Market News & Analysis
US Equity Handover: China’s Retaliation Leads to 2019’s Worst Day for Global Stocks
Matt Weller, CFA, CMT May 14, 2019 6:12 AM
- US indices got dumped, with major US indices closing roughly 2-4% lower in the worst day of the year for global equities (ACWI).
- For the second day in a row, utilities (XLU) led the way by eking out a small gain. Technology stocks (XLK) were the worst performers, losing more than 3% on the day.
- Risk aversion dominated today’s trade as China vowed to raise tariffs on US imports. State-run media suggested that China was considering even more extreme measures such as banning US agricultural imports or dumping US treasury holdings.
- Uber (UBER) shed another 12% on the day after Friday’s IPO while rival LYFT shed 6% of its own. LYFT now trades 33% below March’s IPO price
Corporate Calendar (Asian session)
BOM = Before Market Open
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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