Pre-Market Report – Monday 13th October US Markets slump on Chinese tariff threats - SPI down 84 - Gold back above $4000
Description
US stocks accelerated selling into the close after Trump tweeted on new 100% tariffs on China, with the Dow Jones Industrial Average closing down 878.82 points, or 1.9%, at 45,479.60. The S&P 500 lost 2.71% to settle at 6,552.51, while the Nasdaq Composite fell 3.56% to 22,204.43. The broad-based index’s decline was the largest since April 10. Prior to Trump’s comments, stocks were sizably higher, with the Nasdaq hitting a new all-time intraday high.
The VIX spiked above 22 – SPI down 84.
Friday’s declines wiped out the S&P 500′s gain for the week, as the benchmark lost 2.4% for the period. The Nasdaq and the Dow also saw weekly losses of 2.5% and 2.7%, respectively.
- Beijing blames US for raising trade tensions, defends rare earth curbs.
- ASX to follow Wall Street lower as tariff anxiety returns to markets.
- Ukraine hit Russian energy sites with US help.
- Kremlin warns the West over 'dramatic' escalation moment in Ukraine war.
- Rio Tinto poised to shut Australia’s biggest aluminium smelter Tomago.
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