On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into President Trump’s latest U.S.-China trade war comments that sent stocks tumbling. We then preview both Salesforce CRM and Workday WDAY earnings. And the episode closes with a look at why Nike NKE is a Zacks Rank #1 (Strong Buy) stock right now.
All three major U.S. indexes fell for the second day in a row Tuesday, with all 30 Dow components down at one point during morning trading. The downturn puts the blue-chip index on pace for its biggest one-day fall since early October. This came after President Trump seemed to completely reverse course on the recent U.S.-China war progress that helped push stocks to new highs in November.
Tuesday’s trade setback came after Trump said on Monday that the U.S. would restore tariffs on steel and aluminum imports from Brazil and Argentina. Plus, the Trump administration proposed tariffs on French imports as retaliation for France’s digital-services tax, which impacts U.S. tech companies such as Apple AAPL and Google GOOGL.
In company-related news, Salesforce, which has lagged the broader tech market in 2019, reports its quarterly results after the closing bell Tuesday. Fellow enterprise cloud application firm Workday is also set to report today.
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