Dow Jones Industrial Average futures traded down slightly in pre-market trading on Friday as the blue-chip index fought to hold above 24,000 and extend a five-day winning streak as the US government shutdown hit the three-week mark.
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As most retirees and soon-to-retirees already know, Social Security is slated to run out of money in 2034 and, unless changes are made between now and then, beneficiaries beginning in that year will receive only 79% of what they otherwise would be owed.
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S&P 500 Index futures contracts expiring in March fell -1.9%.The underlying S&P 500 index had gained +5% Wednesday.
Dow Jones Industrial Average contracts were also down -1.5% while those on the Nasdaq 100 were down -1.8% on Thursday, even as their respective benchmarks moved up the day before.
Is the bull run finally coming to an end?Many investors think so, including Steve Cohen, the billionaire hedge fund manager who said last week that we're in a late market cycle and returns over the next two years won't look so good.
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President Donald Trump might be ready with an additional list of $267 billion of Chinese goods to impose tariffs on.
On top of the $200 billion of Chinese goods that Trump has threatened to tax if he feels necessary, he told reporters Friday on Air Force One, ““I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want.” The U.S.imported $505 billion of Chinese products in 2017, according to Census Bureau data.That means, if all of the tariff threats are actually implemented, the whole of Chinese imports into the nation would be hit by tariffs.
Since July, the U.S. has imposed levies on $50 billion of Chinese exports, which were retaliated by Beijing with their own tariffs on U.S. goods.
And the President promised us (after the announcement) that we will see even better times.
Two main components of GDP growth were consumer spending (2.69% contribution to growth) and net exports (1.06% contribution).One of the explanations for such a large contribution was the desire of exporting companies to increase exports before new tariffs are introduced.
Is that good news for the markets?
While the markets are getting very tired of watching the never ending twits, articles, opinions, news, negotiations, remarks and speeches of all the pundits who know everything about the effects of the trade tariffs, the earning season is about to begin.Staring next week, we will see hundreds of earning reports - and this will determine the future direction of the markets.