Wall Street slides on tech rout

Worries over protectionist trade policies and controversy surrounding technology companies have prompted investors to pull money out of the United States market.

China imposed $3 billion of tariffs on USA farm goods and other exports, bringing the world's two largest economies closer to a full-on trade conflict.

The catalysts behind the buying were a stronger U.S. Dollar, driven by an easing of concerns over a trade war and stable demand for higher risk assets. The Dow Jones industrial average fell as much as 750 points.

The market leaders are under pressure. It faced renewed criticism on Twitter from President Donald Trump, who alleged that the e-commerce giant was responsible for the shuttering of retailers across the nation.

After a month of public negotiations between the US and several other countries, Monday marked the first time another country has placed tariffs on USA goods in response to the Trump administration's recent trade sanctions. "The fact that a country has actually raised tariffs in retaliation is an important step in the wrong direction", she said.

"We're definitely seeing some market sentiment shifting, with tech and global companies feeling the brunt of it", said Ben Phillips, chief investment officer of EventShares. "And that could be true for Mexico as well as for China".

Wall Street shares have nosedived, with the Dow falling to its lowest level of the year and the S&P 500 and Nasdaq each poised for the biggest daily percentage drop since February 8, as investors fled technology stocks and trade war fears were stoked anew. Eastern time. The benchmark index is on track for its lowest close since late October. The S&P 500 Index slid 2.2%, or 58.99 points. The Standard & Poor's 500-stock index was down 2.23 percent and the tech-heavy Nasdaq Composite was down 2.74 percent as volatility continues to rock markets.

The S&P 500 fell 69 points, or 2.6 percent, to 2,570. A bigger dispute looms over Trump's approval of possible higher duties on Chinese goods. TREASURIES: Benchmark 10-year notes last rose 2/32 in price to yield 2.7389 percent, from 2.744 percent late on Thursday.

China, late on Sunday, said it would increase tariffs by up to 25 percent on 128 US products, escalating a spat between the world's biggest economies. Tyson Foods, which could see its sales in China dip as prices rise, slumped $4.42, or 6 percent, to $68.77.

The Dow was down 590 points, or 2.5 percent, to 23,512.

Shares of Amazon.com Inc fell 4.8 percent after Trump attacked the online retailer over the pricing of its deliveries through the US postal system and promised unspecified changes. "Technology has been one of the best performing areas of the market and drove much of the returns in 2017 and the first month of 2018". Trump has repeatedly criticized Amazon over issues including taxes and Amazon's shipping deals with the U.S. Postal Service.

Vanessa Coleman

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