The US equities markets were quite volatile today. The biggest news to hit was the cancellation of the proposed summit between North Korea and the United States. President Trump moved to cancel the summit citing negative posturing by North Korea. It should also be noted that denuclearization is of primary concern for the US and its allies, and North Korea is consistently reluctant to fully denuclearize, although they have made significant moves to signal interest in continuing negotiations.
In other news, the US has imposed tariffs on some foreign auto part imports from Europe and Asia, and a bipartisan agreement has passed through Congress to repeal some parts of the Dodd-Frank Bill, with the impact most likely to affect smaller banks in allowing them greater flexibility for lending. Here’s what to expect.