Major US equity indices opened firmly lower on Wednesday and snapped five consecutive days of winning streak amid escalating US-China trade war fears. The Trump administrations, late-Tuesday, said that it would assess 10% tariffs on a further $200 billion worth of Chinese imports and revived fears of a full-blown trade war between the world’s two largest economies, resulting into a global risk-aversion trade. However, expectations of strong profit growth from the upcoming second-quarter earnings reports, signalling a strong economy, might provide a floor for equity prices, at least for the time being. Â On the economic data front, the June producer price index rose 0.3% m/m, with the yearly rate jumping a whopping 3.4% to mark its highest rise since Nov. 2011. The hotter than expected PPI print, along with the trade issue should continue to cap any up-move ahead of Thursday’s consumer inflation figures. During the opening hour of trade, the Dow Jones Industrial Average was down over 140-points to 24,778 and the broader S&P 500 Index slipped around 14-points to 2,779. Meanwhile, tech-heavy Nasdaq Composite Index retreated nearly 45-points and is now fast approaching the 7,700 round figure mark. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD could stabilize and improve – Scotiabank FX Street 4 years Major US equity indices opened firmly lower on Wednesday and snapped five consecutive days of winning streak amid escalating US-China trade war fears. The Trump administrations, late-Tuesday, said that it would assess 10% tariffs on a further $200 billion worth of Chinese imports and revived fears of a full-blown trade war between the world's two largest economies, resulting into a global risk-aversion trade. However, expectations of strong profit growth from the upcoming second-quarter earnings reports, signalling a strong economy, might provide a floor for equity prices, at least for the time being. Â On the economic data front, the June… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.