Posted on 04/02/2018 11:39:59 AM PDT by SeekAndFind
Trade war fears and a presidential attack on Amazon are rocking Wall Street. The Dow dropped more than 700 points and the Nasdaq plunged 3% on Monday. All three major indexes are now in the red for the year.
The sell-off on the first day of the second quarter came after President Trump once again attacked Amazon on Twitter. Amazon (AMZN), one of the biggest drivers of the 2017 market rally, tumbled 5%, wiping out more than $37 billion of its market value.
Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax.
In fact, Amazon pays the same lower rate that the post office charges other bulk shippers, and it collects sales tax in every state that charges it. Amazon does not collect sales tax on purchases made from third-party vendors.
"You've got the president of the United States attacking a single company over what he considers to be unfair practices," said Ian Winer, head of equities at Wedbush Securities.
Amazon wasn't the only tech stock in trouble. Tesla (TSLA), Netflix (NFLX) and Cisco (CSCO) all dropped by at least 4%. Intel (INTC) plunged 8% on a Bloomberg News report that Apple plans to switch to its own chips. Almost every stock in the Nasdaq 100 lost ground.
The Nasdaq has plunged more than 10% from its all-time high on March 12.
"When investors see market leaders suddenly stumble, they become more cautious about the entire group," said Kate Warne, investment strategist at Edward Jones.
(Excerpt) Read more at money.cnn.com ...
The only ones who will be hurt by this are the geniuses on Wall Street.
No doubt there will be snap-backs. I think the correction will go a bit further than this, just looking at the timing.
Amazon (AMZN) and Facebook (FB) are traded on the NASDAQ, rather than NY Stock Exchange.
Yup - buy when the market is down big. I moved 8% of my portfolio out of fixed assets and into equities today. Market drops another 7-10%, I'll move another 8% out of fixed assets and into equities and so on.
What differentiates the stock market from any other form of gambling? I play the market but I am under no illusion as to what I am doing. It’s gambling. Legalized gambling.
Bezos paid about $250 million for the Washington Post. He probably funded it out of petty cash.
Only fools play the market.
When that happens then he can.
Bezos and Zuckerberg are now bearing the brunt for their Anti-American activities. Out domestic enemies are starting to learn that their safe spaces are few and that there are many ways that they can be hurt.
Perhaps. He does have lots of cash.
the secret of many is to use other peoples money.
Somewhere in the U.S., there a people just quietly stacking precious metals, buying farm land, and investing in physical assets.
If/when the bubble pops, they’ll be quite satisfied when paper assets pop while hard assets earn a tidy profit.
Sink the SOB evil globalist schmuck!!
You don’t invest in the market?
Trump only wants the US to have an ability to make aluminum and steel.
The EU and China need to understand that the US must be able to have the metallic basis to have an industrial economy and the resulting prosperity.
Shake out because of the transition from wall street to main street economy. They thought cheap money(low interest rates) would stay around forever.
I’ll take it. ..a goat skinner and turkey wrangler will survive.
It isn’t good for a country when a “royal” gets all the riches. Bezos used the resources of our land to get very rich, but for some time he has been craving so much power for himself that he is becoming his own King. We frown on that here. Trump is helping the American people as best he can.
Bezos and Zuckerberg are now bearing the brunt for their Anti-American activities. Out domestic enemies are starting to learn that their safe spaces are few and that there are many ways that they can be hurt.
They are getting hurt trust me. They can also get their assets frozen if they already have not been already via Presidential EO from Dec 21 2017.
If so, I am quite happy. The true American spirit loves a success story and hates royal ruling classes. No matter how they got there.
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