April 2, 2018
Tariff retaliation by China, that includes U.S food exports, is raising concern over trade frictions and tripped another bad session for stocks. And specifically hitting technology shares was a tweet by President Trump that the U.S. Postal Service loses money on each package delivered by Amazon. The Dow lost 1.9 percent on the day to 23,644 while the Nasdaq tumbled 2.7 percent to 6,870.
The day's economic news is upbeat led by another very strong ISM manufacturing index and including another month of solid spending on single-family construction. Once again selling in stocks didn't trigger much movement into bonds which were little changed as was the dollar. Oil fell roughly $2 to hold just over $63 while gold saw buying, up about $15 to $1,345.