Trump tweets rock markets

Kelly Evans's afternoon commentary & top market stories

VIEW IN BROWSER | SUBSCRIBE FRI, AUG 23, 2019 YOUR AFTERNOON NEWS UPDATE AND MARKET ACTION FROM CNBC AS OF FRI, AUG 23, 2019 • 12:04 ET DJIA 25806.18 -1.70% -446.06 S&P 500 2869.96 -1.81% -52.99 NASDAQ 7813.91 -2.22% -177.48 EDITOR'S NOTE I was gonna write about getting back on social media today, but I've gotta save that for another time now (maybe a bonus Saturday newsletter?).    The Dow's down more than 450 points as I write this and it's been a dizzying morning of trade developments between the U.S. and China.    So let's quickly review:    > At around 6:30 a.m. ET, China's mouthpiece, Hu Xijin of the Global Times, tweeted that "Beijing will soon unveil a plan of imposing retaliatory tariffs on certain US products." Futures wobbled a bit but largely took that in stride. By the time James Bullard finished his CNBC interview, just before 8 a.m., Dow futures were up nearly 70 points.    > At 8:01 a.m., futures suddenly tanked. That was when China said it in fact plans to raise tariffs on about $75 billion of U.S. goods, taking effect Sept. 1 and Dec. 15.--the same days our tariffs on China take effect. Dow futures slipped to a loss of around 150 points.    > At 10 a.m., Fed Chair Powell's much-awaited speech crossed the wires, to mixed reviews. Some found it dovish (John Briggs of NatWest: "I think it's slightly dovish...He left the door open for more"), others hawkish (Andy Brenner of National Alliance: "If this is all we get...Powell's speech is a dud. Expect the President to be tweeting up a storm."). The Dow fluctuated to the upside and hit session highs just before 11 a.m.    > Brenner proved prophetic; Trump at 10:53 tweeted "As usual, the Fed did NOTHING!"    > And immediately following that, at 10:59 a.m., Trump tweeted "American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA. I will be responding to China tariffs this afternoon." That's when stocks really began to tank.    > Trump also added: "I am ordering all carriers, including FedEx, UPS and the Post Office, to SEARCH FOR & REFUSE all deliveries of Fentanyl from China (or anywhere else!)."    Whew. Got all that? Now analysts are off and running with what this all means for more Fed rate cuts (the odds just went up), Powell's job security, the U.S. economy (Moody's Analytics saying it ups the odds of recession), and so forth.    And that's exactly where we'll pick things up at 1 p.m. See you then!!   Kelly   P.S: h/t to Patti Domm on all this reporting today      Kelly Evans KEY STORIES  China will retaliate with tariffs on $75 billion more of US goods and resume auto tariffs China says the new tariffs will begin Sept. 1 and Dec. 15. That's when President Trump's latest tariffs on Chinese goods are to take effect. David Koch, billionaire industrialist and libertarian political activist, dies at 79 The Koch brothers financed one of the most influential political networks in the modern era. The sprawling political empire includes conservative and libertarian nonprofits such as Americans for Prosperity, Freedom Partners and Concerned Veterans for America. Trump says he's ordering American companies to immediately start looking for an alternative to China "We don't need China and, frankly, would be far better off without them," Trump tweeted. Powell says there's no 'rulebook' for trade war, pledges to 'act as appropriate' to sustain economy Powell repeats his pledge to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow. Trump tweets: 'Who is our bigger enemy,' Fed Chairman Powell or Chinese President Xi? President Trump again rips into Federal Reserve Chairman Jerome Powell, comparing him to Chinese President Xi Jinping. White House has reportedly discussed a Fed governor rotation to curb Powell's power The idea came up as the White House brainstorms on ways to avoid a preelection economic slowdown, The Washington Post reports. Stocks making the biggest moves premarket: Salesforce, HP, Gap and more These are the stocks posting the largest moves before the bell. A slump in freight shipping flashes warning signs for economy as US-China trade war rages Falling air cargo demand could be flashing warning signs about the broader economy. Facebook learned about Cambridge Analytica as early as September 2015, new documents show Emails between Facebook employees from 2015 illustrate early actions the company took to investigate third-party use of data. Tesla short David Einhorn says Elon Musk should resign over solar panel fires On Tuesday, Walmart filed suit against Tesla alleging its solar panels had caused fires in seven of its stores.     IN CASE YOU MISSED IT A big beat for Nordstrom, President Trump & Tim Cook keep phone lines open and surge pricing at the movies Vantagescore Solutions could be your alternative to FICO scores Even if we have a recession, US long-term bonds remain expensive, says Zoe Financial's Andres Garcia-Amaya   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS