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Stocks dip amid trade war uncertainty

Video Credit: Reuters Studio - Duration: 01:38s - Published
Stocks dip amid trade war uncertainty

Stocks dip amid trade war uncertainty

Wall Street closed lower on Tuesday with little word on the U.S.-China trade war and as the bond market's recession alarm sounded the loudest since 2007.

Conway G.

Gittens reports.

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A jittery day on Wall Street as investors tried to figure out what's next in the trade war saga between the U.S. and China.

And that's not the only thing on investors' minds, says Hennion and Walsh Chief Investment Officer Kevin Mahn.

"They have to figure if the Fed is going to cut rates again in September and if they do will it be by 25 basis points or 50 basis points.

They have to consider - are we heading into a recession because the yield curve has now inverted.

They have to consider what's going to happen with the U.S. consumer heading into this holiday shopping season." With so many things to consider - stocks drifted lower into the close led by a 120-point drop in the Dow.

The recession warning signal from the bond market grew even louder.

The inverted yield curve deepened further to levels not seen since 2007.

That was of particular concern to bank investors who worried that will take a toll on future bank earnings.

JPMorgan Chase, Bank of America, and Citigroup all ended the day lower.

Quarterly results at JM Smucker were weaker than expected and the company cut its full year outlook due to weakness in its pet food business.

The stock had its worst day in two years.

Shares of Altria and Philip Morris International were also lower.

The two tobacco companies are in talks to merge after breaking up a decade ago.

On the economic front, consumer confidence dropped in August but not by as much as expected.

A strong labor market helped offset trade worries.

But home price gains have slowed to their smallest measure in 7 years.




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