Stock markets in the U.S. slumped badly Monday, notching some of their worst single-day declines of 2019, during a global market correction spurred by increasing anxiety about U.S.-China trade rela…
fell 3.5% to finish at 7,726.04, while the S&P 500 marked its sixth straight down day, wrapping up at 2,844.74, down 3%.
Big tech was hit hard in the pullback. Netflix, Alphabet and Apple all shed between 4% and 5%, with social media firms Twitter, Facebook and Snap Inc. in slightly worse shape. As a hardware leader, Apple has been seen as one of the most vulnerable U.S. companies in the new China-U.S. environment. Traditional media players fared a bit better but were still dinged, mostly falling by a couple of percentage points.
The yuan, China’s unit of currency, reached its lowest level in more than a decade. With the OK from the government, the People’s Bank of China allowed the yuan to fall. Trump blasted the move on Twitter as a “major violation” and “currency manipulation.” As the yuan fell to less than seven per dollar, U.S. companies faced a bigger challenge operating in China as the net effect of the currency drop is that prices for U.S. goods increase.Subscribe to
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock Markets Plunge In Response To ChinaChina’s currency fell to a 10-year low Monday.
Read more »
Stock Markets Plunge In Response To ChinaThe stock market tumbled today in response to the Chinese yuan falling to its lowest value in 10 years, an event President Trump called “currency manipulation” by lisettevoytko
Read more »
Asia markets set to decline amid US-China trade concernsStocks in Asia were set to trade lower on Monday as investors remain concerned over a recent escalation in the U.S.-China trade war.
Read more »
China Box Office: ‘Nezha’ Is 10th-Highest Grosser Ever in China After Two WeekendsChinese animation “Nezha” has proven itself China’s surprise hit of the summer, and is on track outstrip “Avengers: Endgame” to become China’s third highest-ever grossing film. It continued to smas…
Read more »
Take Two Stock Recovers From Trump Slump on Strong Fiscal Q1 2020 EarningsTake Two Interactive investors sent the company’s share price down 5.2% Monday during trading hours following President Trump’s threats to “stop the glorification of violence” — but the Trump…
Read more »