Markets Right Now: Tech woes, trade tensions sink US stocks

Specialist Thomas McArdle, left, works with traders John Panin, center, and Jeffrey Vazquez on the floor of the New York Stock Exchange, Monday, April 2, 2018. U.S. stocks are skidding Monday morning after China raised import duties on U.S. pork, apples and other products. (AP Photo/Richard Drew)

Stocks closed sharply lower on Wall Street as technology companies took heavy losses and investors worried about escalating trade tensions with China.

NEW YORK — The latest on developments in financial markets (all times local):

4 p.m.

Stocks closed sharply lower on Wall Street as technology companies took heavy losses and investors worried about escalating trade tensions with China.

Big-name tech companies like Microsoft fell more than the rest of the market Monday.

Intel dove 6.1 percent following a report in Bloomberg News that Apple plans to start using its own chips in Mac computers as early as 2020

Tyson Foods dropped 6.2 percent after China raised tariffs on imported U.S. goods including pork.

The S&P 500 fell 58 points, or 2.2 percent, to 2,581, slightly above its low for the year reached February 8.

The Dow Jones industrial average lost 458 points, or 1.9 percent, to 23,644. It was down as much as 758 earlier.

The Nasdaq gave up 193 points, or 2.7 percent, to 6,870.

___

1:30 p.m.

Stocks are falling sharply on Wall Street, sending the Dow Jones industrial average down more than 600 points, after China raised import duties on U.S. pork, apples and other products.

Tyson Foods dropped 6 percent Monday, one of the biggest losses on the market.

Investors are also dumping some of their recent favorites, including retailers like Amazon and technology companies such as Microsoft.

Tesla dropped 5.3 percent after saying the vehicle in a fatal crash last week in California was operating on Autopilot mode.

The S&P 500 fell 69 points, or 2.6 percent, to 2,570.

The Dow was down 590 points, or 2.5 percent, to 23,512. It was down as much as 639 in early afternoon trading.

The Nasdaq gave up 203 points, or 2.9 percent, to 6,858.

___

11:45 a.m.

Stocks are falling sharply on Wall Street after China raised import duties on U.S. pork, apples and other products.

Tyson Foods is among the biggest losers Monday with a 6 percent loss.

Investors are also dumping some of their recent favorites, including retailers like Amazon and technology companies such as Microsoft.

Tesla dropped 5.7 percent after saying the vehicle in a fatal crash last week in California was operating on Autopilot mode.

Health insurer Humana jumped 4.9 percent on continued reports Walmart might buy the company or announce a new partnership with it.

The S&P 500 fell 59 points, or 2.3 percent, to 2,581.

The Dow Jones industrial average fell 476 points, or 2 percent, to 23,624. The Nasdaq composite gave up 190 points, or 2.7 percent, to 6,872.

___

9:35 a.m.

Stocks are opening slightly lower on Wall Street after the long holiday weekend, led by declines in retailers and technology companies.

Amazon fell 2 percent in early trading Monday, while Facebook lost 0.7 percent.

Health insurer Humana jumped 7 percent following reports that Walmart was interested in a possible deal with the company.

The S&P 500 slipped 3 points, or 0.1 percent, to 2,637.

The Dow Jones industrial average was little changed at 24,101. The Nasdaq composite fell 19 points, or 0.3 percent, to 7,044.

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