On Monday, the 7th of October 2019, all three key indexes of Wall St. had witnessed a steep plunge at a highly volatile trading session, as bleak reports on Sino-US trade warfront had been tempering investors’ optimism ahead of a high-stake minister-level trade talk scheduled to take place on Thursday (October 10th).
In point of fact, following reveal of a media report earlier on US trading hours that Beijing would not accept an unfavourable trade deal pursued by the Trump Administration had spurred worries on Wall St. and kept large buyers at bay.
Nonetheless, White House economic advisor, Larry Kudlow had tried to cushion the money markets shortly after release of downbeat comments from China’s commerce department saying that US was open to any proposal that Beijing could hold forth.
Aside from that, key indices of Wall St. even traded higher during US midday trading hours following a Fox reporter’s tweet that China was prepared to make a deal with United States as part of a broad-based negotiation.
Meanwhile, adding that Wall St. remained Argus-eyed over progress of latest round of Sino-US trade talk, a manager of trader strategy at TD Ameritrade in New Jersey, Shawn Cruz said on Monday’s (October 7th) Wall St.
closure, “The markets are trying to come up with some expectation for the outcome of trade talks and figure out where and how they want to price it in. ” Nonetheless, Wall St. took a header on Monday (October 7th) anyway as trade war anxieties alongside mixed economic data had moderated expectations of a rate-cut as early as this month, While Dow ended Monday’s (October 7th) market 0.36 per cent lower to 26,478.02 and S&P shrugged off 0.45 per cent to round off the day at 2,938.79, while Nasdaq dropped 0.33 per cent to settle down at 7,956.29 on Monday’s (October 7th) market wind down.