Concerns about trade are weighing on the stock market — and it could get worse, says veteran trader Art Cashin.
Concerns about trade are weighing on the stock market — and it could get worse, veteran trader Art Cashin told CNBC on Tuesday.
And if there is no U.S-China deal, that doesn't bode well for stocks, Cashin noted. Traders have"built up hope" for an agreement, which has"put a nice prop under the market." It's done the same with oil, which has been rising along with stocks, he said on"The Exchange."Just how much depends on how long the skirmish goes on.
Negotiations between the U.S. and China are ongoing. Last week, President Donald Trump said that"we'll know over the next four weeks" if there will be a deal. Meanwhile, Chinese Vice Premier Liu He, who met with Trump last week, said a new consensus has been reached between the two nations on the text of a trade agreement, according to China's official state news agency Xinhua.
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