Stocks plunged Monday on fears the trade war damage the global economy and crush corporate profit growth.
ost 3.5%, as the sell-off was led by tech and other industries sensitive to U.S.-China trade. Tech was down 3.7%, while industrials were down 3.4%.
Emanuel said some chart analysts see a potential double top in the S&P, a negative sign for stocks, and there are unresolved divergences among indexes. For instance, the small cap Russell 2000, the Dow and the Dow Transports never recovered their highs, as the S&P 500 reached an all-time high May 3. Since then, it lost more than 5%.
"The problem with the Trump put is it stretches out the battle," said Harris. "You can't trigger the put without the market going down and so, ironically, the belief in the Trump put stretches the whole brinksmanship battle out further," said Harris. "You have to kind of think of this as a back and forth between the markets and the policy makers on both sides."
Over the weekend, Trump continued to tweet about China, blaming it for the breakdown that has delayed a deal that was expected this month.
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