The Dow Jones today is taking a plunge after U.S. President Donald Trump threatened 10% tariffs on another $300 billion of Chinese imports. And here’s how China is responding…
First, here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 26,485.01 -98.41 -0.37 S&P 500 2,932.05 -21.51 -0.73 Nasdaq 8,004.07 -107.05 -1.32
Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Monday The trade war just got more intense. China responded to the president’s latest tariff threat by failing to control its currency against the U.S. dollar. The Chinese yuan has broken an exchange rate level of 7 per greenback. China’s spokesperson said Friday that the United States should bear some responsibility for the ongoing trade dispute and return to the negotiating table to find a resolution. Economists are increasingly concerned that new tariffs could affect U.S. consumer spending and press the global economy into a recession. Markets largely ignored Friday’s jobs report from the U.S. Labor Department. The U.S. economy added 164,000 new jobs in July, a figure that fell short of expectations by 1,000. That said, U.S. job wages did increase 3.2% year over year. That uptick in wages is viewed as a driver of higher inflation, which could prevent the Federal Reserve from slashing interest rates again this year.
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Oil prices ticked higher this morning after Iran seized a foreign tanker carrying 700,000 liters of fuel. The nation’s state television said Iran detained seven sailors and accused the tanker of smuggling fuel to other Arab countries. The sailors all have