Stocks go nowhere as US-China trade war drags energy lower

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Stocks were mixed Wednesday despite a recent wave of upbeat corporate earnings as a new round of tariffs between the US and China dragged energy companies lower. The dollar and Treasury yields fell. 

Here’s the scoreboard:

Dow Jones industrial average25,583.55 −45.36 (-0.18%)

S&P 500: 2,861.20 +2.75 (+0.096%)

Nasdaq Composite 7,888.33 +4.66 (+0.06%)

  1. Another $16 billion worth of US exports to China — including oil products and cars — will be subject to a 25% tax. After the Trump administration followed through with a 25% tariff on an additional $16 billion of Chinese goods, Beijing retaliated in kind. The latest tariffs, which bring the running total of targeted goods to $50 billion for both China and the US, are set to take effect August 23.
  2. Washington rolled out punitive sanctions against Moscow for the poisoning of ex-spy Sergei Skripal and his daughter in March. The measures came amid pressure from Congress and months after the UK issued sanctions penalizing the Kremlin for the poisoning, which took place on British soil.
  3. Saudi Arabia’s central bank ordered its fund managers to dump Canadian bonds, stocks and cash. The move came after Canada’s foreign ministry criticized Saudi Arabia for its arrests of prominent human-rights activists and called for their release. Saudi Arabia’s state airline is also set to suspend flights to and from Toronto Pearson International beginning next week. 
  4. Earnings season rolls on. 21st Century Fox and Roku report after the bell — follow Business Insider here for live updates. 

And a look at the upcoming economic calendar:

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Source: Business insider

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