The obsession has not ended, Dow Jones fell more than 300 points

Dow Jones fell more than 900 points, while S&P 500 dropped 3.7% this week US stocks fell sharply on Friday (May 10), extending the wa...


Dow Jones fell more than 900 points, while S&P 500 dropped 3.7% this week

US stocks fell sharply on Friday (May 10), extending the wave of selling off this week. After US President Donald Trump said there was nothing to rush to reach a trade agreement with China and the tariff barrier helped America become much stronger.

As of 22:25 on Friday (May 10), the Dow Jones index fell 320 points, while S&P 500 dropped 1.5% and the Nasdaq Composite down 1.8%. The downward momentum followed the wave of deep sell-off this week, in which Dow Jones has dropped more than 900 points since Mr. Trump threatened to raise tax, and S&P 500 dropped 3.7%. Apple - which has a large turnover from China - fell nearly 3% on Friday (May 10).

On Twitter on Friday morning (May 10 - US time), Mr. Trump signaled he could maintain tariff barriers on Chinese goods for a long time. This observation comes after the US raised taxes from 10% to 25% for 200 billion USD of Chinese goods.

The US president added that tariff barriers would help the United States become much stronger and "China should not renegotiate the deal with the US at the last minute."


On Twitter, Mr. Trump wrote: "Negotiations with China continue to take place comfortably - of course there is no need to rush - when the HO tax barriers make China pay for US 25% tax on 250 billion USD of goods from China. This huge revenue will go straight to the US Treasury ...

... The process has begun to impose an additional 25% tax on the remaining 325 billion USD. The US only sold China about 100 billion USD of goods, very unbalanced. With more than $ 100 billion from tariffs, we will buy agricultural products from our wonderful farmers, in quantities even greater than what China has ever bought and transferred it to poor countries and starved to death. in the form of a humanitarian grant. Meanwhile, we will continue to negotiate with China in the hope that they will not withdraw their commitment again! "

Mr. Trump is also happy with consumer price data on Friday (May 10), which shows that inflation is weaker than forecast.

"Inflation is very low and very good," he said in a tweet. Trump earlier argued that the US Federal Reserve (Fed) should lower interest rates to boost the economy because of weak inflation.

Companies are expecting a trade deal now facing a lot of pressure. Apple fell 3% on Friday (May 10), as of the whole week, this stock plunged nearly 9%. Boeing and Caterpillar shares lost 1.2% and 2% respectively on Friday (May 10). Electronic chip manufacturers suffered a heavy blow for fear of escalating trade wars as the VanEck Vectors Semiconductor ETF fund certificate on track recorded the worst week of 2019 and the longest decline since the month. 10/2018.

Some market participants cling to the hope that the new tariff barrier will not apply to exports that have been shipped to the US before the tax-raising deadline - thereby giving a further period of time to The two sides reached an agreement.

"The goods in transit from China to the US will not be subject to a new 25% tax rate but only 10%," said Tom Essaye, Founder of Sevens Report, in the report on Friday (10 / 05).

“The grace period is not included in previous rounds of tariff barriers and is likely to create opportunities for Chinese parties. Considering the shipping times, goods shipped from China today will take 2 weeks or more to reach the US, so if the two sides come to an agreement within that time frame, they will not have to feel the pain from raising taxes to 25%, ”he added.

Trade negotiations will continue in Washington at 9:30 on Friday (ET time). Chinese Deputy Prime Minister Liu Hac is meeting Mr. Trump's trade group but not as the "special envoy" of Chinese President Xi Jinping - a role he held in previous negotiations. This suggests that he could be reduced in power to make necessary concessions for the two sides to reach an agreement. Mr. Trump said the tariff barrier is an "excellent" alternative to a trade deal with China.

However, some experts believe that the trade war will last longer.

"We continue to expect the two sides will come to a trade agreement, but it is unlikely that in the short term when the war has not caused enough pain for both sides," Zhiwei Zhang, Head of Economic Affairs Asian economy at Deutsche Bank, said on Friday (May 10). “China cannot afford to be quick. Damage to China's economic growth is only 0.2% on an annual basis, something that can be controlled. ”


The index measures the state of CBOE volatility (VIX), the best measure of fear on Wall Street, hitting its highest level since January 4, 2019 on Thursday (May 9).
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High Tech Brain: The obsession has not ended, Dow Jones fell more than 300 points
The obsession has not ended, Dow Jones fell more than 300 points
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