Horizons S&P 500 Covered Call ETF (HSPX) Rises 1.6% for April 5

07 April, 2018, 00:59 | Author: Kathy Ellis
  • Dow drops more than 400 points on fears of trade war with┬áChina

The Dow Jones Industrial Average advanced 239.33 points, or 1.0% to 24,503.77 after swinging 741 points in Wednesday's highly volatile session.

The stock futures implied the S&P 500 would not only open below its 200-day moving average, a key support level watched by technical analysts, but also challenge its 2018 low from February 9.

Stocks are falling again as trade tensions heat up between the US and China.

The Dow fell 588 points, or 2.4 percent, at 23,909. This stock has been struggling since President Donald Trump suggested it doesn't pay its fair share of taxes.

"The stock market is in a bit of a tug of war", says Allen Bond, portfolio manager of the Jensen Quality Growth Fund.

The S&P 500 posted one new 52-week high and eight new lows; the Nasdaq Composite recorded 30 new highs and 89 new lows.

Cold front brings in strong storms and a blast of chilly air
The main threat from the stronger storms will be damaging wind gusts, but large hail and isolated tornadoes will also be possible. Ahead of this front look for a mostly cloudy sky Friday with a chance for a scattered shower or thunderstorm.

The U.S. and China have recently engaged in tit-for-tat tariff announcements, although traders seem optimistic that the threats are only a precursor to negotiations of a trade agreement between the two countries.

Caterpillar dropped 3.5 percent, the most in the Dow. Heating oil lost 2 cents to $1.96 a gallon.

Investors will also tune into Fed Chairman Jerome Powell's speech at an event later in the day for signs the central bank could raise rates more than the expected two more times this year.

Grain merchant Archer Daniels was down 2.8 percent, while Bunge slipped 2.5 percent.

The S&P 500 fell 58 points, or 2.2 percent, to 2,604. Friday's downdraft also came amid a jobs report for March that produced a weaker-than-expected headline figure, showing the USA economy added just 103,000 jobs versus forecasts for a rise of 170,000. While the UK's FTSE 100 Index crept up by 0.1%, the French CAC 40 Index dipped by 0.2% and the German DAX Index fell by 0.4%. USA 10-year Treasury yield was last down 2.75 basis points at 2.76 percent, while gold prices went up more than 1 percent.

"As a sector, technology has the most to lose from a world in which global trade is restricted and of course, some of the subjects of the tariffs, will also be hit", said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

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