July 11, 2018

U.S. Stocks finished sharply lower Wednesday as a trade war between the U.S. and other major economies intensified after the Trump Administration unveiled new tariffs on Chinese goods. Late Tuesday, President Trump’s administration published a list of 10% duties on $200 billion worth of Chinese goods, but they won’t come into effect immediately as they will face a review process with hearings taking place in mid-to-late August.  Shares of Boeing and Caterpillar-two companies with high overseas revenue exposure both closed lower by more than 1% on the news.  At the close,

  • Dow -219 @24700
  • S&P 500 -19 @2774
  • Nasdaq -42 @ 7716

Gold finished lower by $12.50 to $1242.90 an ounce

Oil finished lower by $3.73 to $70.38 a barrel

In the day’s stock news:

  • 21st Century Fox raised its offer to buy the part of British broadcaster “Sky” that it did not already own.  And,
  • WD-40 reported quarterly results that beat on both the top and bottom lines, but slightly reduced its sales and profit forecasts for the full year.