The Dow Jones Industrial Average fell over 30 points during Tuesday’s pre-market trading as investors followed up Monday’s 245-point loss. Overnight, the Chinese yuan slid to its lowest level in a decade as investors continue to worry about ongoing trade tensions between the world’s two largest economies.
The yuan is now off 9% in 2018 as the ongoing trade conflict between China and the United States weighs on investor sentiment. Yesterday, the Trump administration banned the Chinese-backed chipmaker Jinhua Integrated Circuit Co. from purchasing American parts. This is the latest escalation in Trump’s trade war – and it doesn’t look like it’s going to slow down anytime soon.
Currently, the best performers on the Dow Jones are Intel (+2.85% at $46.70); Goldman Sachs (+2.29% at $219.40); and Nike (+1.86% at $73.53). The worst performers are IBM (-2.21% at $117.00); Visa (-1.55% at $132.25); and Microsoft (-1.48% at $102.31).