The markets sold off aggressively today as President Trump continued his tariff push against China. While no new tariffs have actually been implemented, Trump's threats were enough to cause investors to worry that a trade war is officially underway. The Dow 30 was the hardest hit, with a decline of 288 as industrial names sold off. The S&P 500 sold off 11 on the day and the Nasdaq 100 closed down 21.
All of the major names that previously sold off on tariff news did so again today. Names like Boeing (NYSE: BA) and Caterpillar (NYSE: CAT) sold off another 4% each today, which held back the Dow. Ford Motor (NYSE: F) is another example of the types of stocks with global exposure that sold off as well.
Another sector that saw weakness on the news today was transports. Railroad companies like CSX (NYSE: CSX) fell 2% on the day on concerns that the tariffs would slow the economy due to a reduction of imported goods. Commercial trucking company J.B. Hunt (NASDAQ: JBHT) also sold off 2% on the day due to investor concern.
There were early rumors that Trump told Apple (NASDAQ: AAPL) CEO Tim Cook that iPhones would be exempt from tariffs, but mid-morning White House trade advisor Peter Navarro said he had no knowledge of this exemption. Ultimately pressure pushed Apple stocks down on the day by 2%.