Bursa Snipers
Stocks Shake Off Trump’s Trade War, Trim Losses
BursaSnipers
Publish date: Sat, 16 Jun 2018, 12:41 PM
Stocks Shake Off Trump’s Trade War, Trim Losses
U.S. stock indexes closed bullishly high in the day’s range Friday, despite jitters over President Trump’s trade war.
The Nasdaq fell 0.7% in the first 15 minutes of trade but trimmed the loss to less than 0.2% by the close. The S&P 500 edged down 0.1%. Blue chips were mostly lower. CaterpillarCAT suffered a 2% loss as the Dow Jones industrial average fell 0.3%.
Volume rose across the board on quadruple witching as options and indexes expired.
Trump announced the details of his tariffs on China. The tax will be slapped on 1,100 products from China. Implementation will begin July 6.
China has not offered specifics but has vowed to retaliate.
The stock market would prefer peaceful transactions rather than a trade war, as the market’s choppy action has shown since Trump first stirred the tariff pot.
Other Trump policies, though, have been either free market or stock market friendly.
Corporate taxes were slashed as promised. Deregulation has been a consistent theme, apart from trade.
Economic growth is picking up.
Earlier this month legendary investor Warren Buffett implied the economy was in “the sixth inning,” a term that suggests the run is only two-thirds done.
Some market watchers say the economy will have no trouble reaching 4% growth in GDP.
Trade has been the one area that is making the stock market nervous. Brief spurts upward in the stock indexes followed by weakness has been the trend since late January.
The best outcome for the stock market would be if Trump declared victory in the trade war and then moved on to other things.
One other negative is that despite the Nasdaq’s recent positive action, breakouts are few among top stocks.
On Friday, clinical services outsourcer PRA Health Sciences PRAH rose 0.9% to close at a 96 buy point.
Electric-vehicle maker Tesla TSLA crossed above an alternative entry at 360.09 but then retreated back under the buy point.
Entertainment programming provider DiscoveryDISCK rose above a 25.37 buy point and then closed pennies under the entry.
New-issue SogouSOGO , a Chinabased internet search engine, cleared a 14.80 buy point but reversed to close under the buy point.
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