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US close: All main boards red as Trump blames China for ongoing trade spat

By Josh White

Date: Wednesday 20 Jun 2018

US close: All main boards red as Trump blames China for ongoing trade spat

(Sharecast News) - Wall Street finished as it started, with losses across the board on Tuesday, as relations between the US and China took another dark turn.
The Dow Jones Industrial Average was down 1.15% at 24,700.21, the S&P 500 lost 0.4% to 2,762.59, and the Nasdaq 100 was off 0.32% at 7,228.04.

"There was no let up on Tuesday, the US open extending the disastrous trading that began on Monday," said SpreadEx financial analyst Connor Campbell.

"Plunging 400 points to hit a 2-week nadir, the Dow Jones was the latest index to display its abject terror at the trade war Donald Trump seems intent on provoking.

"The Dow's day was made worse by the strength of the dollar; though the greenback struggled against the yen, it stomped all over the euro and the pound, sending the single currency and sterling to 19 day and 7-month lows respectively."

On Monday, Donald Trump instructed his country's trade representative to identify a new $200bn-worth of goods on which to levy 10% tariffs.

He also called for a separate list to be prepared detailing a further $200bn-worth of Chinese goods that could be targeted if Beijing responded with countermeasures of its own.

The moves overnight followed Beijing's decision to retaliate for the duties on $50bn-worth of Chinese goods that Washington had announced last week.

China's Ministry of Commerce responded immediately on Tuesday morning, describing the move as "extreme pressure and blackmail".

Trump said in his statement that by retaliating with its own tariffs rather than altering its practices, China was "threatening US companies, workers, and farmers who have done nothing wrong".

To make matters worse, the US Senate also passed an amendment to the Defence Bill 85-10 that included a measure to kill the recent deal Trump made to save Chinese technology company ZTE.

The House of Representatives still needs to pass the amendment.

On the data front, US housing starts rose more than expected in May, to a 10-year high, according to data released by the Commerce Department on Tuesday.

Housing starts were up 5% from the revised April rate to a seasonally-adjusted annual rate of 1.35m, versus expectations for a smaller gain to 1.30m.

The April rate was revised to 1.286m from 1.287m.

Single-family housing starts were up 3.9% from April to a seasonally-adjusted rate of 936,000, while permits for new construction were 4.6% below the revised April rate at a 1.30m, versus expectations for a rate of 1.35m.

In corporate news, electric car maker Tesla dropped 4.93% following a report that chief executive Elon Musk said an employee had attempted to sabotage the company in an email sent to employees on Sunday night.

Elsewhere, Foundation Medicine shot up 28.46% after Switzerland's Roche said it will buy the remaining shares in the company it does not already own in a $2.4bn deal.

Dow Jones - Risers

Verizon Communications Inc. (VZ) $48.50 2.19%
Chevron Corp. (CVX) $125.41 1.21%
Walmart Inc. (WMT) $83.61 0.73%
Merck & Co. Inc. (MRK) $61.03 0.08%
Microsoft Corp. (MSFT) $100.86 -0.00%
Johnson & Johnson (JNJ) $122.57 -0.03%
Exxon Mobil Corp. (XOM) $80.70 -0.16%
JP Morgan Chase & Co. (JPM) $107.55 -0.32%
International Business Machines Corp. (IBM) $143.90 -0.38%
Pfizer Inc. (PFE) $36.23 -0.39%

Dow Jones - Fallers

Boeing Co. (BA) $341.13 -4.68%
Caterpillar Inc. (CAT) $143.30 -4.48%
3M Co. (MMM) $199.36 -2.72%
General Electric Co. (GE) $12.95 -2.63%
Dowdupont Inc. (DWDP) $66.35 -2.12%
Nike Inc. (NKE) $74.26 -1.80%
Apple Inc. (AAPL) $185.69 -1.62%
Goldman Sachs Group Inc. (GS) $228.32 -1.55%
United Technologies Corp. (UTX) $125.07 -1.47%
American Express Co. (AXP) $97.14 -1.40%

S&P 500 - Risers

GameStop Corp. (GME) $15.76 12.82%
Pitney Bowes Inc. (PBI) $9.61 5.84%
Mallinckrodt Plc Ordinary Shares (MNK) $20.18 4.61%
Assurant Inc. (AIZ) $99.60 4.30%
Range Resources Corp. (RRC) $16.61 4.01%
Apache Corp. (APA) $43.26 3.97%
Netflix Inc. (NFLX) $404.98 3.73%
Regeneron Pharmaceuticals Inc. (REGN) $327.07 3.63%
Cimarex Energy Co (XEC) $93.08 3.49%
Chesapeake Energy Corp. (CHK) $4.78 3.23%

S&P 500 - Fallers

Boeing Co. (BA) $341.13 -4.68%
Caterpillar Inc. (CAT) $143.30 -4.48%
Eastman Chemical Co. (EMN) $104.19 -4.34%
Parker-Hannifin Corp. (PH) $163.63 -4.28%
NRG Energy Inc. (NRG) $31.96 -4.25%
Rockwell Automation Inc. (ROK) $170.26 -4.17%
FMC Corp. (FMC) $86.21 -4.08%
Agilent Technologies Inc. (A) $63.52 -3.95%
Mattel Inc. (MAT) $17.11 -3.77%
Freeport-McMoRan Inc (FCX) $16.26 -3.73%

Nasdaq 100 - Risers

Netflix Inc. (NFLX) $404.98 3.73%
Regeneron Pharmaceuticals Inc. (REGN) $327.07 3.63%
Alexion Pharmaceuticals Inc. (ALXN) $121.91 2.73%
Gilead Sciences Inc. (GILD) $70.94 2.72%
Celgene Corp. (CELG) $79.44 2.20%
Kraft Heinz Co. (KHC) $62.14 2.09%
Vertex Pharmaceuticals Inc. (VRTX) $154.50 1.85%
Micron Technology Inc. (MU) $59.25 1.37%
Incyte Corp. (INCY) $72.98 1.33%
Amgen Inc. (AMGN) $186.20 1.22%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $352.55 -4.93%
JD.com, Inc. (JD) $41.89 -4.27%
Ctrip.Com International Ltd. Ads (CTRP) $49.90 -2.58%
Baidu Inc. (BIDU) $262.11 -2.52%
Take-Two Interactive Software Inc. (TTWO) $117.83 -2.37%
Asml Holdings N.V. (ASML) $206.18 -2.33%
Sirius XM Holdings Inc (SIRI) $7.47 -2.23%
American Airlines Group (AAL) $41.51 -2.19%
CSX Corp. (CSX) $64.83 -1.94%
Shire Plc Ads (SHPG) $156.98 -1.92%

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