The stock market still seems to think we’re in a China trade war

The Dow plunged 700 points on Thursday over fear of escalating tensions between the U.S. and China — two days after a 799 point dive on Tuesday.

Thought bubble: Stocks rallied Monday on hopes that Trump had declared a truce in the trade war with China. But now they’re more than 1,000 points below their level going into the Trump-Xi dinner. News that Huawei’s CFO has been arrested in Canada and faces extradition to the U.S. has markets worried the trade war is still ongoing.