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US stocks open lower, Dow Jones falls more than 100 points

2019-07-09 02:02 pm | Resource: News | No Views : 17

 US stocks open lower, Dow Jones falls more than 100 points

Wall Street opened in the red zone on Tuesday as global trade tensions continued to affect markets. US President Donald Trump criticized India's decision to impose tariffs on US products as "no longer acceptable" and said earlier in the day that the United States was negotiating or negotiating multiple trade deals at the moment.

In addition, the director of the US National Economic Council, Larry Kudlo, stressed that the Fed should look at price data rather than jobs, and pointed out that Trump has "special concern" about currency manipulation by other countries.

Kudlo: The Fed should look at price data, not job data

According to Larry Kudlow, director of the National Economic Council of the United States, the low unemployment rate does not cause inflation. Speaking in Washington, DC on Tuesday, he claimed that Philips' curve had long since died and that the Fed should throw it away. While claiming to respect the independence of the central bank, he sent a message that price indices, rather than job indicators, should be considered.

The chief adviser to President Donald Trump added that commodity prices have fallen significantly. "There is room to recover the December rise" by 0.25 percentage points and reiterated that the increase in the benchmark interest rate was "unnecessary". The senior official also said that Jerome Powell, chairman of the Federal Reserve and Vice Chairman Richard Clarida, had expressed "a lot of doubts about the models."

"In a democracy, the president and Congress must be able to share their views.

Trump threatens India with tariffs on US goods

US President Donald Trump on Tuesday stressed the growing trade dispute with India. In late May, its administration canceled the preferential status of other multi-billion dollar and fee-based countries. The impact of the change on the GSP program after the announcement of its intention in March. The portfolio has affected nearly 2,000 products, with some estimates setting the cost of US companies at more than $ 300 million.

 US Stocks Open
  • The Dow Jones Industrial Average was up 0.43% or 110 points, while the Nasdaq 100 was down 0.48% with the worst-performing Marriott International. Meanwhile, the S & P 500 shed 0.40% on the back of losses from IPG Photonics Corp.

The euro was steady against the dollar to trade at 1.1209 at 9:28 am Eastern time, while the British pound was down 0.36% against the dollar to go at 1.2468 at the same time.


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