Wall Street slides at open as Trump warns of new tariffs on China
Source: Reuters
BUSINESS NEWS MAY 1, 2020 / 7:08 AM / UPDATED 2 HOURS AGO
(Reuters) - U.S. stocks fell at open on Friday after President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis, while Apple and Amazon became the latest companies to warn of more pain in the future.
The Dow Jones Industrial Average .DJI fell 224.94 points, or 0.92%, at the open to 24,120.78.
The S&P 500 .SPX opened lower by 43.34 points, or 1.49%, at 2,869.09. The Nasdaq Composite .IXIC dropped 208.26 points, or 2.34%, to 8,681.29 at the opening bell.
Reporting by C Nivedita in Bengaluru; Editing by Anil D'Silva
Read more: https://www.reuters.com/article/us-usa-stocks/wall-street-slides-at-open-as-trump-warns-of-new-tariffs-on-china-idUSKBN22D58W
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This action by this fucking immature child throwing a temper tantrum by telling some country that because of where the virus came from I am going to place tariffs on you..............shows just how fucking dangerous this asshole really is, by using economic blackmail when he "knew" back in December and November that this virus was going to be dangerous to this country, and he has failed at the rate of over 63,000 + deaths and over 1,000,000+ known cases...in this country.....as of May 1, 2020........ what a sick fuck........instead of trying to get ahead of this issue he goes and does this..........and to add to his insanity the market is doing this ............the manufacturing is contracting at a faster rate.............and he thinks with whatever is between his ears that he is nothing great in that brain..........he has no clue what he is doing, so he goes out and begins lashing out to deflect because he his absolute total failure..................
https://www.democraticunderground.com/10142484230
.
November 3, 2020 cannot get here fast enough and neither can January 20, 2021..............
Squinch
(50,955 posts)politicaljunkie41910
(3,335 posts)They both need to go, along with Mitch McConnell. With those two still in power, Trump can do anything. We have a ONE BRANCH GOVERNMENT.
machoneman
(4,007 posts)the big drop on Wall Street. It's significant since he's killing his own re-election strategy, getting our economy going again, yet is too effin' stupid to realize it. Good I say!
We're #1, we're #1! Hah!
progree
(10,909 posts)Steelrolled
(2,022 posts)progree
(10,909 posts)Friday 5/1 closing prices:
Dow: 23,723.69 -622.03 (-2.55%)
S&P 500: 2,830.71 -81.72 (-2.81%),
. . . and down 16.4% from it's Feb 19 all time high.
. . . up 25.0% from the pre-Inauguration Day close of 2264.
Bengus81
(6,931 posts)Which strangely have been moved from being reported today until next Friday.
progree
(10,909 posts)I can't prove it that it was previously scheduled for May 8, as archive.org's 2020 snapshots are all in April 2020, and the last 2019 snapshot doesn't list the 2020 dates. But on my computer I have a saved file of where I keep track of the job release dates (part of my calendar) -- a 1/2/20 snapshot -- it has the May 8 date.
Hard to say which way the market will move on their release -- lately I've seen many many up days after bad economic news because "it wasn't as bad as expected", and "the market is forward looking" and "remdesivir wow!" and "Fauci said ... " and "new agreement on stimulus package", and soon to come, some news about a slight thaw in the U.S.-China economic war that will result in a day or two of irrational exuberance.
Bengus81
(6,931 posts)progree
(10,909 posts)2019: 3/8
2020: 1/10, 5/8, (and that's it for the rest of 2020)
Some say that sometimes when Friday falls on the first or second day of the month, it is released the 2nd Friday.
But there are exceptions:
2019: 2/1, 8/2, 11/1
2020: 7/2, 10/2,
Beats me too.
marble falls
(57,102 posts)rickyhall
(4,889 posts)The Mouth
(3,150 posts)We need to wean ourselves off of cheap shit made by slave labor without environmental restriction.
