Tariff Ramp Up Overshadows Jobs Report in the Weekly Market Update by Valeo Financial Advisors (September 08, 2018)
September 8, 2018    Disclosures    POSTED IN  InvestmentsEconomyMarkets

Public comment closed Thursday evening for refute or support on President Trump’s plan to implement an additional $200 billion in tariffs on Chinese goods. During his announcement regarding trade on Friday, the timing was not set on this latest round; however, the President mentioned, “…there is another $267 billion ready to go on short notice”. If all enacted, the total dollar amount of goods subject to tariffs would be over $505 billion. The August jobs report showed unemployment remained unchanged at 3.9%, and the Labor Department reported the largest jump in private-sector wages in nearly a decade, with growth of 2.9% over last August.

After a recent period of all time highs for domestic stocks, big tech names such as Twitter, Google, and Facebook all realized significant losses following testimonies by executives in front of Congress regarding foreign interference with the 2016 election via their platforms, and the rest of the market broadly went down in 5 of the past 6 trading sessions. International and emerging equities followed suit and added to YTD losses. The strong dollar, trade tension and country specific events continue to negatively rip through emerging market, souring investor sentiment on 2017s darling asset class.

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