Stocks resume selloff after Trump announces plans for more China tariffs Stocks spent the morning in the green, bouncing back from yesterday's post-Fed weakness as a worse than expected ISM manufacturing report may have been bolstering the market's view of the chances for more rate cuts being on the horizon. However, all of the early gains evaporated and the selloff resumed after President Trump tweeted about his plans to enact an additional 10% tariff on the remaining $300B of goods and products coming into the U.S. from China, starting on September 1. Oil had an even tougher session than stocks as WTI crude fell nearly 8% to close at $53.95 per barrel, its lowest price since mid-June and its worst one-day decline since early 2015. ECONOMIC EVENTS: In the U.S., the ISM manufacturing index slipped another 0.5 points to 51.2 in July, coming in below forecast and marking a 3-year low. Markit's PMI dipped 0.2 ticks to 50.4 in the final July print, down from 50.6 in June but up a bit from the 50.0 flash reading. U.S. employers announced plans to cut 38,845 jobs from their payrolls, down 7.5% from the 41,977 cuts announced in June, according to Challenger, Gray & Christmas. Initial jobless claims rose 8,000 to 215,000 in the week ended July 27. Construction spending dropped 1.3% in June. In trade news, President Donald Trump said via Twitter that the U.S. will put an additional 10% tariff on $300B of goods and products coming from China to the U.S. The president claimed that China has not brought large amounts of agricultural products to the U.S. and has not stopped the sale of fentanyl to the U.S. In Europe, the Bank of England left its key interest rate unchanged, as expected, but disappointed by not shifting away from its gradual and limited tightening guidance. TOP NEWS: Shares of Qualcomm (QCOM) fell 2.7% after the company reported third quarter revenue that declined 13% year-over-year and announced lower than expected guidance for the September quarter. In its press release, the chipmaker cited "slower demand for 4G devices as the market prepares for the global transition to 5G," but later added that a large part of the blame falls on Huawei and the export ban that shifted the Chinese tech giant’s emphasis "to building market share in the domestic China market." In other earnings news, Verizon (VZ) rose fractionally after reporting better than expected profits in the second quarter and backing its guidance for low single-digit percentage growth in adjusted EPS and low single-digit percentage growth in full-year consolidated revenues in 2019. Meanwhile, General Motors (GM) reported better than expected earnings and revenue, but shares finished down 0.5%. Meanwhile, the Wall Street Journal reported that the FTC's antitrust investigation of Facebook (FB) is looking into the company's acquisitions, including Instagram and WhatsApp, to determine if they were part of a campaign to take out potential rivals before they could become a threat. Additionally, the Journal reported that Lowe's (LOW) has notified "thousands" of workers in its roughly 2,000 stores this week that their roles were being eliminated as the company outsources jobs such as assembling and janitorial services. Shares of Lowe's closed 1.9% lower after the news. MAJOR MOVERS: Among the noteworthy gainers was Myriad Genetics (MYGN), which surged 54.5% after it said that UnitedHealth (UNH) issued a "positive coverage decision" for pharmacogenetic testing for multi-gene panels including the company's GeneSight Psychotropic test. Also higher were SunPower (SPWR) and Kellogg (K), which gained a respective 24.2% and 9.3% after reporting quarterly results. Among the notable losers was Fitbit (FIT), which slid 21.2% after it reported quarterly results and provided downbeat guidance for the third quarter and fiscal 2019. Also lower after reporting quarterly results were Whiting Petroleum (WLL) and Concho Resources (CXO), which fell 38.7% and 22.2%, respectively. INDEXES: The Dow fell 280.85, or 1.05%, to 26,583.42, the Nasdaq lost 64.30, or 0.79%, to 8,111.12, and the S&P 500 declined 26.82, or 0.90%, to 2,953.56. Symbols: $QCOM $VZ $GM $FB $LOW $MYGN $UNH $SPWR $K $FIT $WLL $CXOSource: (thefly.com)Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.