· Stocks staged a massive reversal on Friday after President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong.
The Dow Jones Industrial Average finished the day 114.01 points higher at 25,942.37, roaring back from a 358-point loss earlier in the session that came in the wake of a tariff increase by the U.S. effective just after midnight. The S&P 500 snapped a four-day losing streak, eking out a 0.37% gain at 2,881.40. The Nasdaq Composite ended the day slightly higher at 7,916.94 after stocks rallied from their lows.
Stocks hit session highs after Trump’s late Friday tweet and closed near those levels. The president also noted that the trade talks with China were “candid and constructive.” Trump said the new tariffs on $200billion worth of Chinese goods “may or may not be removed” in the future.
· Stocks in Asia Pacific slipped in Monday morning trade amid uncertainty on the U.S.-China trade front, after tariffs on Chinese goods were raised last Friday.
The Nikkei 225 in Japan declined 0.9% in early trade, with shares of index heavyweight Softbank Group dropping more than 3%. The Topix index also slipped 0.69%.
In South Korea, the Kospi fell 0.77%, while Australia’s ASX 200 also shed 0.48%.
· Markets in Hong Kong are closed on Monday for a holiday. Meanwhile, futures pointed to significant declines on Wall Street when they open later on Monday stateside. As of 8:01 p.m. ET Sunday, futures implied an opening drop of more than 200 points for the Dow Jones Industrial Average.
Reference: CNBC
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