The Dow sputtered toward a dreadful loss while a concerning report revealed just how severely the trade war has already hurt key DJIA stocks like Boeing. | Source: REUTERS / Brendan McDermid
By CCN Markets: The Dow sputtered toward a dreadful showing on Wednesday as the stock market cooled off from a six-day feeding frenzy.
Meanwhile, major DJIA components Apple and Boeing remain trapped in the crosshairs of the US-China trade war, presenting the index with significant downside risk should there be any further escalation.
Dow Cools Off Following Parabolic Rally
All of Wall Street’s major indices traded down on Wednesday. Minutes before the opening bell, Dow Jones Industrial Average futures had lost 39 points or 0.15%, implying a 30.51 drop from Tuesday’s close at 26,048.51.
S&P 500 futures also dropped 0.15% – or 4.25 points, and Nasdaq futures slid 0.37% or 27.5 points to round out a disappointing pre-market session.
SCMP Report Reveals Dire Trade War Consequences
The market slammed the brakes on its unexpectedly-parabolic June rally, which had launched major stock indices back toward their all-time highs.
Unlike most mornings over the past month, Wall Street did not have to grapple with any new trade war escalation, either from a Communist Party editorial or President Trump’s Twitter feed.
However, a concerning report in the South China Morning Post reveals just how severely blue-chip US companies have begun to suffer the effects of the US-China trade war.