In stock news this week the market closed at a major loss with tech stocks making huge losses and many more stocks dropping far lower than expected.
In fact it turns out that in stocks this week the transportation sector was one of the most under performing groups with an average of almost 4% losses in the Dow Jones.
While the market attempted to come back Thursday it failed to gain enough traction to make any meaningful recovery. Leading to more sell-offs and an increased lack of trust in this market bouncing back.
There has been an agreement made to suspend the current tariffs for a 3 month period while they continue negotiations. This has helped many companies that depend on China for manufacturing, like Tesla cars which are not being produced in the thousands.
While safe for now there is the possibility of an increase of tariff to as much as 25%, far beyond the previous 10%, if trade deals can’t be reached between the two superpowers.
Out of the stocks that suffered this week the biggest losses were in technology where the overall losses were at -5.1%, healthcare at -4.6%, financial services at -7.1%, materials -5.2% and industrial stocks down -6.3%.
Utilities are up this week and many top investors are recommending them as a good hedge on this increasingly turbulent market. Most are saying to stay in the market yet investing in utilities which saw a +1.3% for the week and possibly real estate which is up 0.3%.
Overall this week has been a stormy time in stocks and left many looking to further diversify their portfolios to hedge against these uncertain times.