The Dow Jones Industrial Average continued to sell off during Thursday’s premarket trading, plummeting 407 points before market open.
This morning’s losses followed on the heels of the Dow’s 799-point loss during Tuesday’s trading session. Markets were closed on Wednesday in honor of late U.S. President George H.W. Bush.
Global indexes fell sharply overnight following reports that Huawei CFO Meng Wanzhous was arrested by Canadian officials yesterday. Huawei, one of China’s largest semiconductor companies, is accused of violating U.S. sanctions against Iran.
The move is the latest in a string of attempts by the U.S. government to restrict what the government views as unfair trade practices by China’s largest firms.
The arrest of Meng comes at a difficult time for the markets, as investors remain convinced that the United States and China are deeply entrenched in a trade war. Expect index losses to rise over the course of today’s trading session.
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Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 25,027.07 -799.36 -3.10% S&P 500 2,700.06 -90.31 -3.24% Nasdaq 7,158.43 -283.09 -3.80%
Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.
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