The keep accumulate market fell today because of President Donald Trump’s menus, said Art Cashin, managing director at UBS Financial Services.
“Early in the morning, the Bank of England make knew they were going to leave rates steady,” Cashin foretold Thursday on CNBC’s “Closing Bell.” “That pulled the mocks out of the European markets. They dropped sharply. That helped pick up us down, and then we had an absolute stew of headlines throughout the day.”
Those headlines incorporate the Fed fallout, concerns over possible trade wars and tech ranges tumbling after the recent Facebook data scandal, causing the important indexes to plunge.
“All of those things came up,” but it was Trump’s new tariffs that caused the biggest exertion in the market, Cashin said. Earlier in the day, the Trump administration unveiled new rates, a retaliatory measure intended to punish China for alleged intellectual assets theft.
The Dow Jones industrial average fell 724.42 points, tight at 23,957.89 — a 2.9 percent decline. The S&P 500 was also down 2.5 percent to 2,643.69. And the Nasdaq Composite dropped 2.3 percent to close at 7,166.68.
Cashin said tech companies devise most likely allow the market to rebound “if they can resurrect themselves,” he affirmed. “They are thought to some degree to be victims in a tariff war. China capability go out of its way to affect those industries.”