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Dow, S&P 500 set for worst May tumble in nearly 50 years amid U.S.-China trade clash

 

The intensifying Sino-American trade squabble is making for uniquely bad May trading for U.S. stocks, which continue to tumble after the S&P 500 suffered its worst week of 2019.

Stocks tumbled Monday, leaving the S&P 500 index SPX, -2.41% off 4.6% in the month to date, and the Dow Jones Industrial Average DJIA, -2.38% down 4.8%, with both on track for their worst start to the month through May 13 since 1970, according to Dow Jones Market Data. The Nasdaq Composite Index COMP, -3.41% off 5.5%, was set for its sharpest early May drop since 2000.

All three benchmarks are looking at their worst monthly losses since December.

The retreat in the major U.S. indexes comes as Wall Street faces the prospect that a U.S.-China tariff deal could take longer than anticipated, if a pact occurs at all. Talks in Washington ended Friday without an agreement after the U.S. raised tariffs on $200 billion of Chinese imports to 25% from 10%.

 

Read: Why the U.S.-China trade deficit is so huge: Here’s all the stuff America imports

On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%. Hu Xijin, editor in chief of China’s Global Times, a daily Chinese tabloid with ties to the Communist Party, reported on Twitter Monday morning that China may take further steps in the coming days and weeks.

President Donald Trump, via Twitter over the weekend and early Monday, vowed a hard line on China and said the U.S. held the upper hand in the battle, while Chinese media vowed Beijing would stand strong. The hard-line tone from both sides was seen adding to downside pressure, analysts said.

Ultimately, the Dow and S&P 500 logged their worst daily drops since Jan. 3, as was the Nasdaq Composite COMP, -3.41% produced its sharpest one-day skid since Dec. 4.

The turnabout for markets come just after those major indexes booked their best April gains in about 10 years. However, that precipitous climb for stocks to start the year may have made them more vulnerable to a slump as international trade problems intensify, market participants said.

“For investors, uncertainty is heightened again, and weakness looks set to continue across global capital markets,” wrote Kim Catechis, portfolio manager at U.K. investment management company Martin Currie, a Legg Mason affiliate company.

Still, stock benchmarks are still holding on to strong year-to-date gains. The Dow is up 8.6% thus far in 2019, the S&P 500 is looking at a 12.2% return, while the Nasdaq is set for a 15.3% gain over the past five months through May 13, according to FactSet data.

6b671813572f7d66c445ca3005c4a814

https://www.yahoo.com/finance/m/d7a5cdee-cd04-3483-abd2-e4ecf0ec87ad/dow%2C-s%26p-500-set-for-worst.html

From first to worst... Nice job Mr. President.

B/A

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Under Section 6103 of our tax code, Treasury officials “shall” turn over the tax returns “upon written request” of the chair of either congressional tax committee or the federal employee who runs Congress's Joint Committee on Taxation.
There is, however, a law requiring every federal “employee” who touches the tax system to do their duty or be removed from office.
The crystal-clear language of this law applies to Trump, acting White House Chief of Staff Mick Mulvaney, Mnuchin and Rettig, federal employees all.
The law says all of them "shall" be removed from office if they fail to comply with the request from Representative Richard Neal, the Massachusetts Democrat who chairs the House Ways and Means Committee.
There are no qualifiers in Section 6103 that shield Trump from delivering, in confidence, his tax returns to Congress. No wiggle room at all.

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I took it off. I forgot this is the hate thread. I hate this thread because it invites more hate.  You get a stupid face because that’s what I think about you’re constant stupid hate posts. 

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Geez, I came to DV to get some DV news and the first thing I see is the hate thread. Back to my vacation, I’ll let you hateful liberal Democrats keep shoveling your rubbish onto Adams Dinar website.  

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1 minute ago, Pitcher said:

I took it off. I forgot this is the hate thread. I hate this thread because it invites more hate.  

 

 

LOL Thanks Pitcher I was surprised to see you gave me a ruby for a simple story on the markets... but thanks for taking it off,  this thread is for fun and if people don't like it, they should just pass on by... It is like the rumor thread, I skip most of it because I get tired of the fantasy. 

