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Stock Market/Investing/Day Trading/Speculative Trading Thread

Frustrated World Cup GIF


10% down in two days. No beuno.


Stock market rout deepens as Dow plunges more than 2,200 points and Nasdaq enters bear market​


Financial markets ended a tumultuous week with a thud, as stocks tumbled for a second straight day on concerns about the economic fallout from new U.S. tariffs and the prospects of a global trade war.

President Trump's announcement of steep tariffs on Wednesday shocked investors and sent economists scurrying to revise downward their forecasts for U.S. economic growth. Federal Reserve Chair Jerome Powell also warned that the levies — which include a 10% universal duty on all U.S. imports and "reciprocal" tariffs on nearly 90 countries — are likely to dent the economy.

"While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected," Powell said in a speech Friday in Arlington, Virginia. "The same is likely to be true of the economic effects, which will include higher inflation and slower growth."

The S&P 500 fell 322 points, or nearly 6%, to close at 5,074. The Dow Jones Industrial Average sank 2,231 points, or 5.5%. The Nasdaq Composite slid 963 points, or 5.8%. That put the tech-heavy index in a bear market, or when stocks drop at least 20% from their most recent high.

Tech stocks have flailed this week because of concerns that American tariffs on China — along with countermeasures from Beijing — will hurt the sector, which has been key to driving corporate profits.

"The economic pain that will be brought by these tariffs [is] hard to describe and can essentially take the U.S. tech industry back a decade in the process while China steamrolls ahead," Dan Ives of Wedbush Securities said in a report.
 
Oh boy.


SEN RAND PAUL: Terminate the Trump tariffs before it's too late​

The truth is that tariffs are taxes. They don’t punish foreign governments; they punish American families

 
Coming from both sides now.


‘This unlawful impost must fall’: Conservative group sues Trump claiming tariffs are ‘unconstitutional exercise of legislative power’​


A conservative legal group is suing the Trumpadministration over the president’s tariffs on Chinese imports, alleging that they were imposed through an “unlawful” use of emergency executive power.

The 29-page complaint filed Thursday by the New Civil Liberties Alliance (NCLA) in the Northern District of Florida alleges that the authority to impose tariffs lies with Congress, not the president.

“By invoking emergency power to impose an across-the-board tariff on imports from China that the statute does not authorize, President Trump has misused that power, usurped Congress’s right to control tariffs, and upset the Constitution’s separation of powers,” NCLA senior litigation counsel Andrew Morris said in a statement accompanying the lawsuit.

According to the nonprofit group, the statutes under which Trump purported to issue the levies — the International Emergency Economic Powers Act of 1977 (IEEPA) — grants the executive sweeping authority to quickly combat international economic crises, permitting the president to “order sanctions as a rapid response to international emergencies.” However, the NCLA asserts that the emergency statute does not allow the president to usurp the legislative branch’s control of the country’s purse strings through the unilateral imposition of tariffs.

“Congress passed the IEEPA to counter external emergencies, not to grant presidents a blank check to write domestic economic policy,” the complaint states.

The right-leaning legal group is seeking a court order declaring that Trump’s tariffs are an “unconstitutional exercise of legislative power” and enjoining them from being implemented and enforced.
 
I know, I'm just fucking around. Hopefully the real conservatives left will finally grow some balls.
The only thing that will cause them to actually do anything substantive is if/when their donors call them and complain because Trump is costing their businesses revenue.
 
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