The markets sold off again today after starting the shortened holiday week in the green. The Dow 30 closed lower on the day by 238, the S&P 500 sold off 23, and the Nasdaq closed down 29. Investors focused on comments from Trump stating that the U.S. is "not ready" to make an official trade deal with China and hinted again that tariffs could be placed on the remaining imported goods from China.
Over the weekend there were numerous Chinese media outlets that aired the commentary that they would never give in to U.S. demands to change the way they operate their economy. This further left investors feeling that the trade war is going to be a much longer issue for the U.S.
Interest rates hit lows on this news as investors moved into the safety trade. The lower rates held back the banking stocks (NYSE: XLF) which continue to flirt with breaking under the 200 day moving average.
As for individual stocks, recent IPO, Beyond Meats (NASDAQ: BYND) got a boost from Wall Street today thanks to a $97 price target by JP Morgan (NYSE: JPM) and an announcement from the company that they will start producing their plant based meats in Europe next year. Shares enjoyed a double digit gain on the news and have performed steadily since their IPO earlier this month.
In the chip space Advanced Micro Devices (NYSE: AMD) shares popped over 10% today as the company announced a host of new chips coming this summer. Wall Street was quick to upgrade the stock on the news which sent shares back towards highs of the year.
This week is rather light on the economic calendar which is typical given the shortened holiday week. The IPO markets are also fairly quiet as well.