 

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Just now, Pitcher said:

Geez, I came to DV to get some DV news and the first thing I see is the hate thread. Back to my vacation, I’ll let you hateful liberal Democrats keep shoveling your rubbish onto Adams Dinar website.  

 

Liberal rubbish or conservative rubbish, nothing compares to the rubbish we have to read everyday about the Dark State, the coups, the evil FBI, the evil generals, the evil media. And certainly nothing compares to the daily lies our leader dishes out. Did you know the 68 floor Trump Tower only has 58 floors? Who would lie about something like that??? Don't guess, you already know the answer...

 

B/A

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1 minute ago, Pitcher said:

This thread is not fun, it’s irritating which is the whole idea right.  

 

I don't think so. It is a place for people to vent their dissatisfaction with the leader of the free world... Again, if you find it irritating just skip it. Or how about a new thread for those who are not happy about the left? Then all those folks can inspire each other with their conspiracy theories, and how the majority of Americans agree with them, and how the 10 year bull market has been going on since 2016, or how a decade YOY of dropping unemployment has all occurred since 2016. And they can all tell each other what great Americans they are because they don't have to listen to anyone's point of view if they disagree with. They can talk about Making America Great Again while they sit on their Chinese computers and phones watching their Japanese TVs and looking for the keys to their imported cars. 

 

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Quote

Or how about a new thread for those who are not happy about the left?

End Quote

 

Tried suggesting  that one maybe a couple of months ago and even started it  myself infact.......Folks showed no interest....Apparently......

Edited by umbertino
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BA, and board, my apologies.  I have no business coming  to a DV looking for a fight.  The market has be putting up an incredible battle the last two days.  No excuse for me being an a**hole but I had my two worst days of  trading in 6 months.  That’s what I get for trying to trade off a laptop on vacation. No more. Back to fun and fishing till after Ramadan ding dong sing along. 

 

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Umbertino, How about a non hate thread.  We all have differences of opinion when it comes to politics so why bring those prejudices to a board to get people all fired up.  I believe our politicians are doing enough of that don’t you?   

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16 minutes ago, Pitcher said:

Umbertino, How about a non hate thread.  We all have differences of opinion when it comes to politics so why bring those prejudices to a board to get people all fired up.  I believe our politicians are doing enough of that don’t you?   

 

 

Hello Pitcher .....I swear my intention about the above-mentioned thread was a good one....Meaning ( at least so  I had naively thought) it could be a thread for many folks here ( the majority) to vent all their  contrary sentiment, doubts, whatever against the infamous left  on a worldwide level ( not only US left mind you)....

 

I had in mind a wider  world perspective and critique  toward the left, communism and socialism for People to write all they wanted and had maybe pent up for so long.....

 

I had even written that no reds were allowed  in that thread in order for posters to feel even  more confident about writing anything they wanted in total relaxation without worrying about possible retaliations....

All those things I wrote on the thread were negged.....????????

 

Ok then, I thought.....

Edited by umbertino
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3 hours ago, bostonangler said:

 

Liberal rubbish or conservative rubbish, nothing compares to the rubbish we have to read everyday about the Dark State, the coups, the evil FBI, the evil generals, the evil media. And certainly nothing compares to the daily lies our leader dishes out. Did you know the 68 floor Trump Tower only has 58 floors? Who would lie about something like that??? Don't guess, you already know the answer...

 

B/A

 

When the dust settles....it will be clear that the Obama DOJ was the most corrupt in history......evidence Mueller uncovered is enough to put Comey...Clapper...Brennan......HRC...and Obama away for a long time.....the IG report comes out soon....then Huber....and Barr has 3 separate investigations running.....

 

That DOJ was running a survail project named the "Hammer"....they gleaned info on most everyone.....congress...senate... supreme court.....and anyone...and everyone that might not be a friendly in their minds....the Supreme court decision  on Obama Care was tipped by the Kennedy vote....making it 5-4 .....favoring Obama care...there is some pretty solid evidence that his vote was cast because he was concerned as to what might be exposed..

.....in addition to that at least 400 other Federal Judges were being survailed.....

 

You will see all of this soon.....even the MSM won't be able to hide this...

 

No conspiracy here....just the facts......watch and see.....CL

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