June 23, 2020 / Sergei Klebnikov, Forbes Staff
TOPLINE
The market opened higher on Tuesday, recovering from overnight losses after White House trade adviser Peter Navarro walked back his earlier comments that the U.S.-China trade deal is “over.”
KEY FACTS
- The Dow Jones Industrial Average was up 0.8%, around 200 points, at Tuesday’s open, while the S&P 500 rose 0.7% and the tech-heavy Nasdaq Composite gained 0.7%.
- Stock futures plunged overnight, with the Dow dropping by around 400 points, after trade adviser Peter Navarro told Fox News that the China trade deal is “over,” and the “turning point” came when the United States learned about the coronavirus outbreak in China.
- But Navarro quickly walked back his statement, insisting that his comments were “taken wildly out of context” and the Phase 1 trade deal “continues in place.”
- President Donald Trump also separately confirmed on Twitter that the existing trade deal with China is still “fully intact.”
