Wall Street Lower as Washington Drama

Industrials took the biggest knock on Wall Street on Monday as the latest U.S.-China tariffs kicked in, while adding to uncertainty were questions over whether Deputy Attorney General Rod Rosenstein, who oversees the Mueller investigation, had quit.



With U.S. tariffs on some $200 billion worth of Chinese goods taking effect, along with Beijing’s retaliatory duties, eight of the 11 major S&P sectors were lower. The gainers included the rebranded and expanded “communications services” index.

The industrial sector .SPLRCI, which has borne the brunt of the protracted trade war, fell 1.44 percent, while material stocks .SPLRCM slid 1.48 percent. Boeing (BA.N), the biggest U.S. exporter to China, shed 1.3 percent.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza