U.S. stocks ended the trading day sharply lower after President Trump escalated trade war rhetoric Friday, tweeting that he had "hereby ordered" U.S. companies "to immediately start looking for an alternative to China." The Dow Jones Industrial Average (DJIA) fell 614 points, or 2.6% to 25,633, the S&P 500 index (SPX) lost about 75 points, or2.6% to 2,848 and the Nasdaq Composite (COMP) lost 240 points, or 3% to close around 7,751. Trump's tweets were in apparent response to China announcing new tariffs of 5% and 10% on $75 billion in U.S. imports in retaliation for the Trump Administration plans to institute a new round of tariffs on $300 billion in Chinese imports, starting Sept. 1.
Q: “My soon-to-be ex-husband earned a big chunk of money while we were living together, but before we were married. Then, we got married and used $60,000 of that money as a down payment on the home we bought and have lived in ever since, with both of us contributing toward the mortgage. Now, he has moved out and I'm still in the home with our kids.
Donald Trump once accused the Federal Reserve of not having a "feel" for the market and compared Federal Reserve Chair Jerome Powell to a golfer who can't putt, but on Friday it was the U.S. president that drove markets into the rough. Investors had anxiously awaited Powell's speech on Friday, but his continued pledge to "act as appropriate" to sustain the U.S. economic expansion generated only tepid financial market reaction. Instead, it was Trump who threw markets for a loop, sending the Dow down more than 600 points after he said he was ordering Americans to look for alternatives to doing business in China.
President Donald Trump on Friday excoriated the Federal Reserve and the man he hand-picked to lead the institution, ramping up his relentless critiques by asking whether the Fed was a “bigger enemy” than China. After Fed chief Jerome Powell declared at a conference in Jackson Hole that the central bank was prepared to sustain the U.S. economy with more rate cuts, Trump upped the ante with more broadsides against Fed policy. In a series of posts on Twitter, the president both lambasted the central bank while demanding that U.S. companies seek alternatives to China as the trade dispute between the two countries takes a turn for the worse.
Tweet Storm. The three major U.S. stock market indexes dropped sharply after President Donald Trump said he would respond to new Chinese tariffs on U.S. goods and told U.S. businesses to find alternatives to China. After Fed Chairman Jerome Powell said he was prepared to stimulate the U.S. economy if it slowed down, the President tweeted, “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
Six members of the Standard & Poor's Total Market index and the S&P 500 commanded $1 billion or greater market values when this decade began — only to become penny stocks now. This is based on an Investor's Business Daily analysis of data from Marketsmith and S&P Global Market Intelligence. Suffering these kinds of losses is all the more painful given the powerful run the S&P 500 is on.
Software developers, physical therapists and physician assistants crop up frequently among the highest-paid and fastest-growing jobs in every U.S. state, according to a new analysis by CareerBuilder. The site analyzed government data to project the careers most likely to be lucrative and in demand. Most of these jobs require some level of college education.
President Donald Trump demanded that U.S. companies return to American soil, responding to news that Beijing will slap more tariffs on imports from the U.S., but the shift may be more difficult than people imagine. About 30% to 40% of sales by U.S. industrial companies sales are generated overseas. Mexico, for instance, is the low-cost manufacturing region for the Western Hemisphere.
Mark Galasiewski, Asia and emerging market chief strategist at Elliot Wave, discusses the relationship between Hong Kong protests and stock prices and why he's saying now is a time to buy Hong Kong. He speaks on “Bloomberg Markets: China Open.
Yes, the U.S. ten year Treasury yields 1.59%, not close to 0%, but negative rates seem to be creeping ever closer. For instance, negative interest rates haven't come to U.S. corporate debt, but Euro-denominated bonds issued by the likes of blue-chips Apple (AAPL), McDonald's (MCD), and Pepsi (PEP) carry negative yields. And in Europe, it was postulated that negative rates would never fly in the consumer sphere in terms of banks paying back depositors less than they put in their savings accounts, but that's now changing.
A high-profile executive has resigned from Texas Roadhouse Inc. Celia Catlett, general counsel and corporate secretary for the Louisville-based restaurant chain, has been with the company since 2005. In anticipation of the resignation, Texas Roadhouse (Nasdaq:TXRH) has entered into a transition agreement with Catlett to provide an orderly transition of her duties. Under the terms of the agreement, Catlett will make herself available on a consulting basis, for no more than eight hours a week, to provide information and guidance regarding matters in which she was previously involved or legal issues that may arise that are in her particular areas of experience.
Wall Street is getting hit hard on Friday after China announced overnight a new batch of trade tariffs on U.S. imports. President Donald Trump wasted no time responding, hinting on Twitter (NYSE:TWTR) that he is preparing to take action to stop the U.S. dollar's rise to record highs. As a reminder, China responded to Trump's last salvo of import tariffs with an aggressive weakening of their currency — which then caused the U.S. Treasury to label the country a currency manipulator.
