Trade War With China Spooks Stocks

The Dow fell triple digits for a third straight day

Managing Editor
Mar 14, 2018 at 4:28 PM
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Stocks started off strong, as traders weighed mixed data on inflation and retail sales. However, escalating concerns of a trade war with China ultimately sent the Dow down triple digits for the third straight day. Boeing (BA) was the biggest loser on the blue-chip index, amid fears the company could be targeted for tariff retaliation from Beijing. The S&P and Nasdaq also finished lower, with the former slumping for a third straight day. 

Continue reading for more on today's market, including:

  • 2 Apple suppliers that could suffer in a trade war.
  • The Equifax exec charged with insider trading.
  • Upbeat drug data sent Valeant stock soaring today. 
  • Plus, the stock being compared to Amazon; a Broadcom earnings preview; and a chip stock with room to run.

The Dow Jones Industrial Average (DJI - 24,758.12) finished down 248.9 points, or 1%. Today saw five Dow components close in positive territory, led by Cisco Systems (CSCO) with a 0.3% gain. BA was the worst performer, shedding 2.5%.

The S&P 500 Index (SPX - 2,749.48) gave back 15.8 points, or 0.6%. The Nasdaq Composite (IXIC - 7,496.81) lost 14.2 points, or 0.2%.

The Cboe Volatility Index (VIX - 17.23) finished 0.9 point, or 5.4%, higher. 

closing index summary march 14

nyse and nasdaq stats march 14

5 Items on Our Radar Today

  1. Larry Kudlow, economic analyst and television commentator, will be the new Director of the National Economic Council. Kudlow accepted President Trump's offer today, and will replace former director Gary Cohn, who quit last week amid a disagreement over steel imports. Kudlow was a former aide to President Ronald Reagan. (MarketWatch)
  2. Bitcoin fell roughly 10% today, touching a new one-month low, after Google announced a plan to ban cryptocurrency advertising. Google is the second tech company to issue such a ban, with Facebook taking action in January. (CNBC)
  3. Analyst: Square stock looks "like Amazon in its early days."
  4. Call buying is heating up on Broadcom stock ahead of earnings. 
  5. Nvidia stock could see record highs on the horizon. 

corporate earnings march 14

unusual options volume march 14

Data courtesy of Trade-Alert

Oil Cautiously Higher, Gold Slightly Lower

April-dated crude futures rose 25 cents, or 0.4%, to end at $60.96 per barrel. Prices were put under pressure by a larger-than-expected rise in U.S. crude inventories, but ultimately edged on a decline in gasoline stockpiles.

Gold futures for April delivery gave back $1.50, or 0.1%, to close at $1,325.60 an ounce. A rising dollar weighed on the metal, but fears of a trade war limited gold's decline.


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