Hello traders everywhere. The Dow was down over 300 points or -1.19%, meanwhile the S&P 500 and Nasdaq are posting daily losses over -1%. Friday's decline capped off a deep sell-off this week that will be the worst weekly loss for the stock market of 2019 with the S&P 500, DOW and NASDAQ losing -3.5%, -3.5% and -4.4% respectively.
Stocks declined Friday as President Donald Trump said "there's no need to rush on a trade agreement with China" and "tariffs will make the United States stronger".
Trump signaled in a tweet Friday morning that he could stick with China tariffs for a long time. The comments came after he slapped higher tariffs — from 10% to 25% — on $200 billion worth of Chinese goods. The president added that tariffs will make the United States "much stronger," and "China shouldn't renegotiate deals with the U.S. at the last minute."
Trump also cheered the consumer prices data Friday, which showed weaker-than-expected inflation. "Really good, very low inflation," said the president, who has argued the Federal Reserve should cut rates to goose the economy because of tame inflation.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,954.13
- Dow (INDEX:DJI): 26,695.96
- NASDAQ (NASDAQ:COMP): 8,176.08
- U.S. Dollar (ICE:DX): 97.153
- Gold (NYMEX:GC.M19): 1,280.40
- Crude Oil (NYMEX:CL.M19): 61.46
- Bitcoin (BITCOIN:BITSTAMPUSD): 4,991.42