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MarketWatchAug 23, 2019
Capitol Report: Trump raises China tariffs in escalation of trade war
President Donald Trump said he would increase tariffs on Chinese imports in an escalation of a trade war between Washington and Beijing that rocked stock markets on Friday.

MarketWatchAug 23, 2019
The Wall Street Journal: Fed's Clarida says he is upbeat on the economy, offers little guidance on rates
The Fed's second-in-command shrugged off heavy stock-market losses in a television interview Friday and affirmed his positive view on the economy, in comments that offered little guidance on what he would like to see with monetary policy over coming months.

Reuters Company NewsAug 23, 2019
GLOBAL MARKETS-Stocks tumble, yen rallies as Trump threatens to counter new China tariffs
* U.S. two-year/10-year yield curve inverts (Updates with U.S. market close)

MarketWatchAug 23, 2019
NewsWatch: Dow ends more than 600 points lower as U.S.-China trade war intensifies
U.S. stocks fall sharply Friday as President Donald Trump says he's "ordering" U.S. companies to start looking for "an alternative to China" after Beijing imposed more retaliatory tariffs on U.S. goods.

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Market Snapshot: Dow ends more than 600 points lower as U.S.-China trade war intensifies (MarketWatch)

MarketWatch MarketPulseAug 23, 2019
Foot Locker shares plummet 17% after earnings and sales miss
Foot Locker Inc. stock plummeted 17% in Friday trading after the athletic retailer reported second-quarter earnings and sales that missed expectations. Net income totaled $60 million, or 55 cents per share, down from $88 million, or 75 cents per share, last year. Adjusted EPS of 66 cents missed the 67-cent FactSet consensus. Sales were $1.77 billion, down from $1.78 billion in 2018 and below the $1.82 billion FactSet guidance. Same-store sales increased 0.8%; the FactSet outlook was for 3.2% growth. Foot Locker stock is down 21.2% for the year to date while the S&P 500 index has gained 16.6% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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MarketWatch MarketPulseAug 23, 2019
Dow closes down more than 600 points after Trump orders U.S. companies to leave China
U.S. stocks ended the trading day sharply lower after President Trump escalated trade war rhetoric Friday, tweeting that he had "hereby ordered" U.S. companies "to immediately start looking for an alternative to China." The Dow Jones Industrial Average fell 614 points, or 2.6% to 25,633, the S&P 500 index lost about 75 points, or2.6% to 2,848 and the Nasdaq Composite lost 240 points, or 3% to close around 7,751. Trump's tweets were in apparent response to China announcing new tariffs of 5% and 10% on $75 billion in U.S. imports in retaliation for the Trump Administration plans to institute a new round of tariffs on $300 billion in Chinese imports, starting Sept. 1. Meanwhile, Federal Reserve Chairman Jay Powell gave a speech at the Fed's annual symposium in Jackson Hole, Wyo. in which he said "the U.S. economy has continued to perform well overall," but appeared to leave the door open for a possible quarter-point rate cut at its next meeting in September.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



USA Today MoneyAug 23, 2019
Dow, stocks dive off Trump's latest comments on US-China trade war
Stocks fell sharply on Wall Street Friday after President Donald Trump called on U.S. companies to consider alternatives to doing business in China       

MarketWatch MarketPulseAug 23, 2019
Trump says U.S. tariffs will increase on Chinese goods
President Donald Trump hit back at China Friday for its new tariffs on U.S. products by increasing American levies on Chinese goods. On Twitter Trump said 25% tariffs on $250 billion in Chinese products would rise to 30% starting Oct. 1. Separately, the remaining $300 billion in imports will be tariffed at 15% instead of 10% on Sept. 1. The trade brawl with China sent stocks reeling on Friday, with the Dow Jones Industrial Average dropping more than 600 points.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch Breaking NewsAug 23, 2019
Stock losses continue to mount Friday as trade war with China roils investors
Stock losses continue to mount Friday as trade war with China roils investors

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All 3 major stock indexes are now in the green as investors shrug off trade woes (MarketWatch Breaking News)

MarketWatch MarketPulseAug 23, 2019
U.S. oil futures drop, post a more than 1% loss for the week
Oil futures declined on Friday, posting a loss for the week, following news of China's plan for retaliatory tariffs on U.S. products. President Donald Trump took to social media, tweeting that the U.S. is "better off without" China. The tweets further exacerbated the day's selloff, "as tit-for-tat escalation in the trade war is weighing on economic sentiment and stoking oil demand concerns," said Matt Smith, director of commodity research at ClipperData. October West Texas Intermediate oil lost $1.18, or 2.1%, to settle at $54.17 a barrel on the New York Mercantile Exchange. For the week, prices lost about 1.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 23, 2019
Hibbett shares sink as late back-to-school shoppers hurt sales
Hibbett Sports Inc. stock sank 15.5% after the athletic retailer reported second-quarter sales that missed expectations. Hibbett had a net loss of $8.8 million, or 49 cents per share, after a loss of 1.2 million, or 6 cents per share, the year prior. Adjusted net loss was 13 cents per share, ahead of the 16-cent loss FactSet forecast. Sales of $252.4 million were up from $211.1 million, but below the $256.0 million FactSet guidance. Same-store sales rose 0.3%, below FactSet outlook for 1% growth. One of the factors that impacted the results was a back-to-school shopping shift. "Not only do we continue to see volatility in school start dates, we're also seeing shoppers wait until the very last minute to make their back-to-school purchases, often resulting in peak volume days occurring as close to the school start date as possible," said Jared Briskin, Hibbett's chief merchant, on the earnings call, according to a FactSet transcript. "This volatility did impact our July results negatively but as having a positive impact to August." Hibbett also updated its annual guidance. It now expects same-store sales up 1% to 2% versus previous guidance of up 0.5% to 2%. EPS is now expected to be $1.35 to $1.50, with adjusted EPS of $2.15 to $2.25 compared with previous guidance for $2.00 to $2.15. The FactSet outlook is for same-store sales growth of 2.4% and EPS of $2.11. Hibbett stock is down 51% over the past year while the S&P 500 index is up 0.3% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 23, 2019
Gold futures post a gain for a 4th week in a row
Gold futures rallied Friday, with China's plan for retaliatory tariffs on U.S. goods helping to boost investor interest in the haven metal. "Gold is likely to be most volatile during FOMC meetings and days (like today) when we receive a barrage of tweets from President [Donald] Trump and headlines concerning global trade," said Matthew Miller, equity analyst at CFRA Research. "The news regarding China's trade retaliation and [Trump's] multiple tweets attacking the Federal Reserve are overshadowing" the Jackson Hole, Wyo., economic policy symposium, he said. December gold climbed by $29.10, or 1.9%, to settle at $1,537.60 on Comex. That was the highest most-active contract settlement since April 2013, according to FactSet data. For the week, prices were up 0.9%, following weekly gains in each of the past three weeks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch Breaking NewsAug 23, 2019
Stocks turn again in whipsaw Friday session, with Dow nearing a 350-point loss
Stocks turn again in whipsaw Friday session, with Dow nearing a 350-point loss

MarketWatch Breaking NewsAug 23, 2019
Need to Know: Contrarian signal tells investors get ready to love stocks again
Need to Know: Contrarian signal tells investors get ready to love stocks again

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Need to Know: Investors are so bearish, it's almost time to start buying stocks again, says Bank of America (MarketWatch)
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