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Dow Jones drops 450 points as Amazon tumbles and trade war fires rise

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Technology company was the subject of another attack from Donald Trump, as China retaliates to president's trade tariffs

Worries over protectionist trade policies between the US and China and controversy surrounding technology companies meant that the Dow Jones industrial average closed more than 400 points down.

There were steep drops in share price on Monday from former big winners including Netflix, Microsoft and Alphabet, Google's parent company.

Among other recent winners, Intel plummeted 6.1 per cent following a report in Bloomberg News that Apple plans to start using its own chips in Mac computers.

  • Read more

Trump renews attack on Amazon as he accuses retailer of running scam

And Amazon sank following more broadsides from President Donald Trump via Twitter.

The Dow fell as much as 758 points, although major indexes regained some of their losses later in the afternoon.

The Dow lost 458.92 points, or 1.9 per cent, to 23,644.19. The S&P 500 index gave up 58.99 points, or 2.2 per cent, to 2,581.88.

The Nasdaq composite slumped 193.33 points, or 2.7 per cent, to 6,870.12. The Russell 2000 index of smaller-company stocks fell 36.90 points, or 2.4, to 1,492.53.

World news in pictures

World news in pictures

  • 1/51

    Jewish priests and civilians take part in the Cohanim prayer during the Passover holiday at the Western Wall in the Old City of Jerusalem

    AFP/Getty

  • 2/51 1 April 2018

    Pope Francis greets the crowd at St Peter's square after the Easter Sunday Mass in the Vatican. Christians around the world are marking the Holy Week, commemorating the crucifixion of Jesus Christ, leading up to his resurrection on Easter.

    AFP/Getty

  • 3/51 31 March 2018

    Mourners hold back a relative of Palestinian Hamdan Abu Amshah, who was killed along the Israel border with Gaza, during his funeral in Beit Hanoun town.

    Reuters

  • 4/51 30 March 2018

    Israeli soldiers shot tear gas grenades towards the Palestinian tent city protest commemorating Land Day. The day marks the killing of six Arab Israelis during 1976 demonstrations against Israeli confiscations of Arab land.

    AFP/Getty

  • 5/51 29 March 2018

    An emotional Steve Smith is comforted by his father Peter as he fronts the media at Sydney International Airport. Steve Smith, David Warner and Cameron Bancroft were flown back to Australia following investigations into alleged ball tampering in South Africa.

    Getty

  • 6/51 28 March 2018

    French gendarmes escort the coffin of the late Lieutenant Colonel Arnaud Beltrame transported by car during a funeral procession leaving the Pantheon as part of a national tribute in Paris. The French President will lead a national commemoration to hostage-swap policeman Arnaud Beltrame killed in jihadist attack.

    AFP/Getty

  • 7/51 27 March 2018

    Russian President Vladimir Putin visits a memorial made for the victims of a fire in a multi-story shopping center in the Siberian city of Kemerovo. Officials say that the fire escapes were blocked and a PA system was turned off during the fire that killed over 50 people.

    Kremlin Pool Photo via AP

  • 8/51 26 March 2018

    At least 64 shoppers have been killed in fire at a shopping centre in Russia. A further 16 people were still missing after flames broke out at the four-storey Winter Cherry mall in the city of Kemerovo in Siberia, according to Russian Emergencies Minister Vladimir Puchkov. The fire was extinguished in the morning after burning through the night. Parts of the building were still smouldering and the floors of the cinema hall had caved in in places, another emergency official said.

    Russian Emergencies Ministry via Reuters

  • 9/51 25 March 2018

    Syrian civilians gathering for their evacuation from the town of Arbin in the Eastern Ghouta region on the outskirts of the capital Damascus, following a deal with the regime. The deal is expected to see some 7,000 people bussed from Arbin and Zamalka towns and the district of Jobar to a rebel-dominated part of northern Syria.

    AFP/Getty

  • 10/51 24 March 2018

    Students attend the ‘March For Our Lives’ in Washington. In the wake of the Florida attack, there has been a widespread effort to ban assault rifle.

