CNBC:
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 738 points and dropped as much as 951 points. The S&P 500 dropped 2.9%. The Nasdaq Composite lagged, falling 3.4%. The S&P 500 was headed for its worst day of 2019. The indexes have also fallen more than 5% from their record highs set last month.
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. The Nasdaq was on track to fall for a sixth straight session, which would be its longest losing streak since late 2016. The S&P 500 also headed for a six-day losing streak. The Dow was set to fall for a fifth straight day.
Apple led the decline in stocks that have the most to lose from these new tariffs, losing 5.4%. Nike dropped 3.1%. Macy’s and Best Buy pulled back 5% and 4.8%, respectively. The SPDR S&P Retail ETF (XRT) traded 3.2% lower. FedEx dropped 5.2%. Caterpillar and Boeing dropped 3.6% and 3%, respectively. Semiconductor stocks like Micron Technology, Skyworks Solutions and Advanced Micro Devices fell at least 4.7%.
“Now we have a trade situation that is going off the rails as the side effects multiply due to the ramping up of the use of tariffs and we are only further apart from any resolution with the Chinese,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The policy of using tariffs as a tool to address our legitimate beefs with the Chinese has failed miserably.”
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