Why Are Markets Falling Again? Let Me Count The Ways
The market is seeing red again.
On the first trading day of the second quarter, the Dow slipped by more than 400 points, and the tech-heavy Nasdaq ended the day nearly three percent lower.
“We saw overnight China announced a tariff of up to 25 percent on about...130 U.S. products,” explained Matthew Battipaglia, Portfolio Manager at Washington Crossing Advisors.
China’s new tariffs hit a myriad of American goods, including fruits and pork, imports of which amount to around $3 billion.
The announcement comes merely weeks after President Trump slapped taxes on aluminum and steel imports from China and announced plans to tax $50 billion more worth of Chinese goods.
These trade war warning shots from two of the world’s largest economies worried investors Monday. They also added pressure to a market that was already heading downwards on negative news from the tech world.
Reports of Apple potentially ditching Intel and using its own chips for Mac computers drove Intel’s shares down by as much as nine percent. [Tesla, Facebook, and Amazon](https://cheddar.com/videos/facebooks-data-policies-are-like-cigarette-labels) also resumed their downward spirals to start the quarter.
Almost four dozen Venezuelan workers who had temporary protected status have been put on leave by Disney after the U.S. Supreme Court allowed the Trump administration to strip them of legal protections.
The Republican-controlled Federal Trade Commission is abandoning a Biden-era effort to block Microsoft’s purchase of “Call of Duty” video game maker Activision Blizzard.
The Justice Department has reached a deal with Boeing that will allow the company to avoid criminal prosecution for allegedly misleading U.S. regulators about the 737 Max jetliner before two of the planes crashed and killed 346 people.
After a bumpy ride, the ride-hailing app is back in the good graces of investors. Plus: OpenAI, Google, Apple, Target, Moody's, Paramount, and Golden Dome.
