US Stock Market Overview – Stocks Slide as White House Weighs Curbing Chinese Investments

Durable goods orders rise
David Becker

US stock markets were in the black until news hit the tape that the Trump Administration is weighing some curbs on US investments in China. This discussion includes possibly blocking all US financial investments in Chinese companies. It’s in the preliminary stages but the White House is considering delisting several Chinese stocks from US exchanges. Restricting financial investments in Chinese entities would be meant to protect U.S. investors from excessive risk due to lack of regulatory supervision, the source said. The deliberations by the White House come as negotiators look for additional levers of influence in trade talks. All sectors were lower, driven down by technology. Semiconductor shares were some of the worst-performing stocks. Energy shares were the best performing sector in a down tape.

Durable Goods Rise, Business Investment Falls

Durable goods orders notch up better than expected gains on Friday but business investment decline. Durable good, which are items that are expected to last more than three years or more, rose 0.2% in August after surging 2.0% in the prior month. Expectations had been for the headline durable goods number to fall by 1%. Orders for transportation equipment fell 0.4% after jumping 7.2% in July. Motor vehicles and parts orders decreased 0.8% last month.

Orders for non-defense aircraft and parts tumbled 17.1%. Boeing reported on its website that it had received only six aircraft orders in August, down 25-since July. The Commerce Department reported that orders for non-defense capital goods excluding aircraft, a proxy for business spending, dropped 0.2% last month amid weak demand for electrical equipment. Data for July was revised down. Expectations had been for core capital goods orders to be unchanged in August. Core capital goods orders increased 1.1% on a year-on-year basis. Core capital goods shipments fell by an unrevised 0.6% in July.

Apple is Getting into the Movie Business

Apple Inc. announced that the company is looking to make feature-length films and bring them to theaters before releasing them on its streaming TV service. The company has made overtures to cinema chains and consulted with an entertainment executive as it pursues a traditional theatrical-release plan that would keep its movies in theaters for weeks before becoming available on Apple TV.

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