Wall Street was setting up for a tough start to the week on Monday, with Dow Jones Industrial Average futures down over 300 points as investors waited for countermeasures from China after trade talks with the U.S. appeared to end in a stalemate.
For the week, the Dow fell 2.1%, its biggest weekly loss since March. The S&P saw a 2.2% weekly fall and the Nasdaq shed 3%, the biggest losses for both since the week ending Dec. 21.What drove the market? Trade tensions that drove volatility for stocks last week were rebooting Monday, as investors faced up to the fact that a deal between the U.S. and China could take longer than they expected. Talks in Washington ended with no agreement on Friday.
China is DREAMING that Sleepy Joe Biden, or any of the others, gets elected in 2020. They LOVE ripping off America! With no economic data on the calendar, investors were likely to keep the focus on those tensions. Boston Fed President Eric Rosengren and Fed Vice Chairman Richard Clarida were each set to speak at separate conferences on Monday, starting at around 9 a.m. Eastern Time.
How are other assets trading? Those trade tensions spread across Asia, where the Shanghai Composite SHCOMP, -1.21% fell 1.2% and other major indices logged losses of 1% or more. Europe followed suit with the Stoxx Europe 600 SXXP, -0.54% down 0.4%.
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