Stocks are falling Friday after President Trump doubled-down on yesterday’s announcement of tariff’s on imported steel with a tweet this morning declaring trade wars “good” and “easy to win”. Industrial sectors that rely on steel and aluminum as inputs are among the hardest hit.
At present, the S&P 500 is down 0.63%, the DJIA is down 1.17%, and the NASDAQ is down 0.41%.
Industries doing well today include Tobacco, Independent Power and Renewable Electricity Producers, and Health Care Technology. Industries showing weakness include Construction Materials, Diversified Consumer Services, and Airlines. The VIX is up 2.02 to 24.49 after closing yesterday at 22.47. The most heavily traded options this morning are for the SPDR S&P 500 Trust ETF (SPY), with 18,401 Mar. 2 266 puts on the board. The total put/call ratio as of 10:00 AM was 1.22 (562,466/459,336). The advancers/decliners ratio for NYSE stocks is 862/2,032, while the advancers/decliners ratio for NASDAQ stocks is 1,257/1,611.