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The presidential maneuvers in the US-China trade war brought down US and international markets on Monday, making China-related stocks and US growth key stocks to watch in early trade.
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The Nasdaq exceeded its minimum opening, but remained down 1.4%. Dow Jones Industrials fell 1.1%, about 320 points. The S & P 500 declined 1.2%. (For updates on this story and other market coverage, visit Stock market today.)
Dow Jones Stocks caterpillar (CAT), Nike (NKE) and Boeing (BA) yielded between 2% and 3% each.
On the Nasdaq 100, based in China JD.com (JD) and Ctrip.com International (CTRP) stumbled about 6% each. Macao casino owner Wynn Resorts (WYNN) fainted 5%. Fastenal (FAST) also fell by more than 5%, one of the largest losses of the index before marketing.
Chips traded almost unanimously lower, with Nvidia (NVDA) and Advanced micro systems (AMD) down 4% and 3%, respectively. the The iShares PHLX Semiconductor ETF (SOXX) opened down 3.5%. An exception of the industry was Aquatia (AQ), which climbed 37% thanks to a $ 450 million bid Marvell Technology Group (MRVL).
Oil prices and most commodities have fallen in trade news. But energy stocks also provided two strong points in the early exchanges.
Refiner and pipeline operator Delek US Holdings (DK) jumped more than 3% after the release of the first quarter results.
Anadarko Petroleum (APC) gained more than 3% after Western Oil (OXY) increased the cash portion of its $ 38 billion offering to the company. From France Total (TOT) agreed to buy Anadarko's African assets in Occidental for $ 8.8 billion. Occidental is trying to get Anadarko to accept his agreement instead of a previous agreement with Chevron (CLC) for a $ 33 billion takeover.
Chevron was the only one to advance among Dow Jones stocks at the start of trading, up 0.6%. Anadarko led the few advances on the S & P 500.
China's trade war: a week suddenly critical
President Donald Trump raised heat in the US-China trade war on Sunday, restoring a delay that he had previously let slip.
President Trump and Chinese Xi Jinping agreed in Argentina on December 1 on a 90-day truce in their one-year trade war. Trump had planned to increase tariffs of $ 200 billion on imports made in China from 10% on Jan. 1 to 25%. In the run-up to the end of the truce in February, Trump and his commercial team felt that an agreement was tight enough to end the March 1 truce with no tariff increase.
In Sunday's tweet, the president resumed his position of keeping China under fire from the trade war. The message also indicates that US $ 325 billion currently "not taxed" would be subject to a 25% tariff "shortly".
A note from Goldman Sachs on Sunday said Trump's message said the talks "may have reached a stumbling point". The president and the negotiators had hinted that it would be possible to conclude the May trade talks. A key indicator to monitor, Goldman notes, will be whether Chinese trade officials will travel to Washington to continue negotiations, as previously planned on Wednesday. Trump's message, released on Sunday, said tariffs would rise as previously expected – from 10% to 25% out of the $ 200 billion in imports made in China – but this increase would occur next Friday.
Chinese markets collapsed, Shanghai down 5.6% and Hong Kong down 2.9%. The Tokyo Nikkei 225 remained closed on holidays. The sale was sent to Europe, where the CAC-40 in Paris and the DAX in Frankfurt each traded down about 1.9% in the afternoon. The London Stock Exchange was closed Monday for a holiday.
Dow Jones Stocks: Caterpillar, Apple and Intel lose ground
Caterpillar fell 2.3% in early action. The stock is up since early November, coming out of a six month consolidation. Shares are trading above their 10-week moving average over the last five weeks. A return below this level of support could be a bearish indicator.
Intel reduced its dive start to 1%. Stocks have fallen over the past two weeks, dropping more than they had risen after a March breakout on a hand-held base.
Apple yielded 1.9%, probably showing, in addition to the impact of China, some reactions to the news that the European Union was about to launch a new anti-competitive investigation against the company. The investigation follows a complaint of a streaming audio service Spotify technology (SPOT), who complained about the reduction in Apple's in-app purchases was harmful.
Apple stocks were up 49% from last December to Friday, including a 3.7% jump last week. It finished Friday 7.1% above a purchase point of 197.79 in a cup base with handle. Monday's action hinted that the stock should remain well above this point of purchase. However, pre-market movements can be tricky and not translate into regular trade.
Stocks to watch for: Beyond the meat's reverse more
It's a good morning to know your sales rules because the growth stocks have already been hit hard. IPO in the list of rankings, Beyond the meat (BYND) canceled initial losses and jumped 3%. Video zoom (ZM) reduced its initial loss to 1.8%. Based in China Alibaba Group (Baba) and Autohome (ATHM) were down 4% and 2%.
Autohome's early left-wing moves briefly dipped below the stock's point of purchase and then recovered above that mark. Alibaba sold its purchase point at 189.89, falling almost 3% below the entry, but did not trigger any sales rules.
The three-week-old Zoom video was just above its base buying point of 74.27 IPOs. Beyond Meat, which began trading on Thursday, has not yet had the time to build a solid foundation.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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