Stocks ended near their lows of the day after President Trump said there would be an announcement on trade with China after the closing bell. Earlier in the day, Trump economic adviser Larry Kudlow said in a speech that Trump appeared ready to impose tariffs on an additional $200 billion worth of China-made goods.
The Dow Jones Industrial Average fell 93 points, or 0.35%, to 26,062, the S&P 500 fell 0.56% and the Nasdaq slumped 1.4%. Apple Inc. (AAPL) led the Dow lower on Monday, falling 2.7%.
The Wall Street Journal reported over the weekend that the Trump administration plans to slap tariffs of 10% on $200 billion worth of products. China said -- in the form of an editorial in the state-run Global Times newspaper -- that it was "looking forward to a more beautiful counter-attack and will keep increasing the pain felt by the U.S."
U.S. tech stocks could be the among the most vulnerable to downside risk if Trump goes ahead with his threat to impose tariffs and Beijing strikes back with targeted disruptions to U.S. supply chains with "export restraints."
Tech Stocks Rattled By U.S.-China Trade War as Beijing Targets Supply ChainTesla Inc. (TSLA) CEO Elon Musk acknowledged Sunday that his electric vehicle company had entered "delivery logistics hell."
"Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. We're making rapid progress. Should be solved shortly," Musk said in a tweet when responding to a customer complaint about a delivery delay.
Musk last week warned customers they may see "longer response times" from Tesla amid what he said was a surge in North American volumes. Musk also said Tesla was reducing the choice of colors from some of its models in an effort to "simplify" production.
Tesla shares ended down 0.1%.
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Twitter Inc. (TWTR) fell 4.2% to $28.86 after Michael Nathanson of MoffettNathanson reduced his price target on shares of the social networking service to $21 from $23 and maintained his sell rating.
Amazon.com Inc. (AMZN) is investigating suspected data leaks and bribes of its employees as it fights to root out fake reviews and other seller scams from its website, The Wall Street Journal reported. The stock fell 3.1%.
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Tyson Foods Inc. (TSN) fell 0.6% after the company said CEO Tom Hayes would step down for personal reasons. Noel White, who served as group president for beef, pork and international, was appointed CEO.
Teva Pharmaceuticals Industries Ltd. (TEVA) rose 2.5% after the U.S. Food and Drug Administration approved the company's migraine treatment, Ajovy.
Meredith Corp. (MDP) reached a deal to sell Time Magazine for $190 million to Marc Benioff, a co-founder of Salesforce.com Inc. (CRM) , and his wife. The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.
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DowDuPont Inc. (DWDP) CEO Edward Breen will serve as executive chairman of the company's specialty-products unit after the chemicals giant splits into three different units.
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After the bell, Oracle (ORCL) released financial results that beat analyst expectations for earnings per share, but which fell short of revenue forecasts. Shares fell sharply in late trading.
Shares of shipping company FedEx Corp. (FDX) were also active in late trading following the company's latest financial results.
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