Equity

Stocks Lower on Trade War Fears

Posted 08/02/2019 1:58PM CTJeff Yasak

Stock futures whipsawed this morning as traders analyzed the newest Trump trade policy.  Stocks ended up on the downside after President Trump said he was adding new tariffs on good from China. Trump tweeted,” The U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country,”. The market was also trading lower earlier as the US job report was generally in line with expectations.  The economy added 164,000 jobs in July just a bit lower than 165,000 estimations.  This gain pushed the labor force in the U.S. to a new high.  Wages also beat the estimated number by rising 3.2% on a year by year basis beating the Dow Jones forecast by 0.1% pts.

Resistance is checking in today at 298700 and 303500 while support is showing 291600 and 289500.

E-Mini S&P 500 Sep ’19 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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