Published: Wed, April 04, 2018
Markets | By Erika Turner

How major United States stock indexes fared Monday

How major United States stock indexes fared Monday

It finished the day down 459 points, or 1.9 percent. The S&P 500 index and Nasdaq lost 2.2 and 2.7 percent each, falling into correction range, a 10-percent drop from their 52-week highs.

All three indexes are negative for the year. Companies in the S&P 500 are projected to report a 17.3% increase compared with the year-ago period, according to Factset.

Snap's stock fell 8.9 percent Monday.

USA stocks are tumbling Monday after China officially raised import duties on US pork, apples and other products.

THE QUOTE: After a month of public negotiations between the USA and several other countries, Monday marked the first time another country has formally placed tariffs on US goods in response to the Trump administration's recent trade sanctions. "Investors are pricing in an escalating trade war and regulation of tech companies".

Tyson Foods dropped 6 percent Monday, one of the biggest losses on the market. "With stretched valuations, investors are becoming concerned that they are overpaying for potential growth".

In a Monday note to clients, Jason Pride, chief investment officer for private clients at Glenmede Wealth Management, cited festering trade war fears as a driver in the market's volatility.

After a month of public negotiations between the USA and several other countries, Monday marked the first time another country has formally placed tariffs on US goods in response to the Trump administration's recent trade sanctions. -Chinese trade tensions and mounting public scrutiny of technology companies. The Wall Street Journal reported on the possible deal last week. Lower volumes tend to result in bigger stock swings.

USA technology companies are in the spotlight, notably Amazon, which posted hefty losses of around 5 per cent Monday after Trump again voiced his concerns about the company on Twitter.

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The higher education spending would be paid for by a 6 percent sales tax on a host of services that had previously been tax-free. The bill would also cap the amount of sick leave that teachers can accrue for retirement purposes as of the end of this year.

But Amazon isn't the only tech stock on the rocks.

"I have stated my concerns with Amazon long before the Election". "A lot of this today is being driven by technology".

Trump's comments follow the explosive attack he leveled against the Jeff Bezos owned company last week when he ripped The Washington Post, which Bezos also owns, for acting as a "lobbyist" for Amazon.

TESLA SLOWS: Tesla stock declined after the electric auto 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.

Musk didn't help matters by tweeting a series of April Fools' day jokes about Tesla going bankrupt. Tesla fell $13, or 4.9 percent, to $253.13.

The Nasdaq is close to losing all its gains for 2018. Spotify Inc. will make its stock market debut Tuesday, casting a spotlight on its early lead in music streaming. Netflix, Microsoft and Google parent Alphabet have all seen their share prices decline.

Stocks are falling sharply on Wall Street after China raised import duties on US pork, apples and other products.

Facebook also finds itself in a tiff with rival giant Apple. The social media company contended with the fallout from a leak that exposed the personal data of more than 50 million users. "But if you want to build a service which is not just serving rich people, then you need to have something that people can afford".

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