Markets Right Now: Stocks open sharply lower on trade fears

NEW YORK — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are falling at the open on Wall Street as investors worry about an apparent stalemate in trade talks between the U.S. and China.

A spokesman for China’s Foreign Ministry said Thursday that China is open to more talks on trade. But no new negotiations have been set and tensions between the two sides remain high.

The Dow Jones Industrial Average dropped 300 points, or 1.2%, to 25,476. The S&P 500 index fell 32 points, or 1.1%, to 2,823.

The Nasdaq slid 85 points, or 1.2%, to 7,655.

Energy stocks took steep losses as the price of U.S. oil fell below $60 per barrel. Tech stocks and industrials are also sharply lower.

Investors fled to the safety of bonds. The yield on the 10 year Treasury slipped to 2.35%, the lowest level in more than a year.

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Trade War Continues to Grip Markets

May 23, 2019 ( via COMTEX) —

Stock futures for Canada’s main equity index fell on Thursday, tracking losses in global stocks over fears that the Sino-U.S. trade spat was fast developing into a technology cold war.

The S&P/TSX Composite Index plunged 99.12 points to end Wednesday at 16,327.35

The Canadian dollar dipped 0.15 cents to 74.28 cents U.S. early Thursday

June futures tumbled 0.6% Thursday.

Royal Bank of Canada reported a 6% rise in adjusted quarterly profit, boosted by loan growth in its retail banking business and higher revenue in its trading business from improved market conditions.

TD Bank Group reported a 6.7% rise in adjusted second-quarter profit, as Canada’s second-biggest lender by market value benefited from strong performance in its retail business.

Canaccord Genuity cut the rating on CIBC to hold from buy

National Bank of Canada cut the price target on Lithium Americas to $6.25 from $8.50

CIBC raised the price target on Neo Performance Materials to $16.00 from $15.00

On the economic slate, Statistics Canada says wholesale trade rose for the fourth consecutive month, up 1.4% to $64.1 billion in March.

The nation’s number crunchers attribute the hike to higher sales in six sub-sectors, accounting for 82% of total wholesale sales. The motor vehicle and motor vehicle parts and accessories sub-sector was the lone subsector to decline.

Elsewhere, the agency says, 436,600 people received regular Employment Insurance benefits in March, down 4,400, or 1%, from February.


The TSX Venture Exchange nudged downward 1.85 points Wednesday to 610.56.


U.S. stock index futures were sharply lower Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.

Futures for the Dow Jones Industrial Average faltered 237 points, or 0.9%, to 25,534

Futures for the S&P 500 collapsed 25.75 points,

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Dow tumbles 300 points as investors brace for a protracted U.S.-China trade standoff

Stocks fell sharply Thursday morning, amid investor concern that trade tensions between the U.S. and China could get worse before they improve.

How are the major benchmarks trading?

The Dow Jones Industrial Average DJIA, -1.48% lost 301 points, or 1.2%, at 25,472, while the S&P 500 index SPX, -1.26% fell 31 points, or 1.1%, to 2,825. The Nasdaq Composite Index COMP, -1.42% meanwhile, retreated 97 points, or 1.3%, to 7,652.

On Wednesday, the Dow Jones Industrial Average lost 100.72 points, or 0.4%, to 25,776.61, and the S&P 500 index fell 8.09 points, or 0.3%, to 2,856.27. The Nasdaq Composite Index slipped 34.88 points, or 0.5%, to 7,750.84.

What’s driving the market?

U.S. investors are beginning to adjust to the idea of a protracted standoff between the U.S. and China, as increased trade tensions have continued to weigh on stocks in general and the technology sector in particular.

Read: Trade standoff between U.S., China may be settling in for the long run

Weakness in global markets spread to the U.S. Thursday morning as investors digested the implications of new U.S. export restrictions placed on Chinese telecom firm Huawei Technologies Co., with The Wall Street Journal reporting that U.K.-chip design company Arm Holdings was halting business with Huawei, sparking volatility overnight.

Trade talks can only continue when the U.S. adjusts its “wrong actions,” Gao Feng, a spokesperson for China’s Ministry of Commerce, reportedly said Thursday in a briefing, according to translated remarks. He added that the U.S. crackdown on China companies is threatening the “global industrial and supply chain.”

Meanwhile, the South China Morning Post reported that tensions are forcing China to rethink its entire economic relationship with the U.S. That’s as Huawei, meanwhile, is reportedly exploring the development of its own operating system if it can’t access that of Alphabet’s GOOGL,

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A service for global professionals · Thursday, May 23, 2019 · 486,067,139 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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Dow drops nearly 300 points as trade-war fears continue

Stocks opened sharply lower Thursday, with the Dow Jones Industrial Average turning lower for the week, as worries surrounding U.S.-China trade tensions continued to plague the market. The Dow DJIA, -1.48% tumbled 291.32 points, or 1.1%, to 25,485.29, leaving it down 1.1% for the week; the S&P 500 SPX, -1.26% fell 31.46 points, or 1.1%, to 2,824.81, while the Nasdaq Composite COMP, -1.42% dropped 97.81 points, or 1.3%, to 7,653.03.

See Full Story Dow tumbles 300 points as investors brace for a protracted U.S.-China trade standoff

U.S. equities are in retreat as a U.S.-China trade spat simmered and the Fed failed to give stocks a lift from the minutes of the latest meeting.

