1) Tomato prices could raise 40% from U.S. withdrawing from trade pact with Mexico, called the Tomato Suspension Agreement which expires this Tuesday. This will trigger duties of more than 17% on tomatoes coming from Mexico. Tomatoes from Mexico are selling below domestic production cost.
2) The Dow Jones slid down 648 points, before rising to 473 points on closing, over news that America will impose higher tariffs on Chinese goods late this week. The Nasdaq and S&P 500 also experienced similar significant drops over fears of a full blown trade war with a down turn in global growth and a drop in China’s GDP.
3) Analyst say that a breakdown in the semiconductor field is a warning sign that a trade war with China is coming. This industry is more sensitive to U.S. – Chinese trade tensions. Watch the Philadelphia Semiconductors SOX index, for if the index falls below about the 1,430 level, that indicates trouble.
4) 7 MAY 19 Stock market closings:
Dow 25,965.09 down 473.39 Nasdaq 7,963.76 down 159.53 S&P 500 2,884.05 down 48.42
The stock market reacted wildly Friday October 28, 2016. New revelations on Secretary Hillary Clinton’s emails, sent the markets on a roller coaster Friday. FBI Director James Comey announced to Congress that the FBI would be investigating more leaked emails; which were discovered when investigating former Congressman Anthony Weiner (Huma Abedin’s separated and estranged husband).
The emails are said to be in the tens of thousands and the FBI is staking the lead in the investigation. Director Comey has indicated he does not know how long the investigation will take and if there is any fraudulent activity within regards to the email, what is noticed is that the financial markets did not react well to the news at all.
All markets (Dow, S&P, Nasdaq, & Crude) ended in red by the end of the trading day. More info to be revealed hopefully sooner then later….. TO BE CONTINUED….-SB
Wall Street gained today heavily because of rallying support of crude oil prices and energy stocks that attributed to enormous rise. The Dow erased loses that occurred from the first two months of the year.
Traders were delighted when oil prices closed over $40/barrel which signal a good sign for commodities. Energy sector had great highlights today as it closed up on several fronts. The Federal Reserve left rates unchanged and this brought about a bullish signal to investors.
In all today was a productive day for the markets and it was glaringly noticed by all markets.-SB