Stocks Plunge as Trump Threatens 'Massive Increase' in China Tariffs

Watch Stocks Plunge as Trump Threatens 'Massive Increase' in China Tariffs - Bloomberg on Dailymotion

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00:00I guess they're required to clap and they're required to cheer but not a whole lot to actually

00:04cheer about. The S&P 500 looks like it's going to close the day down by about 180 points or about

00:112.7 percent. That's going to be the worst day for the S&P since April 10th. The Nasdaq 100 and

00:17Nasdaq Composite each down more than 3 percent on the day. That looks like that's going to be

00:22the worst day for those names since April 10th. The Russell 2000 down more than 74 points or 3

00:29percent on the day. That is going to be the worst day since April 10th. Yeah taking a look at in the

00:36S&P 500 a deeper dive in there pulling back the layers. Things don't look so good if you're long

00:40this market. 425 stocks to the downside only 78 stocks in the green today Katie. All right let's

00:47take a look at the circle at the sectors what the performance there looks like. It's not good you

00:51only have one spot of green there and that is consumer staples up about a third of a percent

00:56just tells you what a defensive trade this is today. You think about what the big loser here

01:02is and it's tech down about four percent as a sector. Those chip names in particular hit hard

01:08but really right across the board Tim. Well it was tough to find stocks that moved higher today but

01:13that was the task I was given and I think I found four of them. Eight and a half percent to the upside

01:18for MP materials and USA rare earths also up five percent today. U.S. listed rare earth and critical

01:25mineral stocks rose today. They extended gains after China unveiled new export curbs and the

01:30U.S. government got more involved in the industry. Joe Doe was on our program and he made the point

01:35that the export controls were announced a couple nights ago from China but really gained a lot of

01:41attention in today's trade. Partly due and a big part of that had to do with the president's comments

01:46a little earlier. And the increase in negotiating power that we're seeing when it comes to certain

01:52things right. On the U.S. side it's high tech and chips and on the Chinese side it is these rare earths.

01:58Once again MP materials and USA rare earths up today in the trade.