Dow's dive wipes out year's gains as China trade fight escalates

[Yo_Mama_Been_Loggin]

Stocks fell sharply Tuesday after President Donald Trump's latest threat to China increased fears of an impending trade war between the world's largest economies.

The Dow closed down 287 points, erasing all of its gains for the year. The S&P 500 lost 0.4 percent, with materials, industrials and tech all falling. The Nasdaq shed nearly 0.3 percent.

"At some point you've got to wonder how many times stocks are going to react to the same general bit of news. It may all just be a game of one-up-manship as a negotiating tactic to get to some sort of deal," said Willie Delwiche, investment strategist at Baird. However, "with investor optimism as high as it is, there might not be much margin for error, and there is a real risk that this starts to erode consumer and business confidence."

Shares of some of the biggest chipmakers fell given their large exposure to China. Qualcomm and Nvidia both dropped at least 1.5 percent. On average, semiconductor and semiconductor equipment companies get 52 percent of their revenue from China, according to a recent report from Morgan Stanley.

https://www.msn.com/en-us/money/markets/dows-dive-wipes-out-years-gains-as-china-trade-fight-escalates/ar-AAyQyYC?ocid=spartandhp

Looks like the Trumpers lost a bragging point.

[BigmanPigman]

1. Soybeans are down 2%.

I wonder how the GOP voters who make their living via these products are going to vote in the MIDTERMS? Do you think it has hit them yet or are they still too full of Kool-aid? I think they still need their pocketbooks to be hit harder for them to flip.

[ProudLib72]

2. They won't be voting in November

They'll be too busy eating all those soybeans.

Soybeans for breakfast, lunch, and dinner!

[BigmanPigman]

3. That made me think of the "bean scene"

from Tommy....

This may be what they do with their extra beans....served on a silver platter tRump style...yummy!

[ProudLib72]

4. Mr Scorpio posted this one yesterday

We are going to have a lot of midwestern people with terminal gastric distress!

[BigmanPigman]

5. Maybe the smart investors should be looking into

Pepsid, Tums and other antacid manufacturers now instead of farmers' soybean crops.

[ProudLib72]

6. I think the antacid companies have figured out that their consumers are in blue states

We should let the soybean farmers suffer.

[Kittycow]

7. Soybean industry lost $6 billion so far according to American Soybean Association.

It really struck me that on their website that they used the word "implore" when they described their communication to White House.

From reading there, they literally begged for a meeting with trump or his team to plead their case against soybean tariffs but they were ignored. Three times I think.

Sooo...guess they gotta dance with the one that brung ya!

[ProudLib72]

8. I wonder what they will plan for next year

Will they grow soybeans, or will they switch crops? It must be awful to have a huge farm and not be able to plan for the future! If they voted for the Rump, then I hope their farms collapse. If they did not vote for him, though, I feel really sorry.