U.S. Stocks Lower on Reaction to Chinese Trade Data

U.S. Stocks Lower on Reaction to Chinese Trade Data
Business

U.S. stocks opened lower on Friday in reaction to Thursday’s news of China’s trade data for July. A miss on Chinese exports increases fears of a global economic slowdown.

Chinese exports were up a sluggish year-on-year 1% for July, compared to the 11.3% growth in June.

Speculation of the ramifications of this data have cause the Street to slide, with many concerned with its effect on the greater picture. Nick Sargen, the chief investment officer at Fort Washington Investment Advisors in Cincinnati summed it up, saying

China is slowing down, Europe is in a recession. Everybody realizes that we’re on a tough situation. The question is — can it get weaker or not?”

This is some somber news to close the week, a week which was filled with great news until today.

Elite.

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Robert Gordon

Hailing from Queens, New York, Robert Gordon can be found running the World News section of Elite Daily or roaming NYC on photographic expeditions. A diehard sports fan who’s had his heart constantly broken by the Knicks and Mets, Robert can be seen donning orange and blue attire all throughout the city. Under the moniker Robbie Fingers, he creates visuals from music videos, to short films with his partner, ManuallFocus.

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