U.S. markets were slammed with heavy losses on Thursday following President Donald Trump’s plans to propose trade duties on China imports. Worry over a $50 billion tariff on China high-tech exports along with other penalties to protect intellectual capital caused volatility to spike near its highest levels for the month.
The Dow dropped 2.9% after trading to a low of 23,938 and closing back below the 24,000 level for the first time since February 8th. The index is down 9.99% from its all-time high. The S&P 500 sank 2.5% following the back test to 2,641 while giving up its gains for 2018.
The Nasdaq was punished for 2.4% after trading to a low of 7,164 to close back below its 50-day moving average. The Russell 2000 tanked 2.2% after testing a low of 1,562 to close back below its 50-day moving average, as well.
ANALYST UPGRADES / DOWNGRADES
American Axle (AXL) was upgraded to Overweight from Underweight at Morgan Stanley
General Mills (GIS) upgraded to Hold from Sell at Societe Generale
Pandora (P) upgraded to Strong Buy from Market Perform at Raymond James
Trivago (TRVG) downgraded to Underweight from Neutral at JPMorgan SiriusXM (SIRI) downgraded to Neutral from Buy at Citi
WideOpenWest (WOW) downgraded to Sector Perform from Outperform at RBC Capital
Friday’s scheduled earnings (EST):
Before the open: Destination XL Group (DXLG)
UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
Durable Goods Orders – 8:30am
New Home Sales – 10:00am
Baker-Hughes Rig Count – 1:00pm
METALS / OIL
Gold closed at $1,327.40 an ounce, up $5.90
Silver closed at $16.39 an ounce, down $0.03
Copper finished at $3.02 a pound, down $0.03
Crude Oil closed at $64.18 a barrel, down $0.12
Bitcoin Investment Trust (GBTC) settled at $14.09 down $0.66
Make it a great day!
QUOTE OF THE DAY