Trade war wiped out $21bn for materials investors in two days

Bloomberg

How bad is the trade war for materials investors? How about nearly $21 billion lost in two days.
The S&P 500 Materials Index fell about 3.2 percent against the close after President Trump threatened to raise tariffs on billions of dollars of imports from China. The total value lost for the index totalled about $21 billion, according to Bloomberg data. The chemical and metal stocks took the worst hit within the sector due to their exposure to China. The S&P Chemicals Index lost about $19 billion in market value in two days, while the metals index slid about $770 million.
Some of the losses are the result of companies reiterating annual guidance on the assumption that the US and China would strike a trade deal in the second half of the year.
DowDuPont Inc. CEO Edward Breen said during an earnings conference call that “China has started to stimulate, which should help increase their consumer spending and spur the recovery expected in the second half in addition to an expected tariff resolution.”
For the metals and mining sector, investors seem to have gone back to gold, a historical safe haven.