Dow posts triple-digit drop as trade war fears persist
U.S. stocks fell to start the week after the Trump administration moved forward with plans to impose tariffs on $50 billion dollars of Chinese goods.
The Dow Jones Industrial Average dropped 103.01 points to 24,987.47. The S&P 500 ticked 5.79 points lower to 2,773.87. The Nasdaq Composite posted a slight gain, rising 0.65 points to 7,747.02.
As expected, China retaliated to the U.S.'s tariff plan with a matching amount of levies on U.S. goods, and now concerns are percolating that the back and forth will lead to an all-out trade war.
|I:DJI||DOW JONES AVERAGES||33833.61||+168.59||+0.50%|
|I:COMP||NASDAQ COMPOSITE INDEX||13238.523923||+133.63||+1.02%|
Economic data out on Monday included the National Association of Homebuilder’s housing market index for June, which fell by 2 points to 68. The gauge of future sales conditions fell to a seven-month low of 76 as builders are starting to fret about input costs.
Meanwhile, incoming New York Fed President John Williams spoke at a conference focused on reforming behavior in financial services.
In company news, Chinese e-commerce retailer JD.com Inc.'s U.S.-listed shares were moving higher after Google announced that it had invested $550 million in the company.
U.S. oil futures climbed 1.3% to $65.69 a barrel.
FOX Business’ Ken Martin contributed to this article.