Could we see a 1,000-point decline on the Dow before the closing bell rings?
Stocks tumbled Monday, with Wall Street joining a global equity selloff seen after China allowed its currency to fall to a more-than-10-year low versus the dollar after President Donald Trump rattled markets by announcing additional tariffs on Chinese goods late last week.
Stocks initially extended losses after the Institute for Supply Management said its nonmanufacturing, or services, index fell to 53.7% in July from 55.1% in June — marking a slowdown in growth. The reading was the lowest since August 2016. A reading of more than 50 indicates expansion in activity. China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!
Stocks suffered last week after investors expressed disappointment over Federal Reserve Chairman Jerome Powell’s description of the latest rate cut as a “mid-cycle adjustment,” which they took as a sign the central bank might not be as aggressive as expected when it comes to future rate cuts. Earnings season, meanwhile, enters its latter stage. Through Friday, 77% of S&P 500 companies had reported second-quarter results.
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