· Stocks fell sharply Monday as a trade war between the world’s largest economies intensified with China retaliating against President Donald Trump’s latest move.
The Dow Jones Industrial Average plunged 767.27 points, or 2.9%, to close at 25,717.74 and dropped as much as 961.63 points at one point. The S&P 500 dropped nearly 3% to 2,844.74. The Nasdaq Composite lagged, falling 3.5% to 7,726.04. it was the worst percentage drop for all three indexes this year. The S&P 500 is now more than 6% below its record hit only last month.
The Nasdaq fell for a sixth straight session, its longest losing streak since late 2016. The S&P 500 also posted a six-day losing streak. The Dow declined for a fifth straight day. The move continues a sell-off that began last week when President Donald Trump ordered new tariffs on the rest of Chinese goods and the Federal Reserve failed to signal it would be as aggressive as the market hoped in backstopping the economic slowdown.
· European stocks tumbled Monday as a rapid escalation of U.S.-China trade tensions continues to spook investors worldwide.
The pan-European Stoxx 600 traded 2.3% lower during the afternoon session, with all sectors and major bourses firmly in the red.
· Asia markets traded lower Tuesday morning as the U.S.-China trade war intensified, after Beijing confirmed it is suspending agricultural product purchases in response to new American tariffs.
President Donald Trump said last week the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods starting Sept. 1.
In Japan, the Nikkei 225 plunged 2.61% in early trade, as shares of index heavyweight and robot maker Fanuc declined 3.69%. The Topix index also fell nearly 2.4%.
South Korea’s Kospi dropped 1.6%, as chipmaker SK Hynix saw its stock drop 2.92%. Australia’s S&P/ASX 200 slipped 2.48%.
The MSCI Asia ex-Japan index declined 0.76%.
Reference: CNBC
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