Tariff Man can’t stop stocks dropping faster than a speeding bullet

 

Major indices continue lower at mid-day Thursday. With the stock market closed on Wednesday to honor the passing of former President George H. W. Bush, the selling picks up where it left off on Tuesday after President Trump declared himself “Tariff Man”. Trade war tensions will likely be escalated with the arrest of the Chief Financial Officer of Huawei in Canada on behalf of the United States. Huawei is a major Chinese telecommunications firm, and could take center stage to strain an already frail relationship between the United States and China.

At present, the S&P 500 is down 2.79%, the DJIA is down 3.04%, and the NASDAQ is down 2.36%.

Industries doing well today include Diversified Consumer Services and Construction Materials. Industries showing weakness include Construction & Engineering, Electrical Equipment, and Health Care Providers & Services. The VIX is up 4.99 to 25.73 after the previous close of 20.74. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 53,105 Dec 21 240 puts on the board. The total put/call ratio as of 10:00 AM was 1.51 (648,834/430,444). The advancers/decliners ratio for NYSE stocks is 416/2,571 while the advancers/decliners ratio for NASDAQ stocks is 668/2,417.

[InvestorsKeyhole, various news and data sources]

Symbols: SPY

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