Wall Street started the previous sessions strongly, S&P 500 and NASDAQ up over 4%, but all major US indices tumbled into red following the White House announcing a 104% duties tax on Chinese imports. S&P 500 down 1.57%, NASDAQ down 2.15%. Dow started strongly, hitting a high of 1461 points, but closed down 320 points, near low. Every sector down. Energy and Materials worse off given fears of global slow down. Growth sectors struggled, Tech and Cyclicals down. Apple (-5.0%) again hit hardest of big Tech given reliance on Chinese assembly plants – down nearly 9.0% this week. Intel (-7.4%) fell on tariff fears, lowest level since July 2009. Resources down, oil down over a $1 a barrel, four-year low, iron ore down 3.3% as Chinese demand weakens.   

Another volatile session for Wall Street. S&P 500 had a range of 7%, Dow had a points range of 2,300. Vix closed at 52.33, first time ending above 50 since April 2, 2020. Market is sensitive to all tariff news. Will be choppy as news of negotiations continues to unfold.

ASX to fall. SPI futures down 142 points (-1.89%).

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