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Markets in the United States opens lower amid new trade tensions

2019-10-08 02:45 pm | Resource: News | No Views : 26

Markets in the United States opens lower amid new trade tensions

Markets in the United States opened losses on Tuesday on fresh trade tensions between the United States and China ahead of high-level negotiations this week. The US Department of Commerce listed many Chinese companies, including Hikvision, on a blacklist on Monday, and Beijing responded by pledging to retaliate against the move. Moreover, Chinese media reported that the country does not expect much from the upcoming talks and its delegation could shorten its stay in the United States.

US producer prices fell 0.3% in August

US producer price index (PPI) for final demand in the US fell 0.3% on a seasonally adjusted basis in September compared to August, the US Bureau of Labor Statistics said on Tuesday. On an unadjusted basis, producer prices rose 1.4% for the year ended last month.

The reason for the decline in the final demand index was a 0.4% decline in the prices of final demand goods, while the final demand services index fell 0.2%.

Final demand prices excluding food, energy and trade were unchanged from the previous month and added 1.7% year on year.

Treasuries jump amid stock selling and fear of trade war

Market participants flocked to government debt for safety on Tuesday along with a buying spell targeting gold and silver. US sovereign debt prices rose and pressure rose further after unconfirmed reports that the White House is analyzing the possibility of limiting Chinese holdings of shares in its pension funds. When bonds jump, yields go down and vice versa.
  • The yield on two-year Treasuries fell 2.4 basis points to 1.436% at 8:01 am ET.
  • The ten-year price fell 3.9 points to 1.522% compared to a 3.2 point drop to 2.021% for a 30-year measurement.
  • The corresponding futures rose 0.07%, 0.24% and 0.38%, respectively.

US Stock Trading
  • The Dow fell 0.93% or 250 points at 9:31 Eastern Time. Nike was the worst performer, dropping 2.53% at 9:31 Eastern Time.
  • The Nasdaq 100 fell 0.79% at 9:30 am ET, with Nvidia down 2.56% at 9:36 am ET.
  • The S&P 500 fell 0.81% at 9:31 am ET. United Rentals, which fell 4.13% at 9:31 am ET, led the losses.

The euro rose 0.05% against the dollar to trade at 1.09764 at 9:32 am ET, while the pound lost 0.67% against the dollar to go at 1.22090 at 9:33 am ET.

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