Equities dropped in another choppy trading session on Tuesday amid concerns over global trade between the US and China. Stocks initially rose on the back of data that showed U.S. inflation remained steady, though investor appetite for risk was hit by U.S. President Donald Trump’s move to fire his Secretary of State, reinforcing market uncertainty about Trump’s future policies. The earthquake from the White House and the disruption of the global trade pulled back the stocks, mainly the tech shares.
The Trump Administration, the White House is Losing 1 senior staff member every 17 days. 24 departures in Trump’s first 417 days.
On the back of the CPI data release, the S&P 500 rose above 2,800 for the first time since early February as Tuesday’s report reinforced the belief that economic growth is picking up without price increases. The news give clues to traders trying to anticipate the path of monetary tightening in the world’s biggest economy ahead of the Fed meeting next week.
The Dow Jones closed 171 points lower. Dow climbed 197 points at its session high. Microsoft was among the worst-performing stocks on the Dow, falling 2.4%. The S&P 500 declined 0.64%, with tech falling 1.2%. Earlier in the session, tech rose as much as 0.9%. The heavy-tech Nasdaq index closed 1% lower and broke a seven-day winning streak.