Stocks are getting pummeled to start the week, as worries over global trade tensions continue to heat up. The selloff is broad-based with losses coming across all major US benchmarks Monday. The Dow is down over 300 points or -1.5% while the S&P500 and Nasdaq are also down -1.5% and -2% respectively.
U.S. stocks are on a downward trend this morning on continued fears of the trade war between the U.S. and China. Last week, the equity markets had a lot to chew on with the Federal Reserve raising interest rates for the second time in 2018, a historic summit between President Donald Trump and North Korea’s Kim Jong Un and the ongoing trade feud with China.
The US stock market logged another solid week last week as investors focused on a positive string of economic data and improving fundamentals. Gains were broad based with the S&P500 and Nasdaq advancing over 1% while the blue-chip Dow surged nearly 2.8% on the week – its best weekly gain since early March.
A strong jobs report on Friday is fueling a rally to kick off the trading week. Friday’s jobs data revealed that the U.S. economy is healthier than expected. 223,000 new jobs were created in May while the unemployment rate declined to an 18 year low of 3.8%.