Markets Right Now: Tariff threat to China sinks stocks
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are dropping sharply after President Donald Trump threatens more tariffs against China.
The escalation of tensions Monday came just as investors were hoping that the long-running trade war between the world’s two biggest economic powers might be winding down.
Technology companies, which would stand to lose heavily if the trade battle with China gets worse, fell the most in early trading. Apple lost 2.5%.
Banks were also lower. JPMorgan Chase lost 1.3%
The S&P 500 index fell 36 points, or 1.2%, to 2,909.
The Dow Jones Industrial Average lost 352 points, or 1.3%, to 26,155. The Nasdaq fell 118 points, or 1.4%, to 8,045.
Bond prices rose sharply as traders sought safety. The yield on the 10 year Treasury fell to 2.49%.