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The selling also comes ahead of the Trump administration’s plan to unveil this week the list of Chinese imports targeted for US tariffs. The list of $US50-60 billion worth of annual imports is expected to target “largely high-technology” products.
The more tech-heavy Nasdaq 100– which has been a lightning rod for market volatility in recent weeks – plummeted as much as 3.3% to lead all major US indexes. Meanwhile, the benchmark S&P 500 dropped as much as 2%, and the 30-company Dow Jones industrial average slid more than 2.1% at one point.
Let’s get to it:
- Dow plunges more than 500 points as Trump picks on Amazon and trade-war fears return
- US factory owners are getting worried that Trump’s trade war could tank their business
- This could be the most critical week in Tesla’s history
- Trump continues his Twitter war with Amazon and the stock is sinking
- Netflix plunges deeper into a correction
- Snap is getting hammered
- The Nasdaq is now in the red for the year
In other news, active investors look well prepared to fight off the effects of a trade war, with large-cap active funds less exposed to China-specific trade war risk than the benchmark S&P 500 across multiple categories, according to data compiled by Bank of America Merrill Lynch.And the rocky stock market is about to be rescued by a surprising saviour, according to Morgan Stanley.
In finance news, a Chase Sapphire experiment is getting revived and expanded after the trial run blew away expectations with millennials last year.
And in deal news:
- Cigna’s CEO told us how his company’s $US67 billion deal for Express Scripts represents an ‘evolution in the marketplace’ in healthcare
- Goldman Sachs’ COO reportedly used his side gig as an EDM DJ to help win Spotify’s business
- Wall Street is getting ready for a ‘domino effect’ after Salesforce’s $US6.5 billion MuleSoft deal
- DocuSign’s IPO filing warns of a new kind of risk factor: Trump
- SoftBank’s $US100 billion mega-fund made it much harder for young tech startups to raise money – here’s why
Lastly, I ran ‘The Toughest Footrace on Earth,’ which covers 160 miles through the Sahara desert in 6 days – and it was absolutely brutal.