Day Traders Diary
U.S. stock futures are pointing sharply lower as China decides to raise tariffs on $60 billion worth of U.S. imports starting June 1st. The goods targeted include a broad range of agricultural products. This comes after President Donald Trump raised tariffs on Chinese imports last week. China said in a statement that the U.S. decision jeopardized the interests of both countries.
Trade bellwether Caterpillar fell more than 4% while Apple dropped 3.8%. Boeing shares also declined more than 3% amid speculation the airplane maker could be singled out by China in the trade war.
Asian markets fell broadly. The Nikkei 225 index declined 0.7% Monday while the Shanghai Composite pulled back 1.2%. European stocks also dropped. The Stoxx 600 index fell 0.5% while the German Dax dipped 0.7%All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.