Dow dives 600 points as China puts tariffs on U.S. goods

by Ben Pena April 4, 2018, 1:00
Dow dives 600 points as China puts tariffs on U.S. goods

US stocks tumbled into correction mode to start off the second quarter on Monday, as technology shares got battered on worries sparked by trade concerns and tweets by President Trump and Elon Musk. It's too soon to call it the beginning of a trade war, but for now, investors aren't sticking around to find out. The S&P 500 Index slid 2.2%, or 58.99 points.

The Dow Jones industrial average shed 458 points, or 1.9 percent, while the S&P 500 dropped 2.2 percent to head back into correction turf, down 10 percent from its record high on January 26. The Nasdaq was off 2.7 percent and the S&P 500 fell 2.4 percent. The Nasdaq Composite was off by 3.4 percent before recovering to end down 2.74 percent.

The Dow is down 1,075.03 points, or 4.3 percent. Japan's benchmark Nikkei 225 lost 0.3 percent and South Korea's Kospi fell nearly 0.1 percent. CBS shares were up 2.8 percent. For his first year in office, a number of key advisers - including National Economic Council Director Gary Cohn and Secretary of State Rex Tillerson - had tried to persuade Trump to be careful before following through on some of his trade threats, but both men have recently departed, and now Trump is surrounded by advisers who support some of these protectionist decisions.

Trump once again accused Amazon of taking advantage of the US Postal Service.

The looming threat of tighter regulation of the tech sector in Europe and the USA prompted investors to pull money out of high-flying companies, such as Netflix, Microsoft and Alphabet, Google's parent company. Tesla fell more than 5% on production concerns.

Snap's stock fell 8.9 percent Monday.

Trump's imposition of protectionist trade policies over the opposition of Republican allies has rattled global financial markets.

Widow To Pulse Nightclub Gunman Found Not Guilty On All Counts
Outside the courthouse, Salman's uncle, Al Salman thanked his niece's attorney and said, "Happy Friday". Prosecutor Sweeney asserted that the case was about what Salman "knew and what she did".

THE QUOTE: After a month of public negotiations between the USA and several other countries, Monday marked the first time another country has formally placed tariffs on US goods in response to the Trump administration's recent trade sanctions.

Facebook's shares were down 2.8% and fell into a bear market, meaning a drop of 20% or more from a recent high.

Humana (HUM) shares rose following continued reports Walmart (WMT) could buy the company or form a partnership with the health insurer.The Wall Street Journal reported on the possible deal last week.

The electric automaker's losses extend last week's near 14-per cent decline as investigations of a fatal California crash and a Moody's credit downgrade weighed on the stock.

Bond prices declined. The yield on the 10-year Treasury note rose to 2.79 percent from 2.73 percent.

U.S. WTI crude oil +0.7% at $63.46/bbl.

CURRENCIES: The dollar declined to 105.99 yen from 106.50 yen. Hong Kong's Hang Seng bucked the trend, ending up 0.2 per cent at 30,137.49. Natural gas picked up 1 cent to $2.70 per 1,000 cubic feet.

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