Sorry, screw them; I'll pay more for made in the USA. The stuff is only cheap from China because of the exploitation of the workers and the pollution we've outsourced. Stop buying garbage that puts your countrymen out of work, encourages the excreable treatment of working people, and is produced with much less environmental oversight.
Anyone who can't live without their "made in China" crap is doing as much harm to other humans and the planet as any Republican.
iluvtennis
(19,862 posts)And you know why, all for greed and to increase their profit margins. They didn't want to pay the salaries that US market warranted, so they went overseas - China, Vietnam, Indonesia, South Korea, etc, etc.
It would take 20/30 years for US to ramp up to start making stuff here again. But they won't do that because it's all about GREED.
The Mouth
(3,150 posts)So what if it takes a while, we need to make stuff here as much as we can. The ONLY reason it's cheaper elsewhere is because they can get away with paying the people shit wages and don't have to worry about polluting. If we buy that garbage we are no better than any of the other exploitation capitalists in that chain.
Sure some people are so poor that they literally can't buy anything other than the cheapest crap from Walmart or Amazon, but those of us who aren't are just as morally reprehensible (as the manufactures and vulture capitalists who moved these jobs overseas) when we purchase stuff made in sweatshops in countries with no labor rights or pollution controls instead of something more expensive made by people at least getting minimum wage and covered by OSHA here, in plants that at least OCCASIONALLY have to do something about pollution.
They would make that stuff that way if we weren't equally complicit by buying it.
Steelrolled
(2,022 posts)In the case of medical supplies, I expect we will see a large pull-back in production very soon. It should be like military supply chains, but even more stringent. In times of pandemic, we have seen around the world that it is everyone for themselves.
rickyhall
(4,889 posts)Buying that crap makes us no better than the bastards who moved those jobs over there, exploit the workers, and pollute the shit out of the environment.
rickyhall
(4,889 posts)But whatever. I'm not a racist so to me the Chinese people are like everybody else.
The Mouth
(3,150 posts)race-baiting to cover the fact I don't give a shit about my fellow Americans, the environment, or the exploitation of workers overseas.
But enjoy your cheap crap made at the expense of slave labor and uncontrolled pollution.
Bengus81
(6,931 posts)You should google "literally". Some words have actual meanings.
https://www.nanoxiausa.com/
DallasNE
(7,403 posts)Yesterday I was reading an article that said Trump was planning on making China the election issue of 2020, blaming them for the worldwide problem being faced today and how he would claim Biden has appeased China for decades.
After I finished reading that I said to myself "watch, Trump will stir the pot and do something with tariffs to deflect from all of his problems". Only 24 hours later and Trump does just that. Still waiting for Trump to charge Biden with being soft on China for years but we know it is coming.
Initech
(100,080 posts)Steelrolled
(2,022 posts)The threat of being beholden to China is not a partisan issue.
The Mouth
(3,150 posts)that they are playing a zero-sum game. They regard themselves as the only legitimate economic and military superpower in the world, and anything that transfers wealth or power to them from us is to be pursued. We may not be technically at war, but they have been at economic war with us since at least the 1970's.
muriel_volestrangler
(101,321 posts)https://www.democraticunderground.com/10142483573 Trump Officials Are Said to Press Spies to Link Virus and Wuhan Labs
https://www.democraticunderground.com/10142483608 Trump is 'increasingly unnerved' because his own campaign knows he's losing to Joe Biden: CNN report
https://www.democraticunderground.com/10142483785 GOP senator: 'We should explore' not paying US debt to punish China
https://www.democraticunderground.com/10142483840 Trump contradicts US intel by claiming he's seen evidence coronavirus originated in Chinese lab
https://www.democraticunderground.com/10142483863 Chinese lab conducted extensive research on deadly bat viruses, but there is no evidence of accident
https://www.democraticunderground.com/10142484026 U.S. not considering canceling debt held by China - Trump adviser
... so ...
Trump warns of new tariffs on China