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Dow opens with triple-digit fall as trade war fears grow

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May 23, 2019, 1:11 PM UTC / Updated May 23, 2019, 1:34 PM UTC/ Source:

By Fred Imbert, CNBC

Wall Street opened sharply lower Thursday as U.S.-China trade worries persisted, with more companies suspending business with Chinese telecom giant Huawei.

The Dow Jones Industrial Average fell by almost 400 points in early trading, with the S&P 500 and Nasdaq both down at least 1 percent.

“The trade landscape looks bleaker than ever,” said Adam Crisafulli, executive director at JPMorgan. “Anyone bullish on the [S&P] has to be conducting a lot of soul searching at the moment.”

Crisafulli also pointed out that flash PMIs indicate that an economic rebound from earlier this year is “showing signs of attenuating” while the Federal Reserve is in no hurry to cut rates.

U.K.-based chip designer Arm Holdings said it suspended business with Huawei to comply with the U.S. blacklisting of the telecom company. Panasonic also said it stopped shipping some smartphone components to Huawei. Vodafone and BT Group, the biggest phone carriers in the U.K., said they are removing Huawei phones from their 5G network plans.

At the same time, China is taking a stronger tone in its rhetoric towards the U.S. Ministry of Commerce spokesperson Gao Feng said: “If the U.S. would like to keep on negotiating it should, with sincerity, adjust its wrong actions. Only then can talks continue.”

“If the U.S. would like to keep on negotiating it should, with sincerity, adjust its wrong actions. Only then can talks continue,” said China.

“The U.S. … crackdown on Chinese companies not only seriously damages the normal commercial cooperation

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Dow Sinks 100 Points Even After Deflated Fed Hawks Suffer Brutal Defeat – CCN

By CCN: The Dow and broader U.S. stock market extended losses Wednesday after the minutes of the latest Federal Reserve policy meeting seemed to confirm that interest rates will remain on hold for the foreseeable future, thrusting the warnings of Fed hawks to the garbage heap.

Dow, S&P 500 Pare Painful Losses

All of Wall Street’s major indexes finished lower by the end of trading, mirroring a volatile pre-market for Dow futures. The Dow Jones Industrial Average was off by more than 120 points before paring some of its losses in the afternoon session. It would eventually settle down 100.72 points, or 0.4%, at 25,776.61.

Dow Jones

Dow Jones Industrial Average falls 100 points on Tuesday. | Source: Yahoo Finance.

The broad S&P 500 Index of large-cap stocks declined 0.3% to 2,856.27. Losses were primarily concentrated in primary industries, with energy stocks falling 1.5%. Shares of materials and industrials also declined sharply. On the opposite side of the ledger, utilities and health care companies rose sharply.

The technology-focused Nasdaq Composite Index fell 0.5% to settle at 7,750.84.

Federal Reserve Stresses Patience as Fed Hawks Seethe jerome powell dow jones, djia

Federal Reserve officials seem to agree with Chairman Jerome Powell that the recent drop in inflation is only temporary. | Source: REUTERS / Jonathan Ernst

U.S. central bankers are unlikely to change course on monetary policy anytime soon, with many siding with Chairman Jerome Powell’s view that the recent drop in inflation was likely temporary.

“Members observed that a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time,” the

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TSX futures fall on fears of endless trade war

The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

Canada’s main stock index fell at open on Thursday as oil prices, one of the country’s major exports, tumbled and pressured energy stocks.

At 9:30 a.m. ET (13:30 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 105.57 points, or 0.65%, at 16,221.78.

Reporting by Medha Singh in Bengaluru

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U.S. jobless claims dip to 211,000, hover near half-century low

Bloomberg News/Landov Job seekers are finding plenty of opportunities amid a record number of job openind and the lowest rate of layoffs in decades.

The numbers: The number of people who applied for unemployment benefits in Mid-May fell slightly and returned close to a half-century low, signaling that a muscular U.S. jobs market is still going strong.

Initial jobless claims, a rough way to measure layoffs, dipped by 1,000 to 211,000 in the seven days ended May 18, the government said Thursday. Economists polled by MarketWatch estimated new claims would total a seasonally adjusted 217,000.

The more stable monthly average of new claims fell by 4,750 to 220,250.

The number of people already collecting unemployment benefits, known as continuing claims, rose slightly to 1.68 million. One year ago, these claims were about 100,000 higher.

What happened: Jobless claims have settled back near a 50-year low after a spike last month tied to seasonal changes in employment around the Easter holiday and spring break for schools.

Big picture: By most measures the U.S. labor market is the strongest in decades. Indeed, the Federal Reserve used the word “strong” a dozen times to describe the labor market in the minutes of its last meeting in early May.

Wages are rising, job openings are at a record high and layoffs and unemployment are at a 50-year low. The sizzling labor market is keeping the U.S. economy on stable growth path despite increasing headwinds such as a trade tensions with China

Market reaction: The Dow Jones Industrial Average DJIA, -1.48% and S&P 500 SPX, -1.26% were set to open sharply lower in Thursday trades on worries that the U.S.-China impasse could drag on for months.

Read: Monster clash over trade dwarfs all other issues about the U.S. economy

The 10-year Treasury yield

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