So now Donald says all is copacetic with China--what a sick joke. I am 99.9999% sure that he planned to tank the market and then bring it back again both as a favor to his "friends" and to show how "powerful" he is. Corruption personified. I wonder if Roberts regrets endowing him with a "Get out of jail" card as long as he is president. Bibi Netanyahu and Putin both show how disastrous that kind of thing is in a "ruler".
from CNBC:
Updated Sun, Oct 12 20256:36 PM EDT
Stock futures rebound from Friday’s rout after Trump says China situation ‘will all be fine’: Live updates
Dow Jones Industrial Average futures rose by 358 points, or 0.8%. S&P 500 futures and Nasdaq-100 futures climbed 1% and 1.2%, respectively.
Those moves come after Trump’s Truth Social post on Sunday suggested to investors the president may not follow through on his threat to post a “massive increase of tariffs” on China. That comment on Friday brought the U.S. trade war with China back to the fore, and sent stocks tumbling in a rout that wiped out $2 trillion in market value.
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I,” Trump wrote. “The U.S.A. wants to help China, not hurt it.”
Vice President JD Vance echoed those sentiments over the weekend. He told Fox News that the U.S. will negotiate if Beijing is “willing to be reasonable,” though he added that the U.S. has “far more cards” if not.
Those comments could encourage investors to return to the market after Friday’s sell-off, especially in technology names that got hit with the worst of the selling. Many tech companies rely on rare earths from China for the manufacture of semiconductors and electric vehicles, among other goods.
“Tech stocks were front and center in the sell-off as investors fear this situation with US/China would put a major dent in the AI Revolution thesis and bring us back to the dark days of April,” Dan Ives, global head of technology research at Wedbush Securities, wrote in a Sunday note. “We believe the bark will be way worse than bite here and Trump and Xi should be meeting in the next few weeks to discuss some of these topics and likely the November 1 tariff threat overhang will ultimately be removed.”
All three major averages slid last week, with the Dow losing 2.7%. The S&P 500 fell 2.4% for the period, while the Nasdaq slid 2.5%. The S&P 500's 2.7% drop on Friday alone was its largest since April, when the stock market was still reeling from the shock of Trump’s initial tariff announcement.
Yet other concerns are mounting for the market. The government shutdown is stretching into a new week as a major payrolls deadline looms. Oct. 15 is the next pay date for most federal workers, and possibly the first that many employees will miss.
Earnings season will kick off this week with the financials. Citigroup, Goldman Sachs Group, Wells Fargo, JPMorgan Chase, Bank of America and Morgan Stanley are due out with their results Tuesday and Wednesday. A succession of regional banks are also set to post their quarterly results.
live updates here: cnbc.com |
