(Sarah Ponczek, Vildana Hajric & Luke Kawa – Bloomberg)
U.S. stocks plunged, with the Dow Jones Industrial Average tumbling almost 800 points, as a litany of concerns wiped out the rally in risk assets.
Trade-sensitive shares sank as angst mounted that the U.S. and China made no meaningful progress on the trade front this weekend. Financial shares got hammered as the yield curve continued to flatten, with the latest nudge from a hawkish comment by a Federal Reserve official.
In Canada, the S&P/TSX Composite closed 211.39 points lower at 15,063.59.
Losses accelerated and trading volumes in S&P 500 futures spiked after contracts for broke below their 200-day moving average. Adding to the risk aversion was news that U.K. Prime Minister Theresa May’s push to avoid a so-called “hard Brexit” may be at risk. Click here to read more.
- U.S. Stocks Dive as Trade Jitters Return (Associated Press)
- This Chart May Be a Key Reason the Stock Market is Plunging (MarketWatch)
- World Outlook Darkens as Factory Activity Slips, Orders Fall (Reuters)
- Trump Says if No China Trade Deal Possible, “I am a Tariff Man” (Reuters)
- Trump Says He’s ‘Tariff Man,’ and Twitter Decides It’s a Superhero Name (MarketWatch)
- Trump is Losing Leverage With China (Yahoo Finance)
- Stock Market Makes Much Ado About Very Little From the Fed (MarketWatch)