U.S. stock market benchmarks slumped at the opening bell on Monday after President Donald Trump, unhappy with the pace of progress in recent trade talks, threatened to increase tariffs on Chinese imports. The S&P 500 SPX, -0.89% fell 1.3% to 2,907. The Dow Jones Industrial Average DJIA, -0.84% retreated 379 points, or 1.4%, to 26,126. The Nasdaq Composite COMP, -0.95% slid 1.7% to 8,027. The S&P, Dow and the Nasdaq are on course for the biggest percentage slides since March 22. Equities have come under pressure after Trump’s threats took investors aback, many of whom had expected Washington and Beijing to reach a trade deal soon. Analysts also cited concerns around whether China would send its full delegation to Washington this week, with China’s top negotiator Liu He potentially missing from the visit. The flare-up of trade concerns have hit Asian stocks particularly hard, with China’s CSI 300 index 000300, -5.53% losing 5.8% on Monday, its worst day since Feb. 2016. Shares of Kraft Heinz Co. KHC, +0.87% fell 1.3% after the branded foods company said it will restate financial statements from the last three years.
See Full Story Dow on pace for sharpest drop in 6 weeks as Trump ignites China trade-war fears
U.S. stock-index benchmarks head sharply lower Monday morning, joining other global benchmarks, after President Donald Trump threatened over the weekend to raise tariffs on $200 billion of Chinese goods, raising fresh fears about a clash between the world’s largest economies.
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