    Getty

  • 11/51 23 March 2018

    Police at the scene of a hostage situation in a supermarket in Trebes. An armed man took hostages in a supermarket in southern France, killing three and injuring about a dozen others, police said. A French minister confirmed the gunman had been shot dead by police.

    Reuters

  • 12/51 22 March 2018

    A boy rows his boat in the polluted waters of the Brahmaputra river on World Water Day in Guwahati, India.

    Reuters

  • 13/51 21 March 2018

    Kosovo's opposition lawmakers release a teargas canister inside the country's parliament in before a vote for an agreement to ratify or not a border demarcation deal signed in 2015 with Montenegro.

    AFP/Getty

  • 14/51 20 March 2018

    People carrying luggage leave the Russian Embassy in London and board a van bearing diplomatic plates. Dozens of people including adults with children arrived at the Russian embassy in the morning and then left carrying luggage in vehicles bearing diplomatic registration plates. Britain last week announced the expulsion of 23 Russian diplomats over the spy poisoning row, prompting a tit-for-tat response from Moscow.

    AFP/Getty

  • 15/51 19 March 2018

    The Soyuz MS-08 spacecraft is mounted on the launch pad at the Russian-leased Baikonur cosmodrome in Kazakhstan

    AFP/Getty

  • 16/51 18 March 2018

    President Vladimir Putin walks out of a voting booth at a polling station during Russia's presidential election in Moscow.

    AFP/Getty

  • 17/51 17 March 2018

    People take part in a pensioners protest to demand decent pensions in Barcelona. Thousands of people across the country took part in mass demonstrations called by main Spanish workers unions demanding rises of state pensions in accordance with the consumer price index

    AFP/Getty

  • 18/51 16 March 2018

    Russian President Vladimir Putin visits the Almazov National Medical Research Centre in Saint Petersburg.

    AFP/Getty

  • 19/51 15 March 2018

    Vladimir Putin chairs a meeting with members of the Security Council in Moscow.

    Reuters

  • 20/51 14 March 2018

    German Chancellor Angela Merkel is sworn in by the President of the German lower house during the government's swearing-in ceremony at the Bundestag in Berlin. Merkel, head of the Christian Democratic Party CDU, starts her fourth term as German chancellor, capping months of political uncertainty as she bartered with her rivals of the SPD to help govern Europe's top economy in a "grand coalition".

    AFP/Getty

  • 21/51 13 March 2018

    Nepali students of University of Dhaka light candles in memory of the victims of the US-Bangla aircraft crash in Nepal, Bangladesh.

    Reuters

  • 22/51 12 March 2018

    Rescuers work to save passengers from a plane crash at Kathmandu airport in Nepal.

    AP

  • 23/51 11 March 2018

    French President Emmanuel Macron and his wife Brigitte Macron pose for photographs as they visit the Taj Mahal.

    AFP/Getty

  • 24/51 10 March 2018

    France’s far-right party Front National (FN) president Marine Le Pen applauds former US President advisor Steve Bannon after his speech during the Front National party annual congress, in Lille, northern France.

    AFP/Getty

  • 25/51 9 March 2018

    A television screen showing pictures of US President Donald Trump and North Korean leader Kim Jong-Un at a railway station in Seoul.

    AFP/Getty

  • 26/51 8 March 2018

    Protesters form triangles with their hands during a demonstration for women’s rights in Bilbao, Spain.

    Reuters

  • 27/51 7 March 2018

    A labourer works on a salt pan in the outskirts of the Nagaur district in the Indian state of Rajasthan ahead of International Women’s day.

    AFP/Getty

  • 28/51 6 March 2018

    Sri Lanka's army soldiers and police personnel stand near a vandalised building in Digana, a suburb of Kandy. Extremists Buddhist mobs swept through the town on Monday, burning at least 11 Muslim owned shops and homes. Sri Lanka's president declared a state of emergency Tuesday amid fears that anti-Muslim attacks in the central hill town could spread.

