Top Stock Movers: Boeing, DuPont Tesla and More

Key Takeaways

• U.S. stocks plunged on fears of a trade war as China retaliated to U.S. tariffs.
• Oil prices fell and oil companies’ stocks also dropped as a result of the China move.
• Homebuilder stocks rose as fears that the trade war would lead to a downturn drove interest rates lower.

U.S. equity prices fell for a 2nd straight session as investors worried about a possible trade war. This time, China retaliated against U.S. import tariffs. The S&P 500 and Nasdaq were around 4% lower, while the Dow Jones Industrial Average declined about 3.5%.

Boeing (BA), an aircraft manufacturer that is a large exporter to China, was the Dow’s lowest-performing stock.

The Chinese tariffs hit the energy industry hard as well. Crude futures plummeted, sending shares in oil firms like Chevron (CVX), and APA(APA) tumbling.

DuPont’s (DD), shares fell after China opened an antitrust investigation into the materials and chemicals giant.

JPMorgan lowered their profit estimates for the electric vehicle (EV), citing disappointing deliveries as well as brand damage. 

On the positive side, shares in D.R. Horton (DHI), and rival homebuilders benefited as fears of a recession due to the trade conflict drove interest rates down. The yield of the 10-year Treasury fell below 4%.

Nike (NKE), the sneaker giant, was the Dow’s best-performing share as the shares recovered a portion of their substantial losses following steep tariffs imposed by Vietnam on many of its products.  

Gold prices fell. The U.S. currency gained against the euro, pound and yen but lost ground against the euro. Most major cryptocurrencies were trading higher.