It was a positive day for US equities until Trump blew it up at 10:30 am ET with a tweet threatening new tariffs on China because of rare earth controls. Details have been light since then but the market isn’t waiting for details.
The last few months have been a smashing success for bulls and at this point, asset managers might not want to risk ruining the year. That makes it a fairly easy decision to take profits and the Nasdaq fell more than 3%.
In an ominous sign, US stock markets closed on the lows.
Closing changes:
- Nasdaq -3.5%
- S&P 500 -2.7%
- DJIA -1.9%
- Russell 2000 -2.6%
- Toronto TSX Comp -1.2%
On the week:
- Nasdaq -2.4%
- S&P 500 -2.5%
- DJIA -2.7%
- Russell 2000 -2.9%
- Toronto TSX Comp -1.9%
Some big losers:
- TSLA -5.0%
- BIDU ADRs -8%
- QCOM -7.3%
- AMZN -4.95%
- META -3.9%
- OXY -5.1%
- FDX -5.0%
- AMD -7.8%
- NVDA -4.7%
This article was written by Adam Button at investinglive.com.