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Weekly Financial Market Update - May 10, 2019

Christopher LaPorta

May 13, 2019

U.S. stocks suffered their worst week of the year leading up to an increase in tariffs from 10% to 25% on $200 billion of Chinese goods to take effect overnight leading into last Friday. The S&P 500 and Dow Jones Industrial Average ended the week down 2.18% and 2.12%, respectively. The regression of the U.S. and China trade talks caught markets around the world by surprise, and led to declines in global stocks and commodities as investors gauged a potential pullback in global economic activity. The tariffs are estimated to affect over 5,000 items; the majority includes capital and intermediate goods, such as automotive parts, machinery, circuit boards, and microprocessors. The tariffs will also affect an estimated $40 billion in consumer goods.

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