STREAMING NOW: Watch Now

Trade war fears; Stocks drop; DC avoids shutdown

1. Trade war fears: Investors are running scared after the United States and China fired the opening...

Posted: Mar 23, 2018 1:30 PM
Updated: Mar 23, 2018 1:30 PM

1. Trade war fears: Investors are running scared after the United States and China fired the opening salvos of what could become a trade war.

President Donald Trump has directed the US trade representative to level tariffs on $50 billion worth of Chinese imports following an investigation into intellectual property theft.

The United States also plans to impose new investment restrictions and take action against China at the World Trade Organization.

China quickly responded with tariffs of its own that will hit US imports worth $3 billion. Beijing said the proposed trade sanctions would target US-made products ranging from pork to steel pipes.

The response from China was measured, but more retaliatory actions could be in the works.

US stock futures were in negative territory.

European stocks were down over 1% in early trade. Japan's Nikkei shed 4.5%, while the Shanghai Composite dropped 3.4% and Hong Kong's Hang Seng declined 2.5%.

Gold and the Swiss franc, seen as safe havens by investors, both strengthened. The CNNMoney Fear & Greed Index shows that "extreme fear" is driving the markets.

2. Metal tariffs: The United States has granted temporary exemptions on steel and aluminum tariffs to the European Union, Argentina, Brazil, South Korea and Australia.

Exemptions for Canada and Mexico were previously announced.

The tariffs take effect Friday, but the exemptions mean they won't apply to many of the world's top steel producers. Lobbying efforts are now underway to make the exemptions permanent.

"I'm pleased that they've announced a temporary exemption for the EU," British Prime Minister Theresa May said in Brussels. "What I'll be working with my fellow EU leaders today on is to see how we can secure a permanent exemption for the EU."

May has a full agenda on Friday: European leaders are expected to formally adopt the agree the terms of the Brexit transition period and future trade deal negotiations between the United Kingdom and the European Union.

3. Thursday market recap: The Dow Jones industrial average dropped 2.9% after the Trump announcement on China. The S&P 500 declined 2.5% and the Nasdaq shed 2.4%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

4. Earnings and economics: The US Senate passed a $1.3 trillion spending bill early on Friday, averting a potential government shutdown.

The massive spending package marks the end of a months-long funding stalemate in which lawmakers were forced to pass one short-term spending bill after another to stave off a shutdown.

The US Census Bureau is set to release its new home sales report for February at 10 a.m. ET.

Russia's central bank will announce a rate decision.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

5. Coming this week:
Friday -
New Home Sales

West Lafayette
Clear
36° wxIcon
Hi: 50° Lo: 29°
Feels Like: °
Kokomo
Broken Clouds
34° wxIcon
Hi: 48° Lo: 28°
Feels Like: 30°
Rensselaer
Clear
32° wxIcon
Hi: 49° Lo: 29°
Feels Like: 27°
Fowler
Clear
32° wxIcon
Hi: 48° Lo: 28°
Feels Like: 27°
Williamsport
Clear
36° wxIcon
Hi: 49° Lo: 28°
Feels Like: °
Crawfordsville
Clear
32° wxIcon
Hi: 48° Lo: 28°
Feels Like: 32°
Frankfort
Clear
35° wxIcon
Hi: 49° Lo: 28°
Feels Like: 31°
Delphi
Clear
29° wxIcon
Hi: 49° Lo: 28°
Feels Like: 29°
Monticello
Clear
29° wxIcon
Hi: 50° Lo: 29°
Feels Like: 29°
Logansport
Clear
32° wxIcon
Hi: 47° Lo: 28°
Feels Like: 27°
Tranquil pattern continues...
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 359430

Reported Deaths: 6033
CountyCasesDeaths
Marion48740894
Lake30537484
Allen20668338
St. Joseph19177245
Elkhart18813246
Hamilton15457182
Vanderburgh10956137
Tippecanoe1012335
Porter932192
Johnson7732177
Hendricks7353165
Vigo6736106
Monroe604854
Madison5858125
Clark575986
Delaware5535108
LaPorte5291105
Kosciusko512948
Howard417680
Bartholomew380065
Warrick364374
Wayne362893
Floyd360279
Marshall343150
Grant326753
Cass323232
Hancock320663
Noble292450
Boone282056
Henry280741
Dubois271934
Jackson266638
Morgan259246
Dearborn252832
Gibson220333
Shelby216661
Knox212122
DeKalb210838
Lawrence205951
Clinton204025
Wabash195224
Adams192724
Miami191218
Daviess176747
Montgomery171429
Steuben168616
Jasper167717
Harrison167025
Ripley167022
Fayette165839
Whitley162417
LaGrange159534
Huntington153311
White151224
Putnam147831
Decatur145246
Wells145035
Randolph143724
Clay140426
Jefferson139719
Posey135722
Scott129725
Greene121054
Jay115516
Sullivan111418
Jennings106315
Starke104328
Spencer9678
Fulton96419
Fountain9588
Washington9019
Perry89221
Carroll81313
Franklin80228
Orange77028
Vermillion74911
Owen72210
Parke7056
Tipton68327
Blackford66116
Rush6488
Newton62513
Pike59321
Pulaski49720
Benton4483
Brown4226
Martin4006
Crawford3611
Union3032
Warren2893
Switzerland2825
Ohio2507
Unassigned0285

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events