As you know, tariffs are the Presidents favorite blunt instrument to influence behavior, but markets aren’t particularly fond of them. The President’s threat to impose tariffs on Mexico if they don’t become more active/helpful in the immigrant crisis sent stocks tumbling down.
For the day, the Dow Jones Industrial Average was down 355 points to finish the day at 24,814. The S&P was down 37 points to close at 2,752. Gold was up $18 to trade at $1,310 per ounce, while oil was down $3.33 to trade at $53.26 per barrel WTI.
The correction that we referenced earlier in the week continues and trade war headlines continue to feed the bears. It was a difficult month of May and now we enter the dog days of summer. Stay tuned, we’ll try to keep you cool and informed over the coming months.
Have a great weekend everyone.