US stocks could not buck the negative trend imposed by European shares and in particular by the Dax which dropped 1.6% on Thirsday after Daimler became the first car maker to warn about declining profits associated to a nascent trade war. EM markets weakness also resumed with diversified EM equities shedding -1.4%, led by Brazil which dropped -2.8% (-8.7% mtd) and China -1.9% (-5.5% mtd). Normality in the risk aversion scale also returned to US markets as fangs were taken down following a Supreme Court ruling that cleared the way for state and local governments to pursue sales taxes on more online transactions. The S&P500 closed -0.6%, outpaced by the Nasdaq (-0.9%) and small caps (-1.1%). Tesla which was among the most bullish lately after a rip breaking short squeeze also witnessed a risk reversal shedding 4%.
Things are looking better this morning for the opening.
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