U.S. stocks fell Monday morning as souring U.S.-China trade relations weighed on sentiment throughout global markets.
The Dow Jones Industrial Average retreated 0.6%, or 161 points, to 25,597, the S&P 500 index gave up 0.8% at 2,837. while the Nasdaq Composite Index saw the sharpest declines, down 1.6% at 7,691, as chip makers came under pressure.
U.S. technology companies have begun to comply with the White House's ban on China's Huawei Technologies Inc., which weighed on the chip sector, with iShares PHLX Semiconductor ETF seeing sharp declines at Monday's open.
Meanwhile, shares of Ford Motor Co. were plunging after the automotive giant said it was planning to eliminate 7,000 salaried jobs around the world by the end of August as part of its Smart Redesign program, according to an email sent to employees that was published by Automotive News. That will cut its workforce by 10% and help it save about $600 million a year, said the email.
Source : Market Watch