It took just four brutal trading days for a $1.4 trillion wipeout in the S&P 500 stock value. Here's how it all went down.
on the farm goods it bought since Aug.3. These retaliation measures — China's biggest shot fired to date — rattled the markets and took nearly 3% from the S&P 500.The U.S. Treasury Department late Monday after the stock market closed, saying it's using yuan to gain "unfair advantage" in trade. The move hit stock market futures and set us up for yet another drop on Tuesday.
The monster bloodbath in stocks sparked a major flight-to-safety move. The 10-year Treasury yield plunged below 1.74% on Monday, its lowest level since November 2016 as investors flooded into Treasurys. In the meantime, gold hit its highest level since 2013. With no clear path to a trade resolution in sight, it's hard to see a relief in stocks' brutal sell-off in the near term.
"I believe the more severe a market sell-off, the more likely the US is to act in some way to counteract the effects of tariffs," Kristina Hooper, Invesco's chief global market strategist, said in a note. "I hold out hope that the US will recognize that winning a trade war with China is very unlikely; that should prompt it to abandon its masochistic bent and avoid any more self-inflicted damage.
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