Markets tumble at opening bell as China, U.S. tariffs escalate

Dow Jones.
(Image credit: BRYAN R. SMITH/AFP/Getty Images)

Within seconds of the opening bell Wednesday, the Dow Jones Industrial Average plunged almost 500 points, or about 2 percent. The plummet follows China's announcement Wednesday morning of tit-for-tat tariffs on $50 billion worth of U.S. goods, including soybeans — the top U.S. agricultural export to China.

The S&P was also down 1.2 percent, and the Nasdaq down 1.7 percent, per The Wall Street Journal. The Dow recovered slightly after the initial drop.

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