Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar panels ignited at an Amazon warehouse in Redlands, California in June 2018, Bloomberg reports. The news comes days after Walmart sued Tesla for at least 7 fires...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
U.S. stock futures were moving sharply lower Wednesday morning after a tumultuous stretch that saw the Dow Jones Industrial Average break a five-session losing streak. The Dow gained 1.2% Tuesday, making back more than a third of Monday's plunge, which was sparked by an escalation in the U.S.-China trade war. China had allowed its currency to slide to more than 10-year lows on Monday, four days after President Donald Trump announced more tariffs on Chinese goods. Overnight, China's central bank set the official midpoint reference for the yuan at 6.9996 per dollar, weaker than Tuesday but stronger than Monday.
Despite Tuesday's bounce in U.S. stocks, investors continue to seek what's perceived as the relative safety of the bond market, with prices soaring and yields plummeting due to their inverse nature. The 10-year Treasury yield on Wednesday dipped below 1.7%, hitting October 2016 lows, as trade war concerns continue to ripple through global financial markets.
Bridgewater Associates' Ray Dalio believes there's a historic opportunity to buy into China as it opens up its markets to foreign investments, saying it's "better to be early than it is to be late." The founder of the world's largest hedge fund also urges investors to bet on "both horses in the race."
Walt Disney, one of the Dow 30 stocks, fell about 4% in premarket trading Wednesday after the entertainment and theme park giant reported a huge 40-cent earnings miss. Fiscal third-quarter adjusted profit of $1.35 per share also fell 28% from a year ago. Disney blamed the integration of the $70 billion in assets acquired from the former 21st Century Fox. Quarterly revenue of $20.25 billion was also short of estimates but 30% higher than last year.
Trump travels to El Paso, Texas, and Dayton, Ohio, on Wednesday to salute first responders to the weekend shooting massacres and spend time with survivors and grieving families.The New York Times reports that so-called red-flag gun legislation, which would help take firearms away from those posing imminent danger, is gaining support among Republicans on Capitol Hill.
— AP and Reuters contributed to this report.