    AP

  • 29/51 5 March 2018

    Chinese President Xi Jinping arrives for the opening of the first session of the 13th National People's Congress (NPC) at the Great Hall of the People in Beijing. The NPC has over 3,000 delegates and is the world's largest parliament or legislative assembly though its function is largely as a formal seal of approval for the policies fixed by the leaders of the Chinese Communist Party. The NPC runs alongside the annual plenary meetings of the Chinese People's Political Consultative Conference (CPPCC), together known as 'Lianghui' or 'Two Meetings'.

    EPA

  • 30/51 4 March 2018

    Female protestor stands up with the words 'Berlusconi Sei Scaduto' written on her body, translating as 'Berlusconi, you’ve expired', as Silvio Berlusconi stands during voting of the political and regional elections in Milan, Italy.

    Rex

  • 31/51 3 March 2018

    Russian President Vladimir Putin delivers a speech during a rally to support his bid in the upcoming presidential election at Luzhniki Stadium in Moscow.

    Reuters

  • 32/51 2 March 2018

    A light turns red outside of Germany's Krupp Mannesmann steel factory. German officials and industry groups warned U.S. President Donald Trump that he risks sparking a trade war with his closest allies if he goes ahead with plans to impose steep tariffs on steel and aluminium imports.

    AP

  • 33/51 1 March 2018

    People dance during Holi festival celebrations in Kathmandu, Nepal.

    EPA

  • 34/51 28 February 2018

    Indian fans watch as the funeral procession of the late Bollywood actress Sridevi Kapoor passes through Mumbai.

    AFP/Getty

  • 35/51 27 February 2018

    Candles are left in tribute to murdered Slovakian investigative reporter Jan Kuciak, 27, and his fiancee Martina, 27, at Slovak National Uprising Square in Bratislava. A leading Slovak newspaper says organised crime may have been involved in the shooting death that shocked Slovakia. The bodies of Kuciak and Kusnirova were found Sunday evening in their house in the town of Velka Maca, east of the capital.

    AP

  • 36/51 26 February 2018

    Colosseum during a heavy snowfall in Rome, Italy.

    REUTERS/Alberto Lingria

  • 37/51 25 February 2018

    Family members of victims of the sunken South Korean naval ship Cheonan by a North Korean attack hold up defaced portraits of Kim Yong Chol, vice chairman of North Korea's ruling Workers' Party Central Committee, during a rally against his visit near the Unification bridge in Paju, South Korea. A North Korean high-level delegation led by Kim arrived to attend the closing ceremony of the Pyeongchang Winter Olympics. The signs read: " Let's punish Kim Young Chol."

    Getty

  • 38/51 24 February 2018

    Ivanka Trump (C) cheers while sat between former Olympic US bobsledders Shauna Rohbock (L) and Valerie Fleming (R) as the United States beat Sweden in their Men's Gold Medal Curling match at the Gangneung Curling Centre in Gangneung, South Korea. Ivanka Trump is on a four-day visit to South Korea to attend the closing ceremony of the PyeongChang Winter Olympics.

    Getty

  • 39/51 23 February 2018

    David Allen Turpin (C), who along with Louise Anna Turpin is accused of abusing and holding 13 of their children captive, appears in court with attorneys David Macher (L) and Alison Lowe in court in Riverside, California. According to Riverside County Sheriffs, David Allen Turpin and Louise Anna Turpin held 13 malnourished children ranging in age from 2 to 29 captive in their Perris, California home. Deputies were alerted after a 17-year-old daughter escaped by jumping through a window shortly before dawn, carrying a de-activated mobile phone from which she was able to call 911 for help. Responding deputies described conditions in the home as foul-smelling with some kids chained to a bed and suffering injuries as a result. Adult children appeared at first to be minors because of their malnourished state. The Turpins were arrested on charges of torture and child endangerment.

    Getty

  • 40/51 22 February 2018

    The Elephanta Island, home to the famous Elephanta Caves, finally gets electricity after a wait of 70 years. Seventy years after Independence, a 7.5-km long undersea cable has finally brought electricity to the world-famous Gharapuri Isle, which houses the UNESCO World Heritage site Elephanta Caves, about 10-km from Mumbai, India.

