· Stocks rose on Friday, rebounding from a two-day loss, as data showed U.S. job creation was stronger than expected in April.
The Dow Jones Industrial Average rose 197.16 points to 26,504.95, while the S&P 500 rose nearly 1% to 2,945.64, posting its biggest gain since April 1. The Nasdaq Composite climbed 1.6% higher to hit a record high of 8,164. Shares of Amazon got a boost from an investment by Warren Buffett’s Berkshire Hathaway.
· Stocks recovered the bulk of their earlier losses on Monday as investors bet China and the U.S. will still strike a trade deal despite President Donald Trump’s threat to hike tariffs on Chinese imports over the weekend.
The Dow Jones Industrial Average ended the day down just 66.47 points at 26,438.48, while the S&P 500 closed 0.4% lower at 2,932.47. The Nasdaq Composite was down 0.5% at 8,123.29.
The market’s comeback accelerated after CNBC reported that a Chinese delegation will in fact still travel to the U.S. to continue negotiations this week, according to sources, albeit with a smaller group than originally planned.
The Dow was down as much as 471 points, while the S&P 500 traded down 1.2% at its lows. The Nasdaq was briefly down 2.2%. Dow-member Disney traded 0.2% higher after falling as much as 1.5%, offsetting some of the decline. McDonald’s and Chevron traded higher as well.
· Stocks initially fell after Trump tweeted on Sunday that the current 10% levies on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
Though trade negotiations between Washington and Beijing officials are set to resume on Wednesday, the president lamented that the progress is moving “too slowly” as China tries to re-negotiate terms of the deal.
Trump claimed in another tweet Monday that the U.S. is losing between $600 and $800 billion a year on trade, noting: “We’re not going to be doing that anymore.”
· European stocks saw a sell-off on Monday, after President Donald Trump said the U.S. would hike tariffs on goods from China.
Germany’s DAX and France’s CAC closed down by around 1%, trimming some heavy losses seen earlier in the session as sentiment improved on Wall Street. In the U.K., markets were closed due to a public holiday.
· Stocks in Asia were mixed during Tuesday morning trade amid renewed tensions between the U.S. and China after Washington said tariffs on Chinese goods will rise on Friday.
The Nikkei 225 in Japan, which returned to the first day of trade following an extended holiday period, slipped 0.89% in early trade as shares of index heavyweight Fanuc dropped more than 3%. The Topix index also declined 0.76%.
Over in South Korea, where markets were closed on Monday, the Kospi fell 1.33% as shares of chip maker SK Hynix declined 1.49%.
· The Chinese markets, which plunged more than 5% on Monday, are set to begin trading at 9:30 a.m. HK/SIN.
Stocks in China plummeted on Monday following a re-escalation in U.S.-China trade tensions as President Donald Trump declared an impending increase in tariffs rates on $200 billion of Chinese goods.
The Shanghai composite fell 5.58% to close at 2,906.46, while the Shenzhen component dropped 7.56% to finish at 8,943.52. The Shenzhen composite also fell 7.381% to close at about 1,515.80.
The CSI 300, which tracks the largest listed stocks on the mainland, declined 5.84% to 3,684.62.
Over in Hong Kong, the Hang Seng index slipped 2.90% to close at 29,209.82. Hong Kong-listed shares of Chinese telecommunications equipment company ZTE plummeted 8.82%, with the company being caught in the crossfire as Beijing and Washington spar over trade. Its Shenzhen-listed counterpart also fell 9.98%.
Reference: CNBC, Reuters
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