Technology fears amid trade dispute lead to slide in stocks

22 2018 a woman works on socks that will be exported at a factory in Huaibei in China's eastern Anhui province. Wall Street stocks tumbled early

AFP Getty Images On June 22 a woman worked on socks that will be exported at a factory in Huaibei in China's eastern Anhui province

An escalating trade dispute between the United States and other leading economies battered USA stocks on Monday, handing the S&P 500 and Nasdaq their steepest losses in more than two months. The Dow Jones Industrial Average lost 328.09 points, or 1.3%, to 24,252.80.

The Dow Jones Industrial Average lost 2 percent last week, posting its worst weekly performance since late March, after Trump threatened to impose a 20 percent tariff on all European Union auto imports. The Nasdaq composite shed 2.1 percent to 7,532.01. The Russell 2000 index of smaller-company stocks slid 21 points, or 1.3 percent, to 1,663.

Stocks sank after the Wall Street Journal and Bloomberg News reported that the administration intends to limit exports of some high-tech products to China and will limit investment in technology firms by companies with substantial Chinese ownership. He has since escalated that to threats of tariffs on billions more dollars of goods imported into the U.S., causing threats of retaliation from China. Nvidia lost 2.9 percent to $243.55. All but one of the 72 technology companies listed on the S&P 500 index closed lower Monday. Britain's FTSE 100 climbed 0.5 percent to 7,549.19. Germany's DAX rose 0.5 percent to 12,325.47 and France's CAC 40 added 0.4 percent to 5,306.51. Hong Kong's Hang Seng lost 1.3%.

HARLEY SHIFTS: Harley-Davidson will move the production of motorcycles headed for Europe from the overseas facilities. China and the European Union agreed on Monday to launch a group that will, among other things, try to preserve support for worldwide trade amid US threats of import controls. The EU tariffs on $3.4 billion worth of USA products are retaliation for duties the Trump administration is imposing on European steel and aluminum.

Harley-Davidson dropped 1.2 percent after the motorcycle maker forecast additional costs due to European Union tariffs.

The S&P 500 is up 43.46 points, or 1.6 per cent. Broadcaster Gray Television jumped 16 percent to $14.85 after it said it will combine with Raycom in a deal the companies valued at $3.6 billion. Carnival fell 7.9 percent to $58.54 and competitors Royal Caribbean and Norwegian Cruises also slumped.

BONDS: Bond prices were little changed.

Japan's benchmark Nikkei 225 index dropped 0.5 percent to 22,221.33 and South Korea's Kospi lost 0.9 percent to 2,337.60.

The August crude contract was down eight cents to US$68.50 per barrel and the August natural gas contract was down three cents to US$2.91 per mmBTU.

The S&P technology index dropped 3.0 percent, set for its biggest one-day plunge in almost three months. Brent crude, used to price global oils, rose 43 cents to $74.98 per barrel in London.

OPEC countries agreed to produce more oil Friday, but investors aren't sure the cartel will produce as much crude oil as it says it will.

CURRENCIES: The dollar remained at 109.45 yen from late trading Monday. The euro weakened to $1.1675 from $1.1704.

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