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Indices

Stocks Lower on Trade War Fears

Posted 08/02/2019 1:58PM CT | Jeff Yasak

Stock futures whipsawed this morning as traders analyzed the newest Trump trade policy.  Stocks ended up on the downside after President Trump said he was adding new tariffs on good from China. Trump tweeted,” The U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country,”. The market was also trading lower earlier as the US job report was generally in line with expectations.  The economy added 164,000 jobs in July just a bit lower than 165,000 estimations.  This gain pushed the labor force in the U.S. to a new high.  Wages also beat the estimated number by rising 3.2% on a year by year basis beating the Dow Jones forecast by 0.1% pts.

Resistance is checking in today at 298700 and 303500 while support is showing 291600 and 289500.

E-Mini S&P 500 Sep ’19 Daily Chart
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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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