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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (83266)	5/13/2019 4:59:50 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95622

U.S. stocks drop, as China retaliates with tariff hike 13-May-19 16:20 ET Dow -617.38 at 25324.99, Nasdaq -269.92 at 7647.00, S&P -69.53 at 2811.87 briefing.com [BRIEFING.COM] U.S. stocks sold off on Monday, as trade tensions escalated after China retaliated with a tariff rate hike on U.S. imports. The 2.4% drop in the S&P 500 sent it back near the 2800 level in a broad-based effort to de-risk amid global growth concerns. The Dow Jones Industrial Average dropped 2.4%, the Nasdaq Composite dropped 3.4%, and the Russell 2000 dropped 3.2%. The stock market opened sharply lower after China increased the tariff rate on $60 billion of U.S. imports to a floating range of 5-25%, from 5-10%, starting June 1. Prior to the news, China said it would "not surrender" to external pressure. There was also speculation that Beijing could reduce its consumption of other U.S. goods and services, including orders from Boeing (BA 337.37, -17.30, -4.9%). Although the amount of goods China imports from the U.S. is substantially less than the goods the U.S. imports from China, the retaliatory actions fueled concerns about an elongated trade war. In turn, a longer-than-anticipated feud with Beijing contributed to global growth concerns and a dearth of buying interest in cyclical assets. Growth concerns were manifested in the underperformance of the S&P 500 information technology (-3.7%), consumer discretionary (-3.0%), financials (-2.9%), and industrials (-2.8%) sectors. The Philadelphia Semiconductor Index (-4.7%), and oil ($61.08/bbl, -$0.58, -0.9%) and copper ($2.72/lb, -$0.05, -1.8%) prices, also succumbed to the growth worries. The utilities (+1.1%) and real estate (unch) sectors outperformed given their defensive-oriented nature and a drop in U.S. Treasury yields, as investors flocked to the safe-haven Treasuries. The 2-yr yield dropped six basis points to 2.18%, and the 10-yr yield dropped five basis points to 2.41%. Firmness in the U.S. Dollar Index (97.34, +0.01, unch) and a huge spike in the CBOE Volatility Index (VIX 20.53, +4.49, +28.0%) were also indicative of the defensive mindset in the market. The move in the VIX also showed increased hedging interest against further downside in equities. In corporate news, Apple (AAPL 185.72, -11.72) fell 5.8% on increased trade tensions and a Supreme Court ruling that would allow iPhone users to pursue an App Store antitrust case. Teva Pharmaceutical (TEVA 12.23, -2.13) fell 14.8% after more than 40 states sued the company, accusing it of price-fixing with 19 other drug companies. Uber (UBER 37.10, -4.47) also stood out, losing 10.8% to extend its losses since its IPO on Friday. Investors did not receive any notable economic data on Monday. Looking ahead, investors will receive the NFIB Small Business Optimism Index for April and Import and Export Prices for April on Tuesday. Nasdaq Composite +15.3% YTD Russell 2000 +12.9% YTD S&P 500 +12.2% YTD Dow Jones Industrial Average +8.6% YTD