U.S. stocks suffer big across-the-board losses as trade war escalates

[BumRushDaShow]

Source: Washington Post

U.S. markets plunged Monday as China said it would raise steep tariffs on $60 billion in U.S. goods, upping the stakes of a trade war that threatens to imperil the global economy.

The Dow Jones industrial average closed down 617 points, or nearly 2.4 percent, as investors feared that a trade standoff with China would escalate into a full-blown economic crisis — tipping the U.S. and world economies into recession. Dragging the Dow were Apple, Caterpillar and Boeing, with drops of 5.9 percent, 4.3 percent and 4.8 percent respectively. The blue-chip index hit its lowest close since January.

The Standard & Poor’s 500-stock index was down 2.4 percent and the tech-heavy Nasdaq Composite was off 3.4 percent, its worst day of the year and continuing the losses from last week. Ten of 11 market sectors landed in negative territory. Utilities was the only bright spot. The S&P 500 and Nasdaq saw their worst day of the year. The S&P on Monday held just above a key threshold of 2,800.

Technology stocks took a hit Monday, with all five FAANG stocks — Facebook, Apple, Amazon, Netflix and Google parent Alphabet — deeply in the red. Commodity futures in U.S. soybeans, the largest U.S. export to China, and copper, a predictor of the global economy, were both hitting lows on trade fears.

Read more: https://www.washingtonpost.com/business/2019/05/13/dow-plunges-points-market-open-investors-fear-escalating-trade-war-threatens-economy/?utm_term=.27f03fd7be6d

[sandensea]

1. The Trump slump

The fat bastard owns this selloff - and probably sold short himself.

[AJT]

2. Trump will say something tomorrow and the DOW will go up.

This seems to be a common occurrence these days.

[Yavin4]

3. Yep. He's running his own dump/pump scheme right out of the WH. n/t

[SWBTATTReg]

18. It's funny you say this...I wouldn't be surprised that he's got some of his buddies tracking in ...

advance of what he is saying in advance, and then profiting from it a couple of days later. Would not surprise me one bit.

[Yavin4]

19. Definitely Jared Kushner is doing this

No doubt in my mind.

[BootinUp]

4. I guess nobody can control the infant in chief.

[magicarpet]

5. Good to be King...

[Hulk]

6. Honestly, this is the only message that is going to wake up corporate amuriKKKa and the reich

So long as the stock market stays strong, Americans who invest in it are going to sleep through this nightmare of a shithead.

[OnlinePoker]

7. The only reason the stock market has stayed strong is because of tax-cut buybacks

Over $1 trillion in 2018 alone. Take that out of the equation and the market would be tanking. The worst part is, these companies, that are supposed to have the best interest of their shareholders in mind, keep buying at the top of the market. If you had the shares to sell, this last year would have been the time to get out because the gravy train can't keep going on forever.

[SWBTATTReg]

20. Absolutely! And one day, this will all come crashing down...when the positives finally ...

run out of steam and there is no one left to buy the stock at the higher prices. Only thing left is down.

[Freethinker65]

8. Trump loves the fact he can fuck around with other people's $$$ and manipulate the world's economy

He will continue to do so whenever it is advantageous. He will later claim he fixed everything all by himself (blissfully and intentionally omitting he created the mess in the first place). Classic Trump.

The real question is who knows about such planned outbursts ahead of time and makes money off of it?

[PoindexterOglethorpe]

9. Somehow I doubt that Trump is bright enough to have sold short.

I bet if he's even aware of this downturn in the market, he'd be quite surprised.

And really, tax cut buybacks are not the reason the market has stayed strong. Earnings are strong in many companies. People really are buying things. Yeah, they'd be buying more if they had better wages, but they are buying things.

[BumRushDaShow]

10. As long as his

and his family's stuff that is made there isn't impacted, he doesn't care.

[PoindexterOglethorpe]

11. I doubt he has ever invested in the stock market.

He's made all his money in Real Estate, including not paying his subcontractors. I doubt he knows the first thing about the market, and would completely dismiss this recent downturn as completely unimportant.

[BumRushDaShow]

12. Well he has always had financial people

to manage that stuff. If anything to use for tax write-offs!

https://www.forbes.com/sites/simonmoore/2018/05/17/president-trump-reveals-his-stock-market-investments-heres-what-we-learned/

[trof]

13. Yeah and my IRA dropped 20 grand today.

Thanks asshole.

[PoindexterOglethorpe]

15. What percentage?

If it dropped more than the 2.38% that the market dropped, you may have some investments that need re-thinking.

[IronLionZion]

14. Somebody is getting rich from this

while everyone else is getting taken for a ride

[Yo_Mama_Been_Loggin]

16. Lost about $11,000 today

Thanks President Asshole

[old guy]

17. Not to worry.

It will be back in record territory before we know it.

[onenote]

21. So far today, the Dow has recovered about half of yesterday's decline.

Up approximately 300 at 12:40 pm