Business


Wall Street is reacting to President Donald Trump‘s Twitter feed. Investors should take note too.

“In every instance where the president has tweeted about a company, that’s been a buying opportunity,” Jason Ware, chief investment officer and chief economist at Albion Financial Group, told CNBC on Tuesday.

“Whether you look at Boeing, Lockheed, you name it. When he tweets, and you get a pullback on a good business, that’s a good buying opportunity,” he said on “Power Lunch.”

Amazon share price fell 5.2 percent Monday after the president said on his personal Twitter account that Amazon is scamming the U.S. Postal Service, costing the agency “billions of dollars” delivering packages for the e-commerce giant.

Trump tweeted about Amazon three more times by Tuesday. Company share prices are currently down 0.1 percent.

But it wasn’t just the president’s tweets that caused market watchers to panic on Monday, the first day of trading during the second quarter. Fears of trade wars and increased regulation in the tech sector added fuel to the fire. The Dow Jones industrial average, S&P 500 and Nasdaq Composite all closed lower on Monday, leaving the S&P and Nasdaq in correction territory.

By Tuesday, all three major indices rebounded but did not regain all losses from the previous day. Some analysts are optimistic that second-quarter earnings will turn the market around.

But Randy Warren, CEO of Warren Financial Service, said the market isn’t paying attention to earnings now.

“All it cares about is what the president is tweeting,” he said on “Power Lunch.” “One man’s Twitter account is just roiling Wall Street right now.”



Source link

Products You May Like

Articles You May Like

The growth of cannabis culture could be bad news for beer: Analyst
Kimberly-Clark sales surpass estimates
Biogen revenue climbs, while Spinraza, Tecfidera sales miss
General Electric reportedly discussing rail business sale to Wabtec
Student loan debt can make buying a home almost impossible

Leave a Reply

Your email address will not be published. Required fields are marked *