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20m ago

Markets Whipsaw as U.S.–China Trade Fight Reignites

Late Trump comments knocked tech shares, even as dovish Fed signals steadied the broader market.

Women holding umbrellas stand in front of a stock quotation board outside a brokerage in Tokyo, Japan June 30, 2025. REUTERS/Issei Kato
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A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2025. REUTERS/Jeenah Moon

Overview

  • President Trump said he is considering terminating some China-related cooking oil trade, reviving tensions even as USTR Jamieson Greer said a Trump–Xi meeting remains on the calendar.
  • China barred companies from dealing with five subsidiaries of South Korean shipbuilder Hanwha Ocean, a retaliatory move that added to trade uncertainty.
  • U.S. stocks closed mixed after sharp swings, with the S&P 500 down 0.2%, the Dow up 0.4% and the Nasdaq off 0.8%, while small-caps outperformed.
  • Fed Chair Jerome Powell indicated the central bank may soon end balance-sheet runoff and left room for additional rate cuts, lifting rate-cut expectations.
  • Tech and AI-linked shares seesawed on trade exposure and deal headlines, while safe-haven demand pushed gold to fresh record highs near $4,180 an ounce.