The markets continue to trade in a volatile range, with today being one of the red days. After threats of more than $100 billion in new tariffs against China, investors started to worry again. The Dow 30 was lower by 576, the S&P 500 sold off 58, and the Nasdaq 100 closed lower by 161.
Investors once again sold off names that would be the most obviously affected by this trade war. Shares of Boeing (NYSE: BA) lost 3% on the day, and Caterpillar (NYSE: CAT) was the weakest of the group, losing 3.5% today alone. Industrial was the worst-performing sector overall in the S&P 500.
Part of the negative sentiment today also came from unemployment numbers that were worse than expected. The labor department said the U.S. economy added just 103,000 jobs in March, when everyone was expecting around 190,000. The Federal Reserve maintained their stance that the economy has seen enough growth to justify more rate hikes.
BlackRock (NYSE: BLK) shares were in the news today, not for their 3.5% decline, but for their efforts to solve the gun violence concerns in America (and maybe make a few dollars in the process). The company announced that they will be offering new investment products that will "specifically avoid companies that make or sell firearms for civilian use." Some analysts have questioned where the line will be drawn. Will alcohol and tobacco be next?
NetApp (NASDAQ: NTAP) shares were slightly higher on the day (+0.33%) as the company was upgraded from hold to buy at Pivotal Research. The company also upped their price target to $72 from $62, indicating another 15% upside from today's close.