Trade worries sink US stocks; China pork duty hits Tyson
NEW YORK (AP) — U.S. stocks are tumbling Monday after China raised import duties on U.S. pork, apples and other products. Tyson Foods is among the biggest losers on Wall Street. Investors are also dumping some of their recent favorites, including retailers like Amazon and technology companies such as Microsoft.
Health insurer Humana is jumping on continued reports Walmart might buy the company or announce a new partnership with it.
KEEPING SCORE: The Standard & Poor’s 500 index skidded 58 points, or 2.2 percent, to 2,582 as of 11:38 a.m. Eastern time. The Dow Jones industrial average lost 442 points, or 1.8 percent, to 23,660. The Nasdaq composite slumped 190 points, or 2.7 percent, to 6,872. The Russell 2000 index of smaller-company stocks fell 30 points, or 2 percent, to 1,498.
U.S. markets were closed Friday for the Good Friday holiday. Before that, the S&P 500 rose 2 percent last week in choppy trading. The benchmark index lost 1.2 percent in the first quarter of 2018 following nine straight quarters of gains.
TRADE FEARS: China raised import duties on a $3 billion list of U.S. goods in response to a new U.S. tariffs on imported steel and aluminum. Meat producer Tyson Foods slumped $4.02, or 5.5 percent, to $69.17 while Hormel lost 70 cents, or 2.1 percent, to $33.62.
A bigger dispute looms over Trump’s approval of possible higher duties on Chinese goods.