My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Entrepreneur Index

2018048深圳风采: Market Tanks -- and Uber and FAANG Stocks Fall -- After China's Trade Retaliation

President Trump may be comfortable with tariffs and trade wars, but investors aren't.
Market Tanks -- and Uber and FAANG Stocks Fall -- After China's Trade Retaliation
Image credit: d3sign | Getty Images
3 min read
Opinions expressed by Entrepreneur contributors are their own.

深圳风采46期 www.t12ui.cn Stock prices fell hard today after China announced retaliatory tariffs on $60 billion of American exports to the country today. Higher U.S. tariffs on $250 billion of Chinese imports when into effect last Friday. The market, clearly expecting a trade agreement between the world's two biggest economies, had its worse day since early January. With a trade deal now looking less likely, investors are fleeing risk.

Related: Uber Stock Tumbles After IPO, Leading to Disappointing First Day as Public Company

The technology sector was hit hardest, dragging the Nasdaq Composite index down 3.41 percent. The Dow, down more than 700 points in the morning, fell 617 points on the day or 2.38 percent. The S&P 500 index declined 2.41 percent. The Entrepreneur Index™ fell 2.91 percent with only three stocks out of sixty posting gains.

The bond market also raised a red flag. The yield on the 10-year Treasury bond fell more than five basis points to 2.4 percent today, putting it below the 2.41 percent yield on the 3-month Treasury bill. Such yield curve inversions -- when long-term interest rates are less than short-term -- usually signal a coming economic slowdown or recession.

It's too early to call it a busted IPO but life as a public company has gotten off to rocky start for Uber Technologies. Shares in the ride-sharing company debuted on the New York Stock Exchange on Friday and have already fallen 17 percent. Shares in Lyft, Uber's biggest competitor, have fared even worse, down 35 percent since the company's IPO in late March.

The rest of the tech sector has also been slammed in the last two days. The four FAANG stocks on the index were all down more than 2.5 percent today. Netflix (-4.37 percent) and Facebook (-3.61 percent), had the biggest losses. Twitter was down 4.84 percent and software-maker salesforce.com fell 4.25 percent. The two chipmakers NVIDIA Corp. and Analog Devices, often the most sensitive to shifts in economic sentiment, were down 6.14 percent and 5.76 percent respectively.

Losses were large across all sectors of the market. The clothing makers and retailers Gap Inc. (-6.65 percent), L Brands (-6.31 percent), and Ralph Lauren Corp. (-4.82 percent), all fell sharply. Tesla was down 5.28 percent while Ford Motor Co. lost 2.89 percent. Drug-makers Alexion Pharmaceuticals and Regeneron Pharmaceuticals were down 4.38 percent and 2.46 percent respectively.

 

Bed Bath & Beyond fell 4.31 percent after CEO Stephen Temares resigned from the company largely because of pressure from activist investors impatient with the retailer's turnaround efforts. The news actually sent the shares up in pre-market trading, but they fell with the rest of the market after the trade news hit.

Other major losses on the Entrepreneur Index™ today included casino-operator Wynn Resorts (-6.17 percent), investment bank Jefferies Financial Group (-5.65 percent), and asset managers BlackRock (-4.37 percent), and Franklin Resources (-4.13 percent).

Only three stocks on the Entrepreneur Index™ had gains today. Cosmetic-maker Estee Lauder Companies was up 0.46 percent and REITs Extra Space Storage and Equity Residential were up 1.64 percent and 0.01 percent respectively.

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on 深圳风采46期.

More from Entrepreneur

Learn to be a better leader and develop successful marketing and branding strategies with Dr. Patti Fletcher's help.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur

极速11选5怎么操作 香港马会精准平特肖网站 黑龙江时时彩麻将预测 彩票走势图下载 口袋德州扑克鱼缸 广东26选5开奖记录 立博博彩 新疆十一选五前三遗漏 三分彩哪个平台好 河南幸运武林 河南快赢481投注技巧 福建快三今日走势图 东方心经六肖中特 云南快乐十分前三直常见号码 广西十一选五遗漏值