US stocks nosedive as Trump harangues Powell

CHRISTIAN SALOMONE, CHIEF INVESTMENT OFFICER, BALLAST ROCK PRIVATE WEALTH, CHARLESTON, SOUTH CAROLINA

“The market is saying that it doesn’t necessarily need lower interest rates, but that it does need stability and certainty regarding economic and political policies. What we have now, with on again/off again tariffs, is extremely counterproductive. The market also is coming to the realization that negotiating with 90 countries in 90 days is just rhetoric; typically it takes 18 months or more to hammer out this kind of multidimensional trade deal. For now, the market is waiting beside the phone to see if there’s any progress made on trade deals and tariffs; if there is, it could snap back. If not, if the signals are that talks aren’t bearing fruit, well, that’s not going to be good.”