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 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.
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On Sept. 1, a new 15% tariff on some of the $300 billion in Chinese imports is expected to go into effect. Here are some of the items on the list.
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As Trump's trade war escalates to 'new heights,' Wall Street warns investors are in for more whiplash INSIDER"More losses are likely in the coming week as investors and central banks grow more concerned about recessions," one strategist said of the US dollar.
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The bond market sent a warning, and this time the stock market listened. Investors will be looking for clues in the week ahead that policy makers are listening, too.
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President orders US companies to look for ‘alternative' to China and faults the Fed
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 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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 Stock losses continue to mount Friday as trade war with China roils investors
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Bad news on trade sent major benchmarks lower early Friday.
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Alphabet Inc.'s Google has issued "community guidelines" that discourage employees from debating politics in the workplace, an about-face from its previously open policy. The new rule is an effort to tone done "disruptive" conversations, and hold employees responsible for what they say, the company said. Google is also designing a tool that lets workers flag objectionable internal posts, it said. The move comes after more than a year of protests from conservative politicians and commentators who claim Google has shown liberal bias in digital searches and in its corporate culture, culminating in a Congressional hearing on the topic last month.
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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Shares of Apple Inc. dove 4.6% on Friday after President Donald Trump said he's ordering U.S. companies to start looking for "an alternative to China." Trump's pronouncement, which sent the Dow down more than 600 points, came after Beijing announced retaliatory tariffs on imports of U.S. goods. Apple gleans 18.3% of its total revenue from mainland China, second only to the U.S.'s 36.9%, according to FactSet. Nearly all of the company's flagship iPhones are built in China, creating economic and political tension between Trump and Apple CEO Tim Cook, who strongly opposes tariffs against China. Wedbush Securities analyst Daniel Ives referred to Friday's selloff as "a gut punch to Cupertino." Apple is headquartered in Cupertino, Calif. Apple shares are up 28% this year.
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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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.
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