Trade worries send stock market plunging more than 700 points
But the Asian giant also urged the U.S.to "pull back from the brink" in order to avoid a trade war.
Wall Street was poised to open lower. It is impossible to imagine that they can not. A more complete list is due soon, to be followed by a 30-day comment period. -China trade war and concerns that higher interest rates could put the brakes on growth. "This can turn ugly on a global scale very quickly". "Trump is negotiating. He's pushing back on the Chinese, and the Chinese will push back".
Bond prices surged as investors sought cover, sending yields lower.
Andrew Kenningham, chief global economist at research firm Capital Economics said that while the economic impact of the tariffs announced by Trump will be small even if they are implemented in full, the "protectionist announcements and actions may continue to weigh on investor sentiment". "Markets which are likely to be among the worst affected include those which are reliant on supply chains linked to China, notably Taiwan, as well as companies which could be hit by Chinese retaliation", he added.
"The market doesn't like trade wars, the market doesn't like that the Fed is adamant about raising rates", said Matt Schreiber, president and chief investment strategist at WBI Investments in Red Bank, New Jersey.
Boeing, Caterpillar and Microsoft all fell sharply.
The Trump administration is expected to announce trade sanctions on China later Thursday, while the government in Beijing said it will defend itself. For example, South Korea's largest trading partner is China. The U.S.is its second biggest.
Honeywell International Breaks Below 200-Day Moving Average - Notable for HON
The rating was maintained by Jefferies with "Buy" on Tuesday, September 26. (NYSE: HON ) on Friday, August 25 with "Buy" rating. Joshua Nash increased its stake in Charles Schwab Corp (SCHW) by 50% based on its latest 2017Q3 regulatory filing with the SEC.
Warriors' Stephen Curry to return vs. Hawks after 6-game absence
This season will mark only the second time in Curry's career in which he doesn't play at least 74 games. He missed 11 games earlier this season, then missed another six straight prior to Friday night's game.
On Pak National Day, Islamabad seeks 'peaceful' ties with India
Upon arrival, President Mamnoon Hussain was received by Prime Minister Shahid Khaqan Abbasi after which he inspected the parade. He said that Azerbaijan and Pakistan have many agreements not only in the field of defense, but also in other areas.
"In short, markets will be more affected than the economy", he said.
"I'm glad Americans got those massive tax cuts, because we just lost it all in the stock market", said Chris Rupkey, chief financial economist at MUFG Union Bank in NY, of the GOP tax overhaul which reduced tax rates for some Americans as well as numerous most powerful corporations in industries such as healthcare, tech and industrials.
Concern over higher US tariffs on steel and aluminum eased somewhat when the Trump administration said some countries will be exempt.
Japan's trade minister described the US decision not to exclude Japanese exports as "extremely regrettable".
The Canadian dollar was also higher on the inflation data, closing at a trading average of 77.78 cents USA, up from an average price of 77.47 cents on Thursday.
The dollar fell to 104.87 yen from 105.28 yen in late trading Thursday.
Oil futures rallied. Benchmark U.S. crude rose 48 cents to $64.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract shed 87 cents, or 1.3 percent, to close at $64.30 a barrel in NY. Brent crude, used to price global oils, rose 33 cents to $68.71 a barrel in London.
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