U.S. stock market benchmarks slumped at the opening bell on Monday after President Donald Trump, unhappy with the pace of progress in recent trade talks, threatened to increase tariffs on Chinese imports.
The S&P 500 fell 1.3% to 2,907. The Dow Jones Industrial Average retreated 379 points, or 1.4%, to 26,126. The Nasdaq Composite slid 1.7% to 8,027. The S&P, Dow and the Nasdaq are on course for the biggest percentage slides since March 22.
Equities have come under pressure after Trump's threats took investors aback, many of whom had expected Washington and Beijing to reach a trade deal soon. Analysts also cited concerns around whether China would send its full delegation to Washington this week, with China's top negotiator Liu He potentially missing from the visit. The flare-up of trade concerns have hit Asian stocks particularly hard, with China's CSI 300 index losing 5.8% on Monday, its worst day since Feb. 2016. Shares of Kraft Heinz Co. fell 1.3% after the branded foods company said it will restate financial statements from the last three years.
Source : MarketWatch