Le Fonti International – February 7th 2019
February 8, 2019Business for breakfast 2/11/2019 Radio interview
February 11, 2019Stocks extend losses that have followed two days of negative headlines surrounding U.S.-China trade tensions and slowing economic growth, but the market also may have been due for a pullback; S&P -0.4%, Dow -0.5%and Nasdaq -0.6%.
“The fear factor over the trade war has crept back into the market,” says Peter Cardillo, chief market economist at Spartan Capital Securities. “We’re probably looking at a more defensive situation until we have more clarity” on the negotiations.
European bourses are lower, with U.K.’s FTSE -0.2%, France’s CAC -0.3%and Germany’s DAX -0.8%; in Asia, Japan’s Nikkei finished -2% while China’s Shanghai Composite has been closed all week for Lunar New Year.
In U.S. earnings news, Mattel +25.2% after beating lowered expectations and offering an encouraging 2019 outlook and Phillips 66 +2% after easily beating earnings estimates.
All 11 S&P sectors trade in the red, led by consumer discretionary (-0.6%), energy (-0.5%) and financials (-0.5%).
U.S. Treasury prices edge higher, pushing the two-year yield down 2 bps to 2.45% and the 10-year yield lower by a basis point to 2.64%; the U.S. Dollar Index is flat at 96.50.
WTI crude oil +0.1% to $52.71/bbl.
Source: https://seekingalpha.com/news/3431357-stocks-track-three-straight-losses-amid-trade-worries