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Stocks plunge as China hits U.S. goods with tariffs

China retaliates on tariffs
China retaliates against Trump tariffs 06:03

NEW YORK -- U.S. stocks fell sharply on Monday after China imposed tariffs on more than 100 products and tech stocks continued to slide. 

China's move was a retaliation for U.S. tariffs on imported steel and aluminum, and were targeted at exports including pork and fruit.

That was evident in which stocks got hit: Meat producer Tyson Foods (TSN) slumped 6 percent, and industrial giant Caterpillar (CAT) fell 2.4 percent. 

The Dow closed down 459 points, or 1.9 percent. The S&P 500 index fell 2.2 percent, while the Nasdaq lost 2.7 percent. 

Large technology companies also saw their shares continue to slump: Amazon (AMZN), Apple (AAPL), Google-parent Alphabet (GOOGL) and Facebook (FB) all declined. Facebook was down 2.8 percent. 

Investors have been exiting the stocks, which led financial markets to record highs earlier this year, amid mounting public scrutiny of tech players' data privacy practices.  

Ian Bremmer on China and U.S. tariffs, "Cold War on technology" 03:37

After peaking at almost $1,600 a share last month, Amazon shares have slumped recently as investors took a more cautious approach to stocks. The online retailer was also repeatedly criticized by President Donald Trump last week over its shipping deals with the U.S. Postal Service. Despite its recent losses, Amazon stock is still up about 17 percent in 2018.

Tesla's (TSLA) stock fell more than 5 percent. The stock declined after the electric car maker said Friday that the vehicle in a fatal crash last week in California was operating on Autopilot mode, making it the latest accident to involve a semi-autonomous vehicle. 

Carlyle Group co-chair says he's not worried about possible China trade war 06:24

Humana (HUM)  shares rose following continued reports Walmart (WMT) could buy the company or form a partnership with the health insurer. The Wall Street Journal reported on the possible deal last week. Humana is a major provider of Medicare Advantage coverage for people age 65 and older. 

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