Dow futures fall, implying a 200-point drop on Tuesday as trade war fears batter Wall Street
Dow Jones Industrial Average futures traded 428 points lower, implying a loss of 550.74 points at Tuesday's open. S&P 500 and Nasdaq 100 futures also indicated sharp losses. If these losses remain, the Dow's two-day decline would amount to more than 1,300 points.
"We are seeing another gut check after stocks had the best start to a year since 1997 ," said Keith Lerner, chief market strategist at SunTrust Private Wealth, in a note. "We already thought the environment would become more challenging over the short term heading into the seasonally weaker period of August through October. The latest trade escalation has served to exacerbate this typical weakness.
After the new tariffs were unveiled, China let the yuan break to its lowest level against the dollar in more than 10 years on Monday. China has historically managed its currency. He tweeted later in the day that it is "now even more obvious to everyone that Americans are not paying for the Tariffs – they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars."and threatened to slap tariffs on the farm goods purchased after Aug. 3, according to state media and other reports. The U.S.-China trade war has been going on since last year, dimming sentiment and the outlook for corporate profits and economic growth.
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