Stocks are tanking as investors fear a trade war, but there are many market pros who expect the Trump administration to hold off raising tariffs and calm the markets.
Stocks are tanking as investors fear a trade war, but there are many market pros who believe there's a rescue plan that could calm the market.
"There's a lot of conflicting things out there...There's rumors the vice premier's power has been limited," said Art Cashin, director of floor operations at UBS."You're living in a world where one Trump tweet can change everything." "I think there's a general feeling here...the bears are a little nervous he's going to come in and say something, like conversations are cooperating and maybe we can postpone this for a week, or something like that, and it could have an impact on the market," said Cashin.
Arone said the market is likely to continue selling if it looks like negotiations will be extended for a lengthy period."If it's concluded that the U.S. and China will not reach a trade agreement any time soon, you could have your typical correction, between 5 and 8%. That's not my expectation. I think cooler heads will prevail," he said.
"When the doves from the administration communicate optimism, the market has grown weary of that. [Investors] are actually following Lighthizer," she said, noting there is talk that he has been meeting with members of Congress to discuss the talks and tariffs.
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