Stock Market Update

[BRIEFING.COM] The stock market started the day in negative territory with the S&P 500 (-1.1%) trading a bit ahead of the Nasdaq (-1.3%).

President Trump's threat to implement a 50% tariff on imports from Europe has caused shockwaves in the market with Apple (AAPL 196.54, -4.82, -2.4%) feeling added pressure after the president said that he wants the company to shift a lot of its production to the U.S. rather than India.

All eleven sectors display early losses with technology (-1.7%), consumer discretionary (-1.4%), and communication services (-1.2%) leading the early selling.

Treasuries hold gains with the 10-yr yield down five basis points at 4.51%.

Just reported, New Home Sales reached 743,000 in April (Briefing.com consensus 679,000) while the March reading was revised to 670,000 from 724,000.