The deepening of the trade dispute between the United States and China pushed global stocks deeply in the red on Monday, with the Dow sinking over 900 points heading toward the closing bell.
After President Donald Trump unexpectedly announced additional tariffs on China’s goods last week, the yuan depreciated to its 11-year low, which was seen as a retaliatory measure from Beijing, which maintains significant control of its currency. Later in the day, the country’s state media revealed that Chinese firms stopped buying American farm products and that some of the ones already bought could be tariffed.
At 3:07 pm ET, the Dow Jones Industrial Average index nosedived 3.49%, or 925 points, pulled by Apple as the worst performer trading at seven-week low, down 5.42%.
The Nasdaq 100 fell 4.26% at 3:08 pm ET, as the S&P 500 lost 3.66%.