Stocks slumped overnight after China vowed to retaliate for President Trump's latest round of tariffs, then rallied in premarket trading on Thursday morning after China said it was willing to 'meet halfway.'
Wall Street looked set to recover Thursday from a severe routing that saw all three major indices hit their lowest levels so far this year after a range of economic indicators fueled fears of an impending recession.
China’s Foreign Ministry said Thursday it “hopes the U.S. side will meet China halfway, and implement the consensus reached by the two leaders during their meeting in Osaka.” A quarterly earnings report from Walmart, which had earlier warned it would be forced to raise prices on a number of products due to the increase in tariffs, beat expectations, giving the stock market an additional boost.
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