• The Dow Jones Industrial Average rose 143.07 points, or 0.58 percent, to 24,919.66, the S&P 500 gained 9.67 points, or 0.35 percent, to 2,793.84, and the Nasdaq Composite added 3.00 points, or 0.04 percent, to 7,759.20. The S&P’s close was its highest since Feb. 1.
The S&P 500 rose on Tuesday to post its highest closing level since Feb. 1, the day before the market began a sharp extended selloff, as strong results from PepsiCo boosted optimism about the earnings season.
• To view a graphic on the S&P earnings scorecard:
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• U.S. stock futures extended their losses on Wednesday after Washington announced a plan to slap tariffs on an extra $200 billion of imports from China, sharply escalating a trade war between the world’s two biggest economies.
Dow Jones mini futures fell as much as 1 percent while S&P500 e-mini futures, the world’s most liquid futures, were down 0.8 percent.
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• Trade developments returned to focus during Asian trade on Wednesday, with major markets in the region trading lower following the release of a list of an additional $200 billion in Chinese goods on which the U.S. is considering imposing tariffs.
The goods on the U.S. government's list would be subject to 10 percent tariffs, according to a statement from U.S. Trade Representative Robert Lighthizer, who said his office will proceed with a public notice and comment period before the levies are officially imposed.
• Japan's Nikkei 225 fell 0.79 percent in early trade as trade-sensitive stocks, such as automakers, mostly sank. Other Japanese exporters also traded lower, with chip-related company Advantest down 1.18 percent and Canon slipping 0.51 percent.
The dollar softened against the safe-haven yen following the latest tariff news, with the greenback trading at 110.85 at 8:02 a.m. HK/SIN, after trading above the 111level overnight.
Elsewhere, the Kospi dropped 0.96 percent as South Korean exporters took a hit amid broad-based declines. Hyundai Motor declined 0.81 percent and tech heavyweight Samsung Electronics dropped 1.3 percent.
Over in Australia, the S&P/ASX 200 shed 0.22 percent as losses in energy, materials and financials were slightly offset by gains in the consumer sector.
• U.S. stock index futures slipped further following the news. The implied open for the Dow Jones Industrial Average futures was more than 180 points lower at of7:10 p.m. ET. The implied open for the S&P 500 and Nasdaq were also in the red.
Reference: Reuters, CNBC
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