China pulls the plug on purchases of US agricultural goods
China confirmed reports that it will cease to buy U.S. agricultural products.
A spokesperson for the Chinese Ministry of Commerce said that Chinese companies have stopped purchasing U.S. agricultural products in response to U.S. President Trump’s latest 10% tariffs on additional $300 billion of Chinese goods.
The department also indicated it would “not rule out” tariffs on newly bought agricultural goods after August 3.
Previously, Trump had said that he had secured a large amount of agricultural purchases after meeting with China President Xi Jinping at the G-20 summit in June. But later, Trump alleged that China is not staying true to the agreement, and then he announced on Thursday the 10% tariffs on the remaining $300 billion in Chinese imports.
China accounted for $5.6 billion in U.S. farm product exports in 2018, according to the U.S. Census. It purchased roughly 60 percent of U.S. soybean exports last year. China is the fourth largest market for U.S. farm exports, behind Canada, Mexico and Japan.
As it is, U.S. net farm income has been declining in the past six years, even before the tariffs came into effect. And now, with China pulling out of U.S. agricultural products, U.S. farming industry’s challenges could potentially get severely exacerbated.
SPY in -0.78% downward trend, sliding for three consecutive days on July 08, 2026
Moving lower for three straight days is viewed as a bearish sign. Keep an eye on this stock for future declines. Considering data from situations where SPY declined for three days, in of 260 cases, the price declined further within the following month. The odds of a continued downward trend are .
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 10 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
The Aroon Indicator for SPY entered a downward trend on July 08, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on July 02, 2026. You may want to consider a long position or call options on SPY as a result. In of 72 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for SPY just turned positive on July 06, 2026. Looking at past instances where SPY's MACD turned positive, the stock continued to rise in of 52 cases over the following month. The odds of a continued upward trend are .
SPY moved above its 50-day moving average on June 29, 2026 date and that indicates a change from a downward trend to an upward trend.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where SPY advanced for three days, in of 367 cases, the price rose further within the following month. The odds of a continued upward trend are .
SPY may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
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