Trump's assertions that he could wait on a trade deal with China dragged stocks lower today
Concerning comments from U.S. President Donald Trump that he may not be ready to make a trade deal with China until next year's election had the Dow continuing its slide today -- down 280 points for its biggest one-day dip since early October. A report also said the president is still planning on placing new tariffs on Chinese goods on Dec.15, despite recent signs of progress on a "phase one" agreement between the two countries. The Nasdaq and S&P also took a hit, with the latter clocking its lowest close in three weeks.
Continue reading for more on today's market, including:.
- Uber stock could keep sliding, if history is any indicator.
- The buyout news that had this pharma stock doubling today.
- Plus, LYFT gets a bear note; LULU call options pop; and PLUG stock's wild trading day.
The Dow Jones Industrial Average (DJI - 27,502.81) lost 280.2 points, or 1%. Only five of the 30 blue chips ended in the black, with Merck (MRK) in the lead with a 0.4% win, and Intel (INTC) dropping to the bottom of the index on a 2.8% loss.
The S&P 500 Index (SPX - 3,093.20) shed 20.7 points, or 0.7%, and the Nasdaq Composite (IXIC - 8,520.64) lost 47.3 points, or 0.6%.
The Cboe Volatility Index (VIX - 15.96) notched its highest close since Oct. 10, adding 1.1 points, or 7%.
5 Items on Our Radar Today
- U.S. Senator and presidential hopeful Kamala Harris just announced that she is suspending her campaign. Harris cited lack of funds, and a recent tumble from the top tier of Democratic candidates currently in the running. (CNBC)
- After President Trump's initial calls to hold the next G-7 meeting at Trump National Doral Miami resort was met with widespread criticism, the U.S. president finally announced that Camp David in Maryland would act as the new location for the event. (MarketWatch)
- LYFT stock continued to sputter after Piper Jaffray's bear note.
- Calls pop on Lululemon stock amid upbeat analyst attention.
- Why PLUG stock got slammed by options bears today.
Gold Pops After Trump Comments Spook Wall Street
Oil initially pulled back amid the latest U.S.-China trade headlines, but was able to notch a shaky win later in the day on lingering hopes of bigger output cuts from the Organization of the Petroleum Exporting Countries (OPEC). January-dated crude futures were up 14 cents, or 0.3%, to settle at $56.10 a barrel.
With Trump's comments spooking traders today, Wall Street reached for gold, causing the the safe haven to hit a nearly one-month high. February gold futures jumped $15.20, or 1%, to close at $1,484.40 an ounce.