    Getty

  • 41/51 21 February 2018

    Canadian Prime Minister Justin Trudeau pays his respects at the Sikh Golden Temple in Amritsar. Trudeau and his family are on a week-long official trip to India.

    Getty

  • 42/51 20 February 2018

    Members of the Syrian civil defence evacuate an injured civilian on a stretcher from an area hit by a reported regime air strike in the rebel-held town of Saqba, in the besieged Eastern Ghouta region on the outskirts of the capital Damascus.

    AFP/Getty

  • 43/51 19 February 2018

    A Thai Navy instructor demonstrates how to catch a snake during a jungle survival exercise as part of the "Cobra Gold 2018" (CG18) joint military exercise with US soldiers, at a military base in Chonburi province, Thailand.

    Reuters

  • 44/51 18 February 2018

    Children play outside their destroyed school in the Frikeh village, in Idlib, north-western Syria

  • 45/51 17 February 2018

    A pro-Kurd demonstrator attends a protest demanding the release of the Kurdistan Workers’ Party (PKK) leader Abdullah Ocalan in Strasbourg, France

  • 46/51 16 February 2018

    Joe Zevuloni mourns in front of a cross placed in a park to commemorate the victims of the shooting at Marjory Stoneman Douglas High School, in Parkland, Florida

    Reuters

  • 47/51 15 February 2018

    South Africa's new president Cyril Ramaphosa holds up his right hand as he is sworn into office

    AFP/Getty

  • 48/51 14 February 2018

    The African National Congress’s (ANC) treasurer general Paul Mashatile (left) and parliamentary chief whip Jackson Mthembu address a media briefing, after an emergency ANC caucus meeting on 14 February in Cape Town. South Africa’s parliament will hold a vote of no-confidence in President Jacob Zuma on 15 February, the ruling ANC party said, signalling its determination to eject him from office after days of stalemate

    AFP

  • 49/51 13 February 2018

    North Korean cheerleaders are surrounded by media as they attempt to walk on Gyeongpo beach in Gangneung, South Korea

    AFP/Getty

  • 50/51 12 February 2018

    Former US President Barack Obama unveils his portrait at the Smithsonian's National Portrait Gallery in Washington, DC

    AFP/Getty

  • 51/51 9 February 2018

    US Vice President Mike Pence and North Korean leader Kim Jong-Un's sister Kim Yo-Jong attend the opening ceremony of the Pyeongchang 2018 Winter Olympic Games

    AFP/Getty

Kate Warne, an investment strategist for Edward Jones, said moves by China to hit back over trade tariffs imposed by the US were small but significant.

“The fact that a country has actually raised tariffs in retaliation is an important step in the wrong direction,” she said.

“The tariffs imposed by China today lead to greater worries that we will see escalating tariffs and the possibility of a much bigger impact than investors were anticipating last week.

“And that could be true for Mexico as well as for China.”

  • Read more

These farmers voted for Trump but they fear a trade war will ruin them

Food maker Tyson dropped 6.2 per cent after China raised import duties on a $3bn list of US goods in response to the tariffs on imported steel and aluminium that President Trump ordered last month.

Amazon fell another 5.2 per cent. The online retailer has slumped with the market recently, although it is still up about 17 per cent in 2018.

Mr Trump has repeatedly criticised Amazon over issues including taxes and the company's shipping deals with the US Postal Service.

Jack Ablin, chief investment officer of Cresset Wealth Advisors, said Amazon is just the latest company to falter after it drew scrutiny from the government, as Facebook and Alphabet have slumped recently over data privacy concerns.

“It seems like the long arm of the government is interfering with investors' expectations,” he said.

“Investors are pricing in an escalating trade war and regulation of tech companies.”

Microsoft dropped 3 per cent and Alphabet, Google's parent company, shed 2.4 per cent.

Monday marked the first time another country has placed tariffs on US goods in response to the Trump administration's recent trade sanctions.

The price of gold climbed 1.2 per cent to 1,343.60 dollars an ounce and silver jumped 2% to 16.60 dollars an ounce as some investors took money out of stocks and looked for safer investments.

Press Association

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