The stock exchanges in New York started trading with small minuses on Friday. The attention on Wall Street goes, among other things, to the political tensions. President Donald Trump called off a military attack on Iran at the last minute. He felt that such an attack would not be “in proportion” to Iran’s shooting of an unmanned American drone earlier this week.
The Dow-Jones index opened 0.1 percent lower at 26,739 points. Shortly after the opening bell, the broad S&P 500 also recorded 0.1 percent down, at 2950 points, and technology gauge Nasdaq fell 0.3 percent to 8030 points.
Companies in the aviation sector are in the spotlight. The American aviation authority FAA issued a ban on civil aviation above a part of Iranian airspace. American Airlines (minus 0.2 percent) and Delta Air Lines (minus 0.3 percent) now avoid the Strait of Hormuz and the Gulf of Oman. United Airlines (minus 0.4 percent) stopped its flights between New York and Mumbai.
The trade war also keeps the minds busy. Tech giant Apple warned that further raising of import tariffs on Chinese goods is putting its competitive position under pressure worldwide. The iPhone maker fell by 0.6 percent on the stock market. Trump and his Chinese colleague Xi Jinping will travel to the G20 summit in Japan next week. They can still reach a trade agreement there.
Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]