Dow tumbles on trade war fears

Dow sinks 500 points upon open as US, China issue new tariffs

Dow futures fell after Trump's announcement on Thursday and were down about 300 points, or 1.3%, in after-hours trading. It fell as much as 767 points earlier in the day.

The Dow Jones industrial average fell 574 points, closing back in correction. It's down 10 percent from its record high in late January.

Earlier this week, the Trump administration announced plans for tariffs on $50 billion worth of Chinese goods in retaliation for China's alleged theft of United States intellectual property.

The return of market volatility, fears of a trade war and the recent underperformance of some of the major indices' largest components have been a drag on stocks overall. All 30 blue-chip companies finished with losses on Friday.

Canada's main stock index fell in a broad-based decline that was led by energy and financial shares as renewed U.S.

"The ratcheting up of trade tensions clearly carries risks". The Williams Percent Range or Williams %R is a technical indicator that was created to measure overbought and oversold market conditions. "They've got enormous trade and tariff barriers".

As has been the case since the trade war fears surfaced, industrials were the worst hit.

Trump announced Thursday night that his administration would consider imposing $100 billion more in tariffs on Chinese goods. Beijing responded within hours by announcing $50 billion worth of tariffs on USA goods. Exchanges in mainland China were shut Friday.

The VIX, which measures volatility across USA markets, had increased more than 12.8 percent as of press time.

'These potential trade wars are not good for the market, ' said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

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United States stocks ended the week with deep selloff, leaving them lower the for the five days as the White House's latest trade bluster rattled global financial markets.

The US and China have recently engaged in tit-for-tat tariff announcements, although traders seem optimistic that the threats are only a precursor to negotiations of a trade agreement between the two countries.

"I feel like this is a typical reaction, but I think that it will come back around", said Zach Holt.

The afternoon selling pressure followed Federal Reserve Chairman Jerome Powell's (http://www.marketwatch.com/story/powell-says-fed-to-continue-with-patient-path-in-lifting-interest-rates-2018-04-06) speech in which he backed a "patient" approach to raising interest rates. "The market has vacillated between writing it off as just talk and assuming there could be a serious problem", said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

The US jobs report for March will be released on Friday.

Wages grew 2.7% in March compared with a year earlier, in line with expectations.

A number of other hedge funds and other institutional investors also recently bought and sold shares of UPRO.

The drop was once again unpredictable, but we've rounded up the two biggest reasons for today's sell-off on Wall Street to keep you in the loop.

The yield on the 10-year US Treasury note, which has been steadily climbing as investors' inflation expectations rise, dipped to 2.78% after the jobs report.

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