Sunday , September 25 2022

Wall Street as technology gains calming tariffs Reuters



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© Reuters. Traders work on the NYSE floor in New York

By Amy Caren Daniel

(Reuters) – Stocks in the US fell Tuesday as technology shares returned to the minimum of sessions, helping to calm the nerves triggered by President Donald Trump's latest tariff threat.

Trump said he expects to push $ 200 billion in Chinese imports to 25 percent from 10 percent in early 2019.

Trump is due to meet with Chinese President Xi Jinping at the G20 summit in Buenos Aires this week, but his latest comments have given little hope to the two countries that have resolved their trade dispute, which has destroyed financial markets this year.

The commercially sensitive sector () fell by 0.76% Boeing Co. (N :), the largest US exporter. to China, down 0.3% and caterpillar Inc. (N 🙂 0.9 percent.

"Tariff problems are the biggest factor in the markets and will continue to be for a while, especially taking into account the Friday meeting," said Randy Frederick, vice president of trading and derivatives for Charles Schwab (NYSE 🙂 in Austin, Texas

Apple Inc. (O 🙂 decreased by 0.4%. Its shares fell 2.1 percent earlier in the session after Trump said tariffs could be introduced on China's imported laptops and iPhone.

The Philadelphia SE Semiconductor () rose 0.90%, reversing past losses. Maxim Integrated (O 🙂 led the gains with a 5.5% increase on news that she was asked to join the S & P 500.

The recovery was also helped by Netflix Inc.'s 1.5% gain (O 🙂 and a 0.5% gain in Amazon.com Inc. (O :).

"Many of these redemptions you see are from significant survival conditions," said Michael Antonelli, general manager of the institutional sales department at Robert W. Baird of Milwaukee.

At 11:56 EDT, the Dow Jones Industrial Average () fell 30.01 points, or 0.12% to 24,610.23, the S & P 500 () rose 2.15 points, or 0.08% , to 2,675.60 and Nasdaq Composite points, or 0.13%, to 7,090.92.

Federal Reserve Vice President Richard Clarida said the central bank should continue to gradually raise interest rates, but it is "very important" to closely monitor new economic data as monetary policy approaches a neutral position.

Fed President Jerome Powell is scheduled to speak on Wednesday and his comment will be closely watched for additional signs of rising interest rates and health of the economy in the face of growing trade tensions.

United Technologies Corp (N 🙂 declined 5.9%, the most in the S & P 500 index, after its splitting plan in three companies failed to impress investors.

The decrease in the number of issues exceeded the number of benefits for a NYSE ratio of 1.52 to 1. The decrease in the number of issues exceeded the number of benefits for a 1.47 to 1 ratio on Nasdaq.

The S & P index recorded two new 52-week highs and four new minimums, while Nasdaq registered 13 new and 91 new values.

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