The markets sold off hard again on Thursday as investors feared a longer trade war thanks to the announcement of Canada's arrest of Huawei CFO Wanzhou Meng on December 1. The U.S. convinced Canada to arrest the CFO after it was reported that she was violating sanctions against Iran. China's outrage was reported in a press release, which sent the market lower overnight. Late in the day the markets did stage a strong recovery rally, causing a mixed finish to the day.

The Dow 30 closed down on the day by 79, the S&P 500 lost 4, but the Nasdaq 100 closed higher by 29. Tomorrow the attention turns to the jobs report, which will shed light on the severity of any economic softening.

Sector News

The price of oil slid 3% on Thursday as all eyes turned towards the OPEC meeting in Vienna. Oil was weak on headlines that the Saudi energy minister said that a cut of 1 million barrels per day would be enough for them. Investors are looking for upwards of 1.3 million barrels a day to help support prices.

Financials continued their selloff as investors could not shake off the solid decline from Tuesday. Technical traders noted that Tuesday's decline was significant in stopping any short-term rally in this sector. For now the bears remain in control.

Stock News

Kroger (KR  ) shares fell despite reporting earnings and revenue that came in better than expected. Shares of the grocer fell as the company announced a fall in overall profit, in addition to same-store sales, which also came in lower than expected.

Facebook (FB  ) shares were lower as an analyst from Stifel Nicolaus downgraded the company from buy to hold. The analyst threw in the towel, saying the company has created "too many adversaries to avoid a long term negative impact on its business." Shares remain near 52-week lows, with losses totaling almost 25% on the year.

Signet (SIG  ) shares were one of the big losers on Thursday as the company reported a loss of $1.06 per share for the previous quarter. Though this was less than the expected loss, overall sales came in light, which helped push shares lower by double digits.