U.S. stock index futures pointed to more losses on Monday as China's yuan hit its lowest in a decade, spurring a continuation of a sell-off on ...
NEW YORK: U.S. stocks tumbled on Monday, with the benchmark S&P 500 sliding more than 3per cent, as a fall in the yuan following U.S. President Donald Trump's vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the U.S.-China trade war.
Shares of S&P 500 technology companies , which are heavily exposed to Chinese markets, dropped 4.5per cent.Apple Inc shares slid 5.3per cent as analysts warned that the newly proposed tariffs may hurt demand for the iPhone, while the Philadelphia semiconductor index dropped 4.8per cent. "It's the escalation of the trade war," said Steven DeSanctis, equity strategist at Jefferies in New York."The dollar strengthening presents another issue. For companies that do a lot of business outside the U.S., it all adds up."
The Cboe Volatility Index , an options-based gauge of investor anxiety, rose 6.26 points to 23.87, its highest in about seven months.
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