Hong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them. Bloomberg's Yvonne Man reports on “Bloomberg Markets: China Open.
Mortgage rates slipped lower over the last week, a boon to those looking to buy a home or refinance. The 30-year fixed-rate mortgage averaged 3.55% during the week ending Aug. 22, down five basis points from the previous week, Freddie Mac (FMCC) reported Thursday. Rates for 30-year home loans have only increased eight times on a weekly basis so far this year — otherwise, they have dropped or remained even.
Shares of Apple and Silicon Valley's semiconductor companies were pummeled on Friday as President Trump responded to new tariffs from China with a tweet saying he's demanding that American companies "immediately start looking for an alternative to China." Trump's comments were "a clear shot across the bow at Apple and the semi space," Wedbush analysts Daniel Ives and Strecker Backe wrote in a note to investors on Friday. Shares of Apple Inc. closed down 4.6 percent as the Dow Jones Industrial Average plummeted 623 points. The "best case scenario" for Apple, the Wedbush analysts wrote, is that the Cupertino-based giant could move 5 percent to 7 percent of its iPhone production out of China — likely to India, Vietnam or both — but that would take at least 18 months.
Here's why this is a critical time: If you're 10 years out, or even five, you have time to do some course corrections that will make a difference — but you don't have time to waste. Based on my observations from talking with thousands of investors over many decades, let's look at 10 errors, each of them far too common. People approach retirement without a coherent, organized plan.
Billionaire hedge fund manager David Einhorn called on Tesla CEO (TSLA) Elon Musk to resign over the company's “dangerous solar panels” at the heart of a dispute with Walmart (WMT). This week, the retail giant filed litigation against Tesla alleging "gross negligence and failure to live up to industry standards" for Tesla's SolarCity solar panels. The devices were installed on the roofs of hundreds of the retailer's stores, which resulted in several fires.
Even better is that recent market volatility has sent many investors into healthcare stocks for their high cash flows and strong dividend potential. Many healthcare stocks have long been dividend champions — offering both high initial yields and overall strong dividend growth. For investors looking for income and the ability to keep that income rising over the long haul, healthcare stocks can't be beaten.
The pamphlet said you should invest in bonds as well as stocks. It said bond prices went up when interest rates went down, and vice versa. It didn't go into any more detail.
Trade tensions have compounded with country-specific weaknesses to further mire the global growth outlook, said the International Monetary Fund's chief economist. “There are already a lot of factors weighing on global growth. Some of it is not trade-related, because some of this is coming from weaknesses in emerging markets, which depend upon their own country-specific factors,” IMF chief economist Gita Gopinath told Yahoo Finance at the Federal Reserve's annual Jackson Hole symposium Friday.
China announced on Friday that it will impose additional tariffs on $75 billion of U.S. goods in retaliation for President Donald Trump's latest planned levies on Chinese imports. November soybean futures in Chicago erased early gains and closed down 1.4%, extending losses after Trump said he'll announce a response to the latest Chinese tariffs Friday afternoon. Cotton and hog futures both slumped, as did shares in crop handler Andersons Inc. and tractor maker Deere & Co.
The world's central bankers and the scholars who follow them are having their annual moment of reflection in Jackson Hole, Wyo. But the theme of this year's meeting, “Challenges for Monetary Policy,” may encourage an insular — and dangerous – complacency. Rather, 10 years of below-target inflation throughout the developed world, with 30 more expected by the market, and the utter failure of the Bank of Japan's extensive efforts to raise inflation suggest that what was previously treated as axiomatic is in fact false: central banks cannot always set inflation rates through monetary policy. Europe and Japan are currently caught in what might be called a monetary black hole — a liquidity trap in which there is minimal scope for expansionary monetary policy.
When Harry Markopolos dropped his bombshell report skewering General Electric Co., he revealed that he was working with a short seller to profit from the stock's decline. More than a week later, that firm's identity remains a mystery. Markopolos has offered few details about his partner, saying only that it's a midsize hedge fund based on the East Coast -- and one not normally known for shorting.
Buying into the near–$17 trillion heap of global bonds with negative yields might sound like a losing proposition. “There is a big misunderstanding about negative-yielding debt,” said James Bianco, founder of Bianco Research, in an interview with MarketWatch. With bond prices moving in the opposite direction of yields, the sharp yield decline this summer, as the U.S.-China trade war has raged and American recession fears have bubbled up, has put significant price gains on the table.
9:1 a.m. Leave it to China to crash Jerome Powell's party—and send Dow Jones Industrial Average futures into negative territory. Dow futures had been trading higher ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole later this morning. Then China announced that it will impose new tariffs on $75 billion worth of U.S. products, and start levying penalties on cars again.