the trumpbots government cheeze to vote for him in 2020. The rats will take the bait, again. Thanks, Donald! For one of the most intelligent decisions made in ages from the stanpoint of anyone well versed in economics.
Dump is well versed in the economics of self, but starting a trade war is not the way to go. There are mechanisms available if you can prove dumping, but if your industries are inefficient no amount of protection will stop them from failing. China has proven that it knows how to win in business, that is, sell the last capitalist the rope to hang himself and Dump has just bought the rope
Thanks, Donald! For one of the most intelligent decisions made in ages from the standpoint of anyone well versed in economics.
That's irrelevant, incompetent, and immaterial. But it sounds good.
Screw your Antichrist new world order.
total sarcasm, of course.
You like the communist manifesto?
total sarcasm, of course. No sarcasm. Just raw truth.
No. Apparently you like sacrificing to the New World Order manifesto.
No. Apparently you like sacrificing to the New World Order manifesto. Parisitism is your way of life.
I must have hit a home run, I got two answers
How? By parading your own stupidity?
no by commenting on yours
#2. To: buckeroo (#0)
Thanks, Donald! You are fucking up!
#3. To: rlk (#2)
Thanks, Donald! For one of the most intelligent decisions made in ages from the standpoint of anyone well versed in economics.
#4. To: buckeroo (#0)
Thanks, Donald! You are fucking up!
#5. To: paraclete (#3)
China has proven that it knows how to win in business, that is, sell the last capitalist the rope to hang himself and Dump has just bought the rope
#6. To: paraclete (#3)
#7. To: rlk (#4)
Thanks, Donald! For one of the most intelligent decisions made in ages from the standpoint of anyone well versed in economics.
#8. To: rlk (#5)
#9. To: buckeroo (#7)
Thanks, Donald! For one of the most intelligent decisions made in ages from the standpoint of anyone well versed in economics.
#10. To: paraclete (#8)
You like the communist manifesto?
#11. To: paraclete (#8)
You like the communist manifesto?
#12. To: rlk (#11)
#13. To: paraclete (#12)
I must have hit a home run
#14. To: rlk (#13)
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