TEHRAN, April 03 -As far as the stock market is concerned, U.S. President Donald Trump is, right now, his own worst enemy.
TEHRAN, Young Journalists Club (YJC)- As far as the stock market is concerned, U.S. President Donald Trump is, right now, his own worst enemy.
The president - who frequently touted Wall Street’s rally following his 2016 election victory - was partly blamed for a sharp stock selloff on Monday that investors believe is likely to continue, deepening cracks in a nine-year-old bull run.
The selling was sparked by escalating fears of a trade war as China slapped tariffs on a host of U.S. goods as Trump prepares to impose tariffs of more than $50 billion on Chinese imports, and by Trump’s renewed criticism of Amazon.com Inc (AMZN.O).
“The president’s behavior is now beginning to impact the capital markets - both the averages and individual equities,” said Doug Kass, president of Seabreeze Partners Management in Palm Beach, Florida.
Particularly worrisome to investors on Monday: more weakness in the tech sector, which led the market up in recent months, and a breach below a major S&P 500 technical level.
In a Twitter post, Trump attacked Amazon for a second time in three days over the pricing of its deliveries through the United States Postal Service and promised unspecified changes.
Amazon’s stock slumped 5.2 percent and led the S&P 500 and Nasdaq down, pressuring other high-growth, technology-related stocks, including Microsoft Corp (MSFT.O), Apple Inc (AAPL.O) and Facebook Inc (FB.O). Outcry in recent weeks over Facebook’s handling of data about its users has shaken the tech sector with fears of greater governmental oversight.
Source:Reuters
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