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.
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.
The S&P 500 dropped 2.6 percent, into correction territory, as did the Nasdaq, which dipped 2.9 percent.
Create an account with the same email registered to your subscription to unlock access.