Mattel's Plea for Lower Tariffs Pays Off and the Stock Pops
The market was on fire early on Monday after President Donald Trump announced the reduction of tariffs on Chinese imports from the self-imposed 145% to 30%, for at least the next 90 days. This will allow for more negotiations, and although a deal is far from final, it looks like the tensions are coming down for now. Some of the biggest moves came from companies in retail. Mattel (NASDAQ: MAT) was a big winner, rising 11.1% at its peak and holding a 10.2% gain at 3:45 p.m. ET after being in the president's crosshairs. Deckers Outdoor (NYSE: DECK) jumped as much as 10.2% and Best Buy (NYSE: BBY) was up 11% but the two stocks fell back to 3.1% and 6.1% gains on the day, respectively.Image source: Getty Images.Continue reading
The market was on fire early on Monday after President Donald Trump announced the reduction of tariffs on Chinese imports from the self-imposed 145% to 30%, for at least the next 90 days. This will allow for more negotiations, and although a deal is far from final, it looks like the tensions are coming down for now.
Some of the biggest moves came from companies in retail. Mattel (NASDAQ: MAT) was a big winner, rising 11.1% at its peak and holding a 10.2% gain at 3:45 p.m. ET after being in the president's crosshairs. Deckers Outdoor (NYSE: DECK) jumped as much as 10.2% and Best Buy (NYSE: BBY) was up 11% but the two stocks fell back to 3.1% and 6.1% gains on the day, respectively.
Image source: Getty Images.
