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Trade war escalates, markets plunge

Last night, the Trump administration announced a 25% tariff on a list of approximately 1,300 items worth about $50 billion that are imported from China. China responded this morning with a 25% tariff on 106 products from the United States worth approximately $50 billion. The markets tanked with the Dow crashing 379 points to 23,654 as the trade war ramped up. Nasdaq collapsed 130 points to 6811.


On the upside


Lennar (NYSE: LEN) reported higher first quarter earnings and revenue that beat expectations.


Snap (NYSE: SNAP) introduced a group video chat feature for Snapchat.


The Food and Drug Administration granted Fast Track Designation to Proteostasis Therapeutics' (Nasdaq: PTI) cystic fibrosis treatment.

On the downside


Second quarter earnings for Acuity Brands (NYSE: AYI) fell short of expectations.


RBC Capital downgraded AnaptysBio (Nasdaq: ANAB) from an Outperform rating to a Sector Perform rating and slashed its price target from $144.00 to $86.00.


Cloudera (NYSE: CLDR) reported a loss for the fourth quarter and forecast weak growth in fiscal 2019 prompting a downgrade.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 plummeted 30 points to 2,584. Bitcoin sank $533 to $6,901.


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