Stocks Plunge As China Hits U.S. Goods With Tariffs
NEW YORK — U.S. stocks fell sharply on Monday after China imposedand tech stocks continued to slide.
China’s move was a retaliation for U.S. tariffs on imported steel and aluminum, and were targeted at exports including pork and fruit.
The Dow closed down 459 points, or 1.9 percent. The S&P 500 index fell 2.2 percent, while the Nasdaq lost 2.7 percent.
Investors have been exiting the stocks, which led financial markets to record highs earlier this year, amid mounting public scrutiny of tech players’ data privacy practices.
After peaking at almost $1,600 a share last month, Amazon shares have slumped recently as investors took a more cautious approach to stocks. The online retailerover its shipping deals with the U.S. Postal Service. Despite its recent losses, Amazon stock is still up about 17 percent in 2018.
Tesla’s (TSLA) stock fell more than 5 percent. The stock declined after the electric car maker said Friday that the vehicle in a fatal crash last week in California was operating on Autopilot mode, making it the latest accident to involve a semi-autonomous vehicle.
Humana (HUM) shares rose following continued reports Walmart (WMT) with the health insurer. The Wall Street Journal reported on the possible deal last week. Humana is a major provider of Medicare Advantage coverage for people age 65 and older.