US Equities Trade Lower Still Pressured by Tariff War

June 11, 2019 Share Print 0

Wall Street’s main indexes gave up gains to trade slightly lower on Tuesday, as declines in industrial companies dampened early optimism over easing trade tensions and the prospect of an interest rate cut by the Federal Reserve.

The industrial sector fell 1.09%, weighed down by losses in United Technologies Corp and Raytheon Co.

United Technologies fell 4.1% and Raytheon 4.9%, a day after U.S. President Donald Trump gave mixed signals on whether he believed the $121 billion merger between the companies should go forward.

Optimism over Trump’s decision late on Friday to hold off import tariffs on Mexico has helped markets rally this week, even though the United States warned it would impose tariffs if its demands were not satisfied.

Separately, Trump said he would impose more tariffs on Chinese imports if there was no progress in talks with Chinese President Xi Jinping at the G20 summit.

via Reuters

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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.