Stock Markets Tumble Amid Worries Over Tech Firms and Trade Tensions
05 April, 2018, 02:00 | Author: Brooke Harris
Technology companies took some of the worst losses, and while it's too soon to call it the beginning of a trade war, investors aren't sticking around to find out if one is coming. So we can expect to see this tradewar continue.
The S&P 500 fell 58 points, or 2.2 percent, to 2,581, slightly above its low for the year reached February 8.
Equities have been extremely volatile of late.
The technology-heavy Nasdaq saw its gains for the year completely wiped out, while the broader S&P 500 index entered so-called correction territory.
Stocked plummeted early Wednesday after trade tensions escalated between China and the United States.
"In technology sector, you have some bear forces that work, you've an election year that's going to couple into regulation that wasn't really priced into the marketplace, especially in social media", said Matt Lloyd, chief investment strategist at Advisors Asset Management. European markets were lower, with some indexes shedding more than 1%.
Numerous same headwinds that have weighed on stocks in recent weeks dragged down prices again on the first trading day of April. The Russell 2000 index of smaller-company stocks fell 36.90 points, or 2.4 percent, to 1,492.53. Those concerns hit Japanese stocks in the first quarter along with a 6% rise in the yen.
Shares of chip makers, manufacturers and machinery companies initially came under pressure after China unveiled plans for a series of retaliatory tariffs on American goods.
Some wonder if this could be the start of a bear market.
Amazon and Tesla, the top drags yesterday, rose, with the Dow and the S&P opening above their 200-day moving averages.
The president has for days been assailing Amazon, lately focusing on a "scam" contract with the U.S. Postal Service that has actually been judged profitable for the post office.
Tesla Inc. shares (TSLA) gained 7.3% in its biggest one-day gain in about a year. Visit MarketWatch.com for more information on this news.
In overseas trading, moststock markets across the Asia-Pacific region followed USA stocks lower during trading on Tuesday. The stock opened with a bang Tuesday, but closed on a down note (http://www.marketwatch.com/story/spotifys-stock-opens-with-a-bang-then-pulls-back-2018-04-03). Shares fell in Singapore. The shares were last seen trading up 2.3% at $28.18. It was the best day for the stock since May 2010. Beijing said in March that those products had an import value of $3 billion in 2017. And the key data report - the jobs report - is due to be announced on Friday this week. CBS rose 1 percent.
What are other markets doing?
China bumped tariffs by up to 25 percent on 128 USA products, from frozen pork and wine to certain fruits and nuts, in response to US duties on imports of aluminum and steel.
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Max Baucus, co-chair of Farmers for Free Trade. "Thirty thousand units is quite small in the overall scheme of things", he said. UBS Securities has said that Chinese electronics and tech exports account for 43 percent of total exports to the United States.
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And it issued its largest recall to date , warning about 123,000 Model S drivers that their car's power steering might fail. Tesla's stock fell by 22 percent in March, the steepest monthly drop since December 2010, the year the company went public.
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