Dow futures drop 300 points at the open as US-China trade war escalates
concluded the week down 1.4% and 1.8%, respectively. Last week also marked the indexes' fourth straight weekly loss, their longest since May.
"The ongoing Trade War is redrawing global supply chains, claiming casualties in the process," Julian Emanuel, chief equity and derivatives strategist at BTIG, said in a note. "As persistent headwinds intersect with traditional seasonal softness, recent volatility can be expected to continue in the near term as markets await policy developments."
The U.S. bond market has also flashed a recession signal recently. The 10-year Treasury yield has dipped below its 2-year counterpart. This phenomenon is known as a yield-curve inversion. Experts fear it because it has historically preceded recessionary periods. Fed Chairman Jerome Powell said Friday the central bank will "act as appropriate" to sustain the current U.S. economic expansion, which is the longest in history. However, Powell failed to clearly signal that another rate cut was imminent in September.
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