8/23/2019, 3:30 PM (Source: TeleTrader)
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US stocks drop on China tariffs as Powell to speak

The Dow Jones Industrial Average opened more than one hundred points lower on Friday with risk-off sentiment as China decided to escalate the trade conflict with the United States further by introducing a package of import tariffs. The Pentagon earlier sent a warship through the Taiwan Strait. Market participants were bracing for a keynote speech by Federal Reserve Chair Jerome Powell. Treasury bonds pared losses and yields turned lower, mostly on the front end of the curve, while oil fell.

The Dow was 0.39% in the red minutes after the start of trading. Nike was the worst stock, dropping 1.52%. It was closely followed by Caterpillar, down 1.5%. The Nasdaq 100 index lost 0.6% led by Hasbro's 5.07% plunge. The S&P 500 retreated 0.41% with HP plunging 7.7% to the bottom of a pile after disappointing numbers in the quarterly report.

The euro slipped only 0.08% to $1.10704 at 9:34 am ET. The pound was 0.07% in negative territory, selling for $1.22452 and the dollar traded flat at ¥106.4415. Gold advanced 0.44% to $1,504.63 per ounce.

Breaking the News / IT