A new round of trade war fears seemingly weighed on markets Thursday, forcing all three major indices to close trading in the red with the Dow Jones Industrial Average closing the day down triple digits.
The Dow fell 0.79%, or195.34 points to 24,462, while the S&P 500 fell 0.64%, or 18 points to 2,759, and the Nasdaq dropped 0.88%, or 69 points to 7,713.
China Ups Trade War Rhetoric, Threatens to Go After Blue Chips
China does not want a trade war, but the country is ready to retaliate in case one jumps off, according to a report in the state-controlled Global Times tabloid.
"China does not want a trade war, but if Chinese companies suffer great losses due to Trump's protectionist trade policies, China will have no choice but to fight back in a bid to safeguard the interests of Chinese investors," the paper said.
Specifically, the company targeted U.S. firms listed on the Dow Jones Industrial average, if President Donald Trump continues his protectionist rhetoric.
Court Says Online Retailers Can Be Forced to Collect Taxes
The Supreme Court narrowly ruled 5-4 in favor of allowing states and local governments to begin issuing sales taxes on internet retailers.
The ruling overturns a 1992 law that made the internet a tax free zone by deciding that retailers are not required to collect sales taxes if they don't have a physical presence in a state.
Various estimates place the amount of annual revenue that could be brought in country-wide by Thursday's vote between $8 billion and $23 million.
Tinder Buys Dating App Hinge
Match Group (MTCH) , the controlling company behind the Tinder dating app purchased a 51% stake in Hinge, one of its biggest competitors.
The company first made an investment in the company in September 2017.
"Hinge's passion for the user experience and their innovative approach to dating has created a product that is highly relevant particularly among urban, educated millennial women looking for relationships," said Mandy Ginsberg, CEO of Match Group. "We are excited to welcome Hinge to Match Group and leverage our extensive experience to enable them to become a major player in the relationship space."
Intel CEO Out Following Investigation into Consensual RelationshipIntel ( INTC) CEO Brian Krzanich resigned Thursday after the company said that he violated an anti-fraternization policy at the company by engaging in a consensual relationship with another employee.
"Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee," the company wrote in a press release. "An ongoing investigation by internal and external counsel has confirmed a violation of Intel's non-fraternization policy, which applies to all managers. Given the expectation that all employees will respect Intel's values and adhere to the company's code of conduct, the Board has accepted Mr. Krzanich's resignation."
Robert Swan, currently the company's CFO, has been named as the interim CEO. Swan has been the company's CFO since October 2016.
Intel shares were down 1.65% Thursday morning on the news.
Southwest Sued Over Fatal Mid-Air Accident
Southwest Airlines (LUV) is being sued by nine passengers who survived a mid-air engine explosion that claimed the life of one person on the flight from New York's LaGuardia Airport to Dallas.
The passengers say they are suffering from post-traumatic stress disorder following the incident in which the deceased was nearly pulled out of the plane's cabin after shrapnel from the exploded engine pierced a window.
The family of Jennifer Riordan, the deceased, is not part of the lawsuit, which was filed in Manhattan State Supreme Court.
U.S. futures were declining slightly ahead of Thursday's opening bell, indicating a soft open for the three major indices once trading gets underway.
Dow futures were falling the farthest, dropping 0.27%, indicating an open 67 points lower, while Nasdaq futures declined 0.05%, indicating an open 3 points lower, and S&P futures fell 0.12%, indicating an open 3 points lower.
World markets were also mostly lower Thursday with the Nikkei in Japan being the lone major Asian index to close in the green, up 0.61%. The Shanghai Composite and Hang Seng dropped 1.37% and 1.35% respectively.
In Europe, the FTSE 100 fell 0.54%, the DAX declined 0.77%, and the CAC 40 dropped 0.4% with about four hours left in trading.