Resilience is the word in stocks this morning. Call it a pause for breath after the Nasdaq officially entered correction territory with Monday's decline, down 11% from the highs reached in May.
Hundreds of billions in market value have been stripped from the so-called FAANG stocks in the past few weeks, dragged down first by trade-war escalation and second by new scrutiny from Congress and federal regulators.
Markets look buoyant this morning but much of the headline chatter is negative. As the trade war worsens, China has warned its citizens against US travel.
The Secretary of State issued a harsh rebuke of China's human rights record on the 30th anniversary of the massacre of democracy protesters at Tiananmen Square.
In the middle of a trade war, America's top diplomat writes that in the years after the massacre "the United States hoped that China’s integration into the international system would lead to a more open, tolerant society. Those hopes have been dashed."
It's the first time I have heard a sitting US Secretary of State admit that 30 years of American strategy to invite China into the global system has failed.
Meantime, economists nervously eye economic data for signs of softening, as investors have fled to the safety of Treasury notes, pushing yields on the 10-year below 2.1% this week.
Remarkably with all that, the Nasdaq is still up more than 10% for the year, just ahead of the benchmark S&P 500 — up 9.58% — and the Dow — up 6.4% —for the year.
https://www.cnn.com/business/live-news/stock-market-news-today-060419/index.html
2019-06-04 12:39:00Z
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