The market was pushing back up toward its prior highs after finding inspiration in a Tuesday Wall Street Journal report that the U.S. was inviting the Chinese to a fresh round of trade talks. This of course had the effect of turning the market on a dime Tuesday morning when it was selling off in earnest. The indexes then slogged their way back up toward their prior highs over the next two days.
But, on Friday, the Trump Train once again left the station at around Noon Eastern when Bloomberg reported that President Trump was going to go ahead with the next tranche of tariffs on Chinese goods and services. This would encompass, according to the report, tariffs on some $200 billion worth of stuff coming to us from China. This sent the indexes spinning to the downside, in what looked like a replay of the prior week’s action given that the positive news three days earlier had apparently been negated.
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