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S&P 500 Suffers Largest Gap Lower Since 2009 as Trade War Rages

S&P 500 Suffers Largest Gap Lower Since 2009 as Trade War Rages

Peter Hanks, Strategist

S&P 500 Price Outlook:

S&P 500 Suffers Largest Gap Lower Since 2009 as Trade War Rages

After China announced it would increase tariffs on the United States, the US-China trade war has found itself at the forefront of investor concern once more. In response to the announcement, US equities fell across the board. The tech-heavy Nasdaq 100 slipped farthest, down -3.35% at the time of this article’s publication. Not to be outdone, the blue-chip Dow Jones traded -2.60% lower and the S&P 500 suffered a similar fate, down -2.60%. Contributing to the declines were some of the largest lower gaps in decades.

S&P 500 Daily Gaps by Percent

S&P 500 price chart

To start Monday’s session, the S&P 500 suffered its largest gap lower since May 11, 2009 when the Index opened -1.66% beneath its close in the session prior. At -1.43%, Monday’s gap is the fourth largest for the Index in the last 20 years. Beyond the initial pain, the Index is on pace for its worst daily performance since January 3 when it sold off -2.48%.

Dow Jones Daily Gaps by Percent

S&P 500 Suffers Largest Gap Lower Since 2009 as Trade War Rages

The Dow Jones offered a similar performance, posting its third largest gap lower since 2001 at -1.44%. The Industrial Average is also on pace for its worst daily performance since January 3 when it closed the session -2.82% beneath the open.

Nasdaq 100 Daily Gaps by Percent

S&P 500 Suffers Largest Gap Lower Since 2009 as Trade War Rages

The more-volatile Nasdaq 100 suffered the largest gap of the three major indices but fell short of breaking any multi-year milestones. Still, the Index’s gap was the largest in the year-to-date at -2.65%.

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Despite the considerable selling pressure Monday, trade war concern is unlikely to dissipate as Chinese officials weigh other avenues for retaliation. Across the board, US equities are now comfortably beneath their all-time highs as they grasp for support. As equity volatility continues and the trade war rages, follow @PeterHanksFX on Twitter for real time updates and price action analysis.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Stock Market Volatility and its Relationship with S&P 500 Returns

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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