Dow futures fell hard ahead of Wednesday’s open sparked by resurfacing fears of a trade war with one of the United States’ largest trade partners, China.
On Tuesday, President Donald Trump announced tariffs amounting to roughly $50 billion annually across a number of imported Chinese goods. China retaliated tit for tat with $50 billion of its own tariffs effecting tech, manufacturing and most notably the agriculture industries.
As CBOE Volatility Index jumped roughly 12% as many investors retreated to safe haven assets pushing Gold Futures up over .5%.
Soybean futures took the brunt of the hit on Wednesday dipping well over 5%.
Despite the early morning selloff, Wall St. may show signs of mixed emotions on Wednesday as ADP released its March employment data of 241K new additions, exceeding expectations of over 50K.
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