Trade war fallout: Dow drops 700 points

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The stock markets in New York started the week with substantial losses. The Dow Jones lost 700 points (-2.7%) around 7 pm.

Investors on Wall Street responded to the resurgence of trading feud between the United States and China. Furthermore, there is again attention for Uber Technologies, which also got hit on Friday with its stock market debut.

The wider S&P 500 also collapsed 2.7 percent, to 2830 points, and Nasdaq technology fair the most, 3.6 percent.

President Donald Trump wants to introduce taxes on almost all goods from China that are not yet subject to import tariffs. He warned China not to retaliate, but Beijing announced $ 60 billion in US products to raise rates as of June 1.

Companies sensitive to the Washington-Beijing trade war lost ground due to rising tensions. For example, iPhone maker Apple lost nearly 5 percent while chip companies Intel and Advanced Micro Devices (AMD) were worth up to 4 percent less.

Uber Technologies fell by around 10 percent in the first trading minutes. The maker of the well-known taxi app already made a disappointing start on Wall Street on Friday by handing in almost 8 percent on his first trading day.

Sanitary chain Bed Bath & Beyond also opened a small 3 percent in the min. CEO Steven Temares immediately leaves the company under pressure from activist shareholders.

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Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to [email protected]

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