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Stocks get rocked after Trump’s China tariffs ignite trade war fears. The Dow Jones industrial average cratered more than 700 points, or nearly 3%, Thursday after President Donald Trump announced $50 billion of annual tariffs on Chinese exports.
Global markets are tanking. Japan’s Nikkei (-4.51%) was pummeled in Asia and Germany’s DAX (-1.92%) is getting hit the hardest in Europe. The S&P 500 is set to open lower by 0.43% near 2,632.
China strikes back at Trump. “China does not want a trade war with anyone,” the Chinese embassy in Washington DC said in a statement Thursday. “But China is not afraid of and will not recoil from a trade war. China is confident and capable of facing any challenge. If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures.”
Congress averts a government shutdown. Congress has approved a $1.3 trillion measure bestowing hefty increases on military and domestic programs.
The EU agrees to move to the final phase of Brexit talks. The 27 EU leaders met in Brussels Friday to formally adopt negotiating guidelines for talks on the future UK-EU relationship, and agree to a 21-month transition period when Britain leaves the bloc in March 2019.
Saudi Arabia’s Crown Prince is set to meet Wall Street executives. JPMorgan Chief Executive Jamie Dimon, Henry Kravis, who is CEO of private equity firm KKR, and Nasdaq CEO Adena Friedman are among the Wall Street executives expected to attend the 2018 Saudi U.S.-CEO Forum’s gala next week in New York City.
Dropbox is going public. The cloud-storage company priced its initial public offering at $21 a share, giving it a valuation of $9.2 billion. It will trade under the ticker “DBX.”
Facebook’s nightmare is about to get a lot worse. Multiple congressional committees want to bring in Facebook founder and CEO Mark Zuckerberg to testify about how the company handles privacy and data following the Cambridge Analytica data breach.
Nike beats. The sneaker giant beat on both the top and bottom lines, boosted by the new tax laws, but gross margins fell for a ninth straight quarter.
US economic flows. Durable goods will be released at 8:30 a.m. ET and new home sales will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.81%.