Published: Wed, April 04, 2018
Money | By Armando Alvarado

Europe joins sell-off but Wall Street eyes rebound

Europe joins sell-off but Wall Street eyes rebound

"Once volatility began to increase in late January, many market participants who had aggressively expressed that view were caught on the wrong side of the trade", said Lynch.

The Dow Jones industrial average dropped 1.9 percent, the S&P 500 declined 2.2 percent and the Nasdaq composite slid 2.7 percent, with every firm listed in the Nasdaq 100 index below its previous close.

The threat of tighter regulation in Europe and the United States prompted investors to pull money out of Netflix, Microsoft and Google parent Alphabet.

On March 31, POTUS tweeted the U.S. Post Office loses $1.50 on average for each package it delivers for Amazon.

"It's a pretty broad-based sell-off, but it's not a panicked sell-off", he said. China countered this week by slapping tariffs on more than 120 U.S. exports.

Most of the major sectors are showing only modest moves in morning trading, contributing to the lackluster performance by the broader markets.

"Its more complicated than just a tech selloff".

A market that had been in ebullient spirits as analysts boosted their profit outlooks for corporate America has given way to a growing pessimism amid fears that "bad Trump" policies will undo a lot of the market positives from his tax cuts and deregulation. Fundamentals are holding the stock market up. The Dow gained 25% past year and continued to march higher at the start of 2018. Together with a recent crash involving the firm's autopilot technology, investor concerns were raised over Tesla's ability to raise fresh capital.

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Investors have been anxious about - and bracing for - retaliation from one of the countries Trump has hit with tariffs.

CNN reported that on Monday China raised import duties on $3 billion of U.S. imports in response to Trump's steel tariffs.

After a month of public negotiations between the US and several other countries, Monday marked the first time another country has formally placed tariffs on USA goods in response to the Trump administration's recent trade sanctions. "China is important, but we trade more with Mexico and Canada", said Hogan of concerns about USA efforts to renegotiate the North American Free Trade Treaty, or NAFTA, with its neighbors.

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Some tech superstars are confronting their own problems.

In particular though, over the past week President Trump has been going after one of the biggest market drivers, Amazon, which consequently sent the market tumbling.

Over the weekend President Donald Trump tweeted that e-commerce giant Amazon was scamming the U.S. Postal Service, and that the service was losing "billions of dollars" because it delivered packages for the group.

Says MUFG's Rupkey: "The stock market is clearly concerned about the heated rhetoric emanating from the White House".

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