US stocks fell on Monday as investors fled tech stocks amid fears of a US-China trade dispute, prompting Standard & Poor’s and Dow Jones Industrial Average to retreat from their 200-day moving averages for the first time since June 2016.
According to Reuters, the first trading day of the second quarter of the year began with a large sales wave focused on the technology and consumer products sectors, while the losses of shares of Amazon.com, Tesla and Mikersoft on retaliatory actions unveiled by China on Sunday.
The Dow Jones ended the trading session down 458.92 points, or 1.9 percent, to 2,364.19 points, while the broader S & P 500 index fell 58.99 points, or 2.23 percent, to close at 2581.88 points.
The Nasdaq Composite Index closed down 193.33 points, or 2.74 percent, at 6,870.12.
Amazon.com was the top loser among stocks on the S & P 500, falling 5.2 percent as US President Donald Trump continued his attacks on Twitter on the world’s largest online retailer.
Among major technology stocks, Microsoft fell 3.0 percent, Intel lost 6.0 percent, Facebook fell 2.75 percent and Alcatel lost 2.36 percent.
Tesla, the automaker, finished the session down 5.1 percent after the company said it was building 2,000 model-3 sedans a week, below the 2,500 target.
Tesla’s stock plunged after losing nearly 14 percent last week due to investigations into a fatal crash linked to its self-driving system, and Moody’s downgraded its credit rating.