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Stocks plunge as China hits United States goods with tariffs

Stocks plunge as China hits United States goods with tariffs

A Twitter post from the "People's Daily", an English-language news organization controlled by the Chinese government, said Sunday that "China imposes tariffs on 128 items of imports from the US including pork and fruit products starting Monday as a countermeasure in response to a previous USA move to slap tariffs on steel and aluminum imports: Ministry of Finance". Technology companies took some of the worst losses, and while it's too soon to call it the beginning of a trade war, investors aren't sticking around to find out if one is coming. The Standard & Poor's 500 index gave up 2.2 percent, to 2,581.88. The S&P 500 index slumped 2.4 percent as of 1:10 p.m.in NY, a rout exceeded only by its 2.5 percent decline 89 years ago, a prelude to the devastating crash later that year that brought on the Great Depression.

The S&P 500 rose 10 points, or 0.4 per cent, to 2,592.

The S&P 500 is down 91.73 points, or 3.4 percent.

The Dow Jones industrial average fell 476 points, or 2 percent, to 23,624.

Returning from the long Easter holiday weekend, Germany's DAX fell 0.8 percent while London's FTSE 100 declined 0.4 percent and France's CAC 40 dipped 0.3 percent.

The Russell 2000 is down 42.98 points, or 2.8 percent. There are a number of points of contention between China and Washington, Europe and Japan over a state-led economic model they complain hampers market access, protects Chinese companies and subsidizes exports in violation of Beijing's free-trade commitments. Amazon's share price has plummeted since Trump began attacking the internet giant on Twitter over its impact on the U.S. Postal Service and American retailers.

Facebook needs 'a few years' to fix problems: Zuckerberg
Zuckerberg was asked about the site's governance structure and the general lack of oversight of the company. And therefore, as with a lot of media, having an advertising-supported model is the only rational model".

Prosecutor reviewing Republican complaints against Federal Bureau of Investigation
Nonetheless, his decision not to appoint a special counsel, at least for now, is nearly certain to disappoint Republicans. Sessions said he would rely on Huber's findings to determine whether to move forward with another special counsel.

Jaguar and Waymo announce self driving auto deal and driverless I-Pace
Waymo CEO John Krafcik announced the plans at a live press event and was joined on stage by Jaguar Land Rover CEO Ralf Speth. The collaboration is the first time an all-electric vehicle has been integrated into a commercial ride-hailing service.

NAFTA worries are also on the rise after Trump took aim at the trade deal between the United States, Canada and Mexico. They were down 5.1 percent on Monday afternoon. Trading volumes were light, with some global markets still closed. Starting Monday, China is increasing the tariff rate on eight imported US products, including pork, by 25 percent.

Trader Leon Montana works on the floor of the New York Stock Exchange on Monday, April 2, 2018.

Health insurer Humana jumped 4.9 percent on continued reports Walmart might buy the company or announce a new partnership with it. Tesla Inc., the heavily indebted electric vehicle maker, is struggling to explain what caused a fatal accident last month in which one of its vehicles crashed into a concrete lane divider while on autopilot. Google's Alphabet, whose own data collection has come under fire in the wake of the Facebook scandal, fell 2.4 percent.

Bond prices declined. The yield on the 10-year Treasury note rose to 2.79 percent from 2.73 percent. The euro dipped to $1.2288 from $1.2306. The Hang Seng in Hong Kong was closed as well.

Facebook's shares were down 2.8% and fell into a bear market, meaning a drop of 20% or more from a recent high. Natural gas slid 5 cents to $2.68 per 1,000 cubic feet.

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