The main market moves as the Stock Market comes to a close today are:
S&P 500: -2.35%, or 68.79 points
Dow Jones: -2.2%, or 577.87 points
Nasdaq: -2.73%, or 215.19 points
10-year Treasury yield: -8 bps to 1.53%
The Stock Market saw new lows today following the turbid waters of consumer confidence. President Donald Trump tweeted, "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA." This comes in response to China's announcement that the Chinese government will be imposing tariffs on multiple U.S. goods in reaction to the Trump administration's levies set to take effect September 1. Trump went on to urge all American carriers, including Amazon and FedEx, to refuse all delivery of fentanyl from China, as it is a threat to Americans.
The issued tariffs were stated by the Chinese Financial Ministry to impose upwards of $75 billion on traded goods with the U.S. and will take effect in two batches: the first on September 1, the second on December 15.
Shortly before the trade announcements between China and the U.S., Federal Reserve Chairman Jerome Powell said that the U.S. economy is in a "favorable place" but is at great risk. Powell sees that the U.S. economy is still vital, with consumer spending being the driving force behind the market. Powell stated that the Federal Reserve pledged to act accordingly to sustain expansion of the economy, which investors interpreted as Powell being open to an easier monetary policy to keep the economy stable and growing.
Monday will see reports on the market's continued response to the tariff disputes between China and the U.S as the starting date quickly approaches.