Trading Trump: Wall Street stresses over White House comments
According to Reuters, JPMorgan Chase & Co’s trading desk was not buying what U.S. President Donald Trump was selling this week.
On Tuesday, major stock indexes plummeted more than 3 percent on renewed fears of a trade war with China — just days after Trump tweeted, following a steak dinner with Chinese President Xi Jinping, that “Relations with China have taken a BIG leap forward!”
JPMorgan wrote in a note to clients, “It doesn’t seem like anything was actually agreed to at the dinner.'
Later that day, JPMorgan added that Trump’s tweets “seem if not completely fabricated then grossly exaggerated.”
According to Reuters, Wall Street fell 1.5 percent on Friday with a drop in technology stocks sparking a turnaround from earlier in the day, as renewed concerns of the China-U.S. trade situation offset..