Net worth tracking
Login Sign Up
  • All Opinions
  • Top Picks
  • Discover
  • Companies
  • Experts
WATCH LIST
Home » Daily

US-China tensions weigh on markets

Allan TongAllan Tong Posted On August 7, 2020
0
487 Views
0
0
Shares
  • Share On Facebook
  • Tweet It


This week, you missed Past Top Picks comments by Cameron Hurst including Alerian MLP ETF (A Top Pick Aug 07/18, Down 12%) Get Premium to receive all past top picks opinions a few hours before market open.
Get Premium

A week that saw giddy gains in tech as the Nasdaq cracked 11,000 points and the S&P returning to previous highs, closed on a downbeat note as rising U.S.-China tensions pressured markets. Trump issued executive orders banning social media apps TikTok and WeChat (owned by Tencent) from operating in the U.S. unless their Chinese owners sell them within 45 days. Microsoft is already expressing interest in buying TikTok, but WeChat expands Trump’s punitive measures which some feel is meant to revive his flagging chances at re-election in November. TikTok has responded by threatening to sue Trump, citing lack of due process. Trump counters that the forced sale is in the interest of national U.S. security.

Trump is also clashing with Canada, America’s traditional ally and key trading partner, by reviving 10% tariffs on Canadian aluminum. Ottawa swiftly responded, calling the tariffs “absurd” that will backfire on American consumers and vowing to slap retaliatory tariffs on American products, totaling $3.6 billion. Meanwhile, Washington continues to haggle over its latest stimulus/aid package to the American public amid large numbers of COVID-19 cases. Despite all this turmoil, the S&P and Dow managed to close positive, though barely. However, the Nasdaq finished -0.87% and dipped below 11,000 for much of Friday. Uber was among the last batch of U.S. earnings, reporting a major loss but a rise in Q2 deliveries. Uber plunged 5.21% Friday.

Both sides of the border saw better-than-expected jobless numbers. About 60% of jobs lost in Canada to the pandemic have been regained as the unemp into July. Positive trend though part-time positions drove these employment numbers up, 418,500 jobs were added in July. US adds 1.76 million jobs, topping expectations. Open Text beat earnings in its latest reported quarter, but the tech stock still closed -0.47%. The TSX closed Friday -0.21%. Industrials, energy and financials led, but materials and tech lagged.

🚘 Uber -5.21%
💿 Open Text -0.47%

Post Views: 487
0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
Xebec Adsorptions Inc, Aphria Inc and More at 52-week Highs (Jan 13-19)
Melisa R. H. January 20, 2021
C3.ai, Inc., Linde PLC and 18 Stock Top Picks (Jan 15-21)
Melisa R. H. January 22, 2021
Rally sees rotation from tech into cyclicals
Read Next

Rally sees rotation from tech into cyclicals

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Join 39,652 Investors

    Winning in the Market eBook
    We deliver stock ideas to your inbox. Sign up free, get the ebook!

  • Top Reviews

    • The Ugly Truth About Identity Theft – Free Credit Report
      10
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2021)
      7.4
  • Popular Posts

    • Xebec Adsorptions Inc, Aphria Inc and More at 52-week Highs (Jan 13-19)
    • C3.ai, Inc., Linde PLC and 18 Stock Top Picks (Jan 15-21)
    • Richelieu Hardware, Eastmain Resources Inc and More Earnings Reports this Week (Jan 18-22)
    • Questrade vs Others | The Review Competitors Don't Want you to Read (2021)
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
  • Stock Lists

    • 2 Successful Past Picks: Nuvei & Medtronic
      January 19, 2021
    • 4 Proven Financial Stocks Riding the Blue Wave
      January 13, 2021
    • Top 8 ETF Stocks To Watch in 2021
      January 8, 2021
    • Top 10 Finance Stocks To Watch in 2021
      January 7, 2021
    • Top 5 Energy Stocks To Watch in 2021
      January 6, 2021


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search