It has been a long week in the markets, to say the least.
But let's focus on what's driving markets Friday. We might be implementing another 10% in tariffs on China starting September 1st, and retailers are suffering. And, of course, we received the jobs report Friday morning.
Let's Start With Trade
Alright, what's going on?
Well, in case you missed it, President Trump tweeted that he was planning on implementing additional tariffs on China starting September 1st.
Right after Trump tweeted Thursday afternoon, various retailers--including Nike--were getting hit and the markets took a dip.
Trump's tweet came after the Federal Reserve announced that it was cutting rates by 25 basis points and Fed Chair Jerome Powell had noted that "weak global growth and trade tensions are having an effect on the U.S. economy."
Nike (NKE) was getting the "just sell it" reaction from the market after President Trump's tweet about tariffs Thursday.
Real Money's Stock of the Day has been closely tied to the tariffs.
Real Money's Kevin Curran reported, "The impact on retail is particularly ill-timed as it hits right into the "back to school" season, key for retailers to refresh sales. Retailers are now faced with the prospect of either squeezing margins significantly or passing on costs to consumers and potentially slowing demand dynamics."
And Then There Was the Jobs Report...
The jobs report for July came in at 164,000. Analysts on Factset were looking for 165,000.
In an interview with TheStreet, Christopher Wolfe, CIO of First Republic Wealth Management, said that, while he was keeping an eye on the July number--he was paying attention to the revised jobs numbers from June and May.