The US stock market wrapped up a volatile week on a lower note, with the S&P 500 down 0.7% Friday.
Every time in the past year that President Trump weighed in on the trade dispute the market reacted negatively then responded positively, and the rally extended, I do not expect this time it will be different.
Friday, President Trump said that he is not ready to make a trade deal with China and had decided that the United States would not do business with Chinese telecoms giant Huawei Technologies for the time being, prompting Us stocks to finish a bit lower on the day.
President Trump, speaking to reporters at the White House before departing for fundraisers in New York state, also called into question whether another round of scheduled talks would take place in early September. He plans to impose 10% tariffs on a final $300-B worth of Chinese imports on 1 September.
“We’re doing very well with China. We’re talking with China. We’re not ready to make a deal – but we will see what happens,”President Trump said before departing.
“China wants to do something, but I’m not ready to do anything yet. 25 years of abuse – I am not ready so fast, so we’ll see how that works out.” the President added.
President Trump’s comments fanned fears on Wall Street as they always do, that the world’s 2 largest economies were prepared for a longer and costlier trade dispute.
Friday, the S&P 500 finished off 0.7%, the DJIA lost 0.3%, the NAS Comp lost 1.0%, and the Russell 2000 lost 1.3%
Friday, the major US stock market indexes finished at: DJIA -90.75 at 26287.44, NAS Comp -80.02 at 7959.15, S&P 500-19.44 at 2918.65
Volume: Trade on the NYSE came in at 776-M/shares exchanged
- NAS Comp +20.0% YTD
- S&P 500 +16.4% YTD
- DJIA +12.7% YTD
- Russell 2000 +12.2% YTD
HeffX-LTN’s overall technical for the major US stock market indexes for the week ended 9 August 2019 is Neutral to Bullish.
Have a terrific weekend.