Dow open triple digit lower

The stock market in the U.S opens lower today amid U.S-China trade tension heightened. Dow Jones Industrial Averages down 181.17 points (-0.76%), Nasdaq composite down 41.50 points (-0.58%), S&P 500 down 16.98 points (-0.64%). Meanwhile, U.S trade deficit narrows sharply in March. Export jumped to record high on soybeans, petroleum, corn, and commercial aircraft following the pending counter tariff from China. However, autos export declined.

U.S trade deficit narrows from $57.7 billion in February to $49 billion in March. Export increase 2% to $208.5 billion while import down 1.8% to $257.5 billion.

Caterpillar (NYSE: CAT) downgraded by Bank of America

The share prices of CAT down 2.03% after Bank of America downgraded the company from neutral to overweight. Noted sales growth soften after 2017 strong performance. Stock price target lowered from $172 to $156.

Tesla (NASDAQ: TSLA) paying the price after Musk refusal

Elon Musk, the CEO of Tesla, refuses to take analyst question over the company financial condition. It was a controversial earnings press initiated by the “Boring,” “Not Cool” remark from Musk. TSLA share prices down more than 7% in the opening. At least three analysts awarded TSLA with downgrade after the earnings press.

Other markets

Gold climbed $10.20 (+0.78%) to $1,315.80 after the Fed announced they would approach rising inflation with loose stance and delay rate-hike whenever necessary. On demand side, gold experiences lowest buying since 2008 though according to World Gold Council on Thursday. Total demand down 7% to 973 in the first quarter compared to last year.

Crude oil down $0.35 (-0.47%) to $67.62.

Asian stock market closed mixed as the market focus on China-U.S trade relation. Nikkei Down 35.25 points (-0.16%) to 22,472.78, Shanghai Composite up 19.96 points (+0.65%) to 3,101.13, Australia ASX 200 up 48.10 points (+0.80%).

European stock market mostly down. DAX Germany down 0.46%, FTSE UK down 0.36%, and Euro STOXX 600 down 0.42%.