US Stocks Extend Losses
US stocks were lower on Friday, extending the aggressive selloff to continue to volatile momentum this week as markets continued to assess risks of a recession in the US after further escalation in its trade war with China. The S&P 500, the Dow, and the Nasdaq 100 were all around 0.5% lower.
Bonds and the dollar continued to sell off, extending concerns of unstable financial plumbing in the monetary system and reflecting investor's growing unease with uncertain economic policy.
A series of swift changes in tariffs by President Trump so far settled with 145% tariffs on China, driving Asia's largest economy to retaliate with levies of 125%, although US tariffs on metals and chemicals remain pledged.
On the earnings front, banks were mostly lower after their earnings reports. Wells Fargo and Morgan Stanley were down between 2.5% and 1%. On the other hand, JPMorgan rose after record revenues. Equity indices are still due to close higher on the week amid Wednesday's historic rally.
Source: Trading Economics
