Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks end near their lows of the day on expectations of new tariffs on Chinese goods.
- The S&P 500 I:GSPC declined on Monday after closing higher Friday for the fifth straight session.
- Trump economic adviser Larry Kudlow suggests Trump is ready to impose tariffs on additional $200 billion worth of China-made goods.
- Tesla Inc (TSLA) - Get Report ended flat, after CEO Elon Musk said the electric carmaker was in "delivery logistics hell."
Wall Street Overview
Stocks ended near their lows of the day after President Trump said there would be an announcement on trade with China after the closing bell. Earlier in the day, Trump economic adviser Larry Kudlow said in a speech that Trump appeared ready to impose tariffs on an additional $200 billion worth of China-made goods.
The Dow Jones Industrial Average I:DJI fell 93 points, or 0.35%, to 26,062, the S&P 500 I:GSPC fell 0.56% and the Nasdaq I:IXIC slumped 1.4%. Apple Inc. (AAPL) - Get Report led the Dow lower on Monday, falling 2.7%.
The Wall Street Journal reported over the weekend that the Trump administration plans to slap tariffs of 10% on $200 billion worth of products. China said -- in the form of an editorial in the state-run Global Times newspaper -- that it was "looking forward to a more beautiful counter-attack and will keep increasing the pain felt by the U.S."
U.S. tech stocks could be the among the most vulnerable to downside risk if Trump goes ahead with his threat to impose tariffs and Beijing strikes back with targeted disruptions to U.S. supply chains with "export restraints."
"Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. We're making rapid progress. Should be solved shortly," Musk said in a tweet when responding to a customer complaint about a delivery delay.
Musk last week warned customers they may see "longer response times" from Tesla amid what he said was a surge in North American volumes. Musk also said Tesla was reducing the choice of colors from some of its models in an effort to "simplify" production.
Tesla shares ended down 0.1%.
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Twitter Inc. (TWTR) - Get Report fell 4.2% to $28.86 after Michael Nathanson of MoffettNathanson reduced his price target on shares of the social networking service to $21 from $23 and maintained his sell rating.
Amazon.com Inc. (AMZN) - Get Report is investigating suspected data leaks and bribes of its employees as it fights to root out fake reviews and other seller scams from its website, The Wall Street Journal reported. The stock fell 3.1%.
Tyson Foods Inc. (TSN) - Get Report fell 0.6% after the company said CEO Tom Hayes would step down for personal reasons. Noel White, who served as group president for beef, pork and international, was appointed CEO.
Meredith Corp. (MDP) - Get Report reached a deal to sell Time Magazine for $190 million to Marc Benioff, a co-founder of Salesforce.com Inc. (CRM) - Get Report , and his wife. The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.
DowDuPont Inc. CEO Edward Breen will serve as executive chairman of the company's specialty-products unit after the chemicals giant splits into three different units.
After the bell, Oracle (ORCL) - Get Report released financial results that beat analyst expectations for earnings per share, but which fell short of revenue forecasts. Shares fell sharply in late trading.
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