Markets Right Now: US stock indexes open lower

The logo for U.S. Steel appears above a trading post on the floor of the New York Stock Exchange on Friday. With his proposed tariffs the president has drawn the blueprints for the most protectionist U.S. trade policy in roughly 100 years

WALL STREET: The S&P 500 fell 30.45 points, or 1.1 percent, to 2,713.83, while the Dow Jones industrial average lost 380.83, or 1.5 percent, to 25,029.20 and the Nasdaq composite dropped 57.35, or 0.8 percent, to 7,273.01. The broad-based S&P 500 shed 1.7 percent to 2,667.39, while the tech-rich Nasdaq Composite Index fell 1.8 percent to 7,140.94. The losses came in the wake of GDP data that underlined the economy's fundamental strength, although it also revived concerns that the economy was growing so quickly the Federal Reserve could become more aggressive in raising interest rates to combat an environment with higher inflation.

In a research note, analysts at Barclays said they expect the immediate effects of the tariffs on the US economy to be limited because "aluminum and steel imports together account for only about 2 percent of total goods imports".

Wall Street's main indexes fell onThursday as industrial stocks, including heavyweights Boeing andCaterpillar, took a beating on fears that potential tariffs onsteel imports could hit profits.

Stocks fell sharply as investors anxious that President Donald Trump's planned tariffs on steel and aluminum will lead to retaliation from other countries. So while history may be on the market's side as we head into the next two months of trading, 2018 could be a year when history is just that. He took to Twitter to defend his promise from Thursday to impose stiff tariffs on imports of steel and aluminum, saying that the United States is losing on trade with virtually every country and that "trade wars are good" and "easy to win".

U.S. 10-year treasury bond (UST) yields have fallen for the third consecutive day to 2.864 per cent.

U.S. Steel was up $3.73, or 8.6 percent, to $47.25, and AK Steel jumped 52 cents, or 10.1 percent, to $5.68.

BUSY ECONOMIC DAY: A raft of reports on the economy provided a mixed picture. "There's uncertainty around that and it's going to continue for the next several months".

Kevin Love Opens Up About His Panic Attacks, Mental Health
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Other reports showed that manufacturing is growing at its fastest rate in almost 14 years, while construction spending was weaker than economists expected last month.

Best Buy jumped around 5 percent after it reported strong same-store sales for the fourth quarter, recovering from falls overnight due to the USA consumer electronics retailer's announcement of 250 small mobile phone store closures.

The company declared a final dividend of 1.74 cents per share. The FTSE 100 in London dropped 0.8 percent.

ENERGY: Benchmark U.S. crude added 2 cents to $61.66 per barrel. Brent crude, the global standard, rose 54 cents to $64.37 a barrel.

Gold dropped $5.50 to $1,312.40 per ounce.

In the currency markets, the U.S. dollar was buoyed by Powell's comments, rising 0.3% on Wednesday to reach its second-best month of President Donald Trump's term, climbing 1.7% against a basket of currencies overall for the month. The euro rose to $1.2331 from $1.2255, and the British pound rose to $1.3790 from $1.3768.

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