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Stock futures tumbled early on Friday after President Donald Trump unleashed a string of tweets suggesting the U.S.-China trade war will not be resolved soon. The early morning gyrations illustrate the market-moving power of the president's Twitter feed.
They're also a reminder of how presidential tweets can throw automated algorithmic trading programs for a loop.
In the tweet storm, Trump argued that tariffs on $200 billion in Chinese goods are bolstering the U.S. fortunes and laid out a scheme to purchase goods from American farmers and distribute them to poor nations. But one line seemed to catch the market's attention.
"Talks with China continue in a very congenial manner - there is absolutely no need to rush," Trump tweeted at 6:53 a.m. ET.
Futures slid further, and then stabilized after Trump briefly deleted and then reposted four of the five tweets. The missing tweet — the one in which Trump said there's "absolutely no need to rush" to reach a trade deal with China — eventually popped back up around 7:45 a.m. ET.
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COMMENTS VIA TWITTER
@realDonaldTrump @realDonaldTrump You need a trade deal not for the Fed to lower rates once you remove these tarif… https://t.co/2nMK58Rj6H
The market will remain in chop fest zones. Fed vs. Commander n Tweet, however, the Tweeter has a Royal Flush in his… https://t.co/1YTl2StBPO
@realDonaldTrump Mr president you not going to get any good G.D.P without good productivity. There is too much unce… https://t.co/gtU4FTcYFR
@VP @deteconomicclub @realDonaldTrump Get real Pence.There is a great deal of uncertainty in the stock market right… https://t.co/XRYx7HCOTP
Remember when #LeaveEU assured us all a deal would done? Better than #Canada/#Norway; ‘a winning #British option fr… https://t.co/NdBLzQpBEz