Markets Right Now: Stocks sink as trade war escalates

FILE - In this May 9, 2019, file photo trader Jonathan Corpina works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Monday, May 13. (AP Photo/Richard Drew, File)

NEW YORK — The latest on developments in financial markets (all times local):

11:45 a.m.

Stocks are plunging on Wall Street after China said it would retaliate against the U.S. with tariffs, escalating a trade dispute that investors had hoped would go away.

China said Monday it would put levies on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

U.S. companies that would stand to lose the most in a prolonged trade war with China led the way lower. Apple fell 5.4% and Caterpillar dropped 5.1%.

Utilities, which investors tend to buy when they are fearful of market turbulence, were the only sector to rise.

The Dow Jones Industrial Average sank 623 points, or 2.4%. The S&P 500 fell 71 points, or 2.5% and the Nasdaq sank 3.3%.

___

9:35 a.m.

Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.

China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%.

The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%.

Oil rose 2.4% to $63.15 a barrel after two Saudi vessels were targeted off the coast of the United Arab Emirates.

People also read these

RNC hires strategists to help woo...

Aug 9, 2016

The Republican National Committee has hired three new strategists to help increase its outreach to...

Trump ignites new firestorm: Gun backers might...

Aug 10, 2016

Donald Trump sets off a fresh political firestorm by suggesting gun rights supporters might find a...

Source: Boy was decapitated on waterslide at...

Aug 11, 2016

The 10-year-old boy killed during a ride on the world's tallest waterslide was decapitated, a...

Rowing canceled as skies darken over Rio Olympics

Aug 10, 2016

Rowers packed up their oars for the day while cyclists hit slippery roads on skinny time-trial...

Colbert to air live after Trump-Clinton...

Aug 10, 2016

Stephen Colbert, who capitalized on the political conventions with live broadcasts, will do the...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales[at]theworldinsiders.com

Subscribe Now!