U.S. stocks plunged on Monday with Nasdaq experiencing its worst day of 2019, as investors monitored the latest development of global trade.
The Dow Jones Industrial Average fell 617.38 points, or 2.38 percent, to 25,324.99. The S&P 500 was down 69.53 points, or 2.41 percent, to 2,811.87. The Nasdaq Composite Index fell 269.92 points, or 3.41 percent, to 7,647.02, as reported in Xinhua.
About 50-billion-U.S. dollar value of Apple Inc shares was wiped off in one day as the price sank 5.8 percent on the double whammy of heightened trade tensions and a decision by the U.S. Supreme Court, which gave the go-ahead to an antitrust lawsuit accusing the company of monopolizing the iPhone app market.
Uber Technologies Inc extended its slide after going public on Friday, falling 10.8 percent.
Lyft Inc dropped 5.8 percent and Tesla Inc' shares fell 5.2 percent, the lowest in more than two years.
U.S.-listed Chinese companies traded mostly lower on Monday with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.
Shares of New Oriental and 58.com slid 6.91 percent and 6.09 percent respectively, top two decliners in the top 10 stocks of the index.
Shares of JD.com added 0.04 percent, the only gainer in the top 10.
Gold futures on the COMEX division of the New York Mercantile Exchange rose over one percent on Monday, as investors took refuge in haven gold after U.S. equities dropped amid escalating trade frictions between the United States and China.
The most active gold contract for June delivery went up 14.4 dollars, or 1.12 percent, to settle at 1,301.8 dollars per ounce.
U.S. Treasury yields decreased to six-week lows with 10-year yields falling below those of three-month bills.
Chicago Board of Trade (CBOT) soybean futures closed at the lowest level in more than 10 years.
The West Texas Intermediate for June delivery was down 0.62 U.S. dollar to settle at 61.04 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery fell 0.39 U.S. dollar to close at 70.23 U.S. dollars a barrel on the London ICE Futures Exchange.
China announced on Monday that it will raise the rate of additional tariffs imposed on some of the imported U.S. products from June 1.