Tech totters Wall St.; Trump ratchets up pressure on China



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Tech totters Wall St.; Trump ratchets up pressure on China

On Tuesday, the 30th of July 2019, Wall Street had extended its losing streak after backing off from a record high yesterday (July 29th) amid growing acrimony between Washington and Beijing over trade, while on Tuesday’s (July 30th) market wind down, all three key indexes of Wall St.

were whacked into the reds after US President Donald Trump pressured China further amid an ongoing trade negotiation in Shanghai saying that Beijing should stop delaying a trade deal until 2020 US Presidential election. While investors appeared to be staring into the voids over the extent of a Fed rate cut which still remained in an ambiguity, Trump’s latest comments had weighed heavily on tech stocks largely exposed to China trading and nudged Nasdaq lower.

Referring to another cynical comment of US President Donald Trump aimed at ratcheting up pressure on China to rubberstamp a favorable trade deal, which seems highly unlikely in a near-term outlook despite a nearly 30-year-low Chinese manufacturing activity haggling to avert a technical recession in context of a year-long Sino-US trade war entering into its second year, a chief investment officer at NovaPoint in Atlanta, Joseph Sroka said, "Techs are weaker today, as Trump took another shot across the bow to China over trade “Big multinational tech companies are very sensitive to trade and tariff issues with China.

” Quoting statistics, on Tuesday’s (July 30th) market wind up, Dow ended the day down by 0.09 percent to 27,198.02 and S&P 500 shrugged off 0.26 percent to 3,013.18, while Nasdaq fell by 0.24 percent to 8,273.61.