STREAMING NOW: Watch Now

Trade war fears; Stocks drop; DC avoids shutdown

1. Trade war fears: Investors are running scared after the United States and China fired the opening...

Posted: Mar 23, 2018 12:30 PM
Updated: Mar 23, 2018 12:30 PM

1. Trade war fears: Investors are running scared after the United States and China fired the opening salvos of what could become a trade war.

President Donald Trump has directed the US trade representative to level tariffs on $50 billion worth of Chinese imports following an investigation into intellectual property theft.

The United States also plans to impose new investment restrictions and take action against China at the World Trade Organization.

China quickly responded with tariffs of its own that will hit US imports worth $3 billion. Beijing said the proposed trade sanctions would target US-made products ranging from pork to steel pipes.

The response from China was measured, but more retaliatory actions could be in the works.

US stock futures were in negative territory.

European stocks were down over 1% in early trade. Japan's Nikkei shed 4.5%, while the Shanghai Composite dropped 3.4% and Hong Kong's Hang Seng declined 2.5%.

Gold and the Swiss franc, seen as safe havens by investors, both strengthened. The CNNMoney Fear & Greed Index shows that "extreme fear" is driving the markets.

2. Metal tariffs: The United States has granted temporary exemptions on steel and aluminum tariffs to the European Union, Argentina, Brazil, South Korea and Australia.

Exemptions for Canada and Mexico were previously announced.

The tariffs take effect Friday, but the exemptions mean they won't apply to many of the world's top steel producers. Lobbying efforts are now underway to make the exemptions permanent.

"I'm pleased that they've announced a temporary exemption for the EU," British Prime Minister Theresa May said in Brussels. "What I'll be working with my fellow EU leaders today on is to see how we can secure a permanent exemption for the EU."

May has a full agenda on Friday: European leaders are expected to formally adopt the agree the terms of the Brexit transition period and future trade deal negotiations between the United Kingdom and the European Union.

3. Thursday market recap: The Dow Jones industrial average dropped 2.9% after the Trump announcement on China. The S&P 500 declined 2.5% and the Nasdaq shed 2.4%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

4. Earnings and economics: The US Senate passed a $1.3 trillion spending bill early on Friday, averting a potential government shutdown.

The massive spending package marks the end of a months-long funding stalemate in which lawmakers were forced to pass one short-term spending bill after another to stave off a shutdown.

The US Census Bureau is set to release its new home sales report for February at 10 a.m. ET.

Russia's central bank will announce a rate decision.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

5. Coming this week:
Friday -
New Home Sales

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 320174

Reported Deaths: 7390
CountyCasesDeaths
DeSoto22294271
Hinds20755424
Harrison18450317
Rankin13923282
Jackson13733249
Madison10273225
Lee10063176
Jones8473167
Forrest7837153
Lauderdale7263242
Lowndes6523150
Lamar636288
Lafayette6314121
Washington5427138
Bolivar4841133
Panola4671110
Oktibbeha466398
Pearl River4606148
Marshall4574105
Warren4440121
Pontotoc425973
Monroe4162136
Union415877
Neshoba4065180
Lincoln4009113
Hancock387687
Leflore3516125
Tate342586
Sunflower339491
Pike3373111
Alcorn327474
Scott320374
Yazoo314571
Adams308486
Itawamba305178
Copiah299966
Coahoma299084
Simpson298689
Tippah292268
Prentiss284261
Leake272374
Marion271280
Covington267283
Wayne264842
Grenada264087
George252451
Newton249064
Tishomingo232369
Winston230282
Jasper222148
Attala215173
Chickasaw210659
Holmes190574
Stone188733
Clay187954
Tallahatchie180041
Clarke178980
Calhoun174232
Yalobusha167940
Smith164134
Walthall135447
Greene131834
Lawrence131224
Montgomery128643
Noxubee128034
Perry127538
Amite126342
Carroll122330
Webster115032
Jefferson Davis108334
Tunica108127
Claiborne103130
Benton102325
Humphreys97533
Kemper96729
Franklin85023
Quitman82316
Choctaw79118
Wilkinson69632
Jefferson66328
Sharkey50917
Issaquena1696
Unassigned00

Alabama Coronavirus Cases

Cases: 549013

Reported Deaths: 11311
CountyCasesDeaths
Jefferson810461571
Mobile42145831
Madison35718525
Tuscaloosa26179458
Shelby25626254
Montgomery25089614
Baldwin21901314
Lee16287176
Calhoun14724327
Morgan14639285
Etowah14183364
Marshall12454230
Houston10791287
Elmore10301214
Limestone10188157
St. Clair10161251
Cullman9958201
Lauderdale9612250
DeKalb8977190
Talladega8462184
Walker7341280
Autauga7242113
Jackson6953113
Blount6950139
Colbert6415140
Coffee5638127
Dale4930116
Russell454941
Chilton4478116
Franklin431782
Covington4279122
Tallapoosa4144155
Escambia401880
Chambers3728124
Dallas3610158
Clarke353161
Marion3245107
Pike314578
Lawrence3134100
Winston283572
Bibb268564
Geneva258481
Marengo250665
Pickens237062
Barbour234559
Hale227178
Butler224671
Fayette218962
Henry194443
Randolph187644
Cherokee187345
Monroe180641
Washington170739
Macon163051
Clay160159
Crenshaw156357
Cleburne153644
Lamar146937
Lowndes142254
Wilcox126930
Bullock124542
Conecuh113630
Coosa111629
Perry108626
Sumter105832
Greene93634
Choctaw62125
Out of AL00
Unassigned00
Tupelo
Partly Cloudy
84° wxIcon
Hi: 86° Lo: 59°
Feels Like: 84°
Columbus
Partly Cloudy
83° wxIcon
Hi: 86° Lo: 61°
Feels Like: 85°
Oxford
Partly Cloudy
81° wxIcon
Hi: 85° Lo: 55°
Feels Like: 82°
Starkville
Partly Cloudy
82° wxIcon
Hi: 84° Lo: 59°
Feels Like: 85°
High pressure still tries to hang on to our area on Thursday, however a weak warm front will change the dominance of high pressure. This weak cold front will give us a chance for some isolated showers and thunderstorms at times.
WTVA Radar
WTVA Temperatures
WTVA Severe Weather