Wall Street's main indexes fell sharply on Monday, with the Dow Jones Industrial Average tumbling more than 500 points, as China's willingness to let the yuan slide in response to the latest U.S. tariff threat fanned fears that it could further aggravate an ongoing trade war.
Stock markets around the world fell hard and the Chinese yuan weakened to an 11-year low on Monday as fears of an escalation in the U.S.-China trade war jolted financial markets.
China's decision to let its yuan plunge through a previously sacrosanct level means a tit-for-tat trade conflict could morph into a currency war, injecting volatility into long-dormant foreign exchanges and piling pressure on world markets.
Walmart Inc , the largest firearms retailer in the country, said on Monday there has been no change in company policy on firearms sales after two mass shootings over the weekend.
Tyson Foods Inc reported better-than-expected quarterly earnings on Monday and reaffirmed expectations it will profit from the spread of a fatal hog disease in China, sending shares to a record high.
Britain's Sports Direct International Plc has bought clothing retailer Jack Wills for 12.75 million pounds ($15.51 million), the Mike Ashley-led company said on Monday.
Wall Street analysts said Apple is likely to absorb the cost of the new tariff and called it a great buying opportunity.
U.S. services sector activity slowed in July as new orders dropped to their lowest level in three years, suggesting the economy lost further momentum early in the third quarter.
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Oil prices fell on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers.
The Dow Jones Industrial Average tumbled more than 700 points in a global selloff on Monday, triggered by China's willingness to let the yuan slide in response to the latest U.S. threats on trade.
U.S. stocks fell the most since December on Monday after China allowed its currency to weaken beyond a key threshold, signalling dimmer prospects for a de-escalation in U.S.-China trade tensions.
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