Dow dips more than 500 points after Trump attacks Amazon, NAFTA

Traders at the New York Stock Exchange.
(Image credit: BRYAN R. SMITH/AFP/Getty Images)

The Dow Jones Industrial Average plunged more than 500 points, or more than 2 percent, just after noon Monday due to a turbulent mix of trade war fears and President Trump's repeated attacks on Amazon. Shares of other tech companies, including Facebook, Netflix, and Google's Alphabet, followed Amazon as it dropped after Trump tweeted that "only fools, or worse, are saying that our money-losing Post Office makes money with Amazon," CNBC reports.

See more

As Ian Winer, the head of equities at Wedbush Securities, put it to CNN Money: "You've got the president of the United States attacking a single company over what he considers to be unfair practices."

Separately, over the weekend Trump also threatened the North American Free Trade Agreement, while China responded to the White House's tariffs Monday by imposing new taxes on U.S. imports like pork and fruits — moves that sent shock waves through the markets, CNN Money writes.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The S&P 500 dropped 2.6 percent, into correction territory, as did the Nasdaq, which dipped 2.9 percent.

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us