Wall Street tumbles on tech sector, trade war worries

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Investors have also been wary about a trade war after China chose to impose extra tariffs on 128 U.S. products over the weekend, in retaliation to Trump's decision to impose tariffs on steel and aluminium. The S&P 500 fell 0.71 per cent to 2,595.96 and the Nasdaq Composite dropped 0.81 per cent at 6,885.06.

The Dow Jones industrial average lost 459 points Monday, a 1.9 percent loss, after falling by more than 700 points hours before closing. Companies in the S&P 500 are forecast to grow earnings at a almost 19% clip, up from estimates of 12.2% on January 1, according to earnings tracker Thomson Reuters.

Facebook stock also continued to fall Monday (2.75 percent) as the social network faces scrutiny over its sale and collection of user data.

The S&P 500 opened below its 200-day moving average, a key technical level, and the Dow lost as much as 510 points before recovering some ground to stand 250 points lower at.

The Dow is down 1,075.03 points, or 4.3 percent.

The Nasdaq composite gained 71.16 points, or 1 percent, to 6,941.28.

Stocks are falling sharply on Wall Street after China raised import duties on US pork, apples and other products.

Retaliatory Chinese levies on USA pork, wine and fruit went into effect earlier this week. "This brings in an incredible amount of uncertainty, but people may just respond to things as they unfold", said Michael O'Rourke, chief market strategist at JonesTrading.

Despite the broader rebound, some industrial stocks - a sector with outsize exposure to trade issues - still fell on the day. It was down as much as 639 in early afternoon trading.

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Microsoft rose 1 percent and Amazon climbed 1.3 percent.

Big-name tech companies like Microsoft fell more than the rest of the market Monday.

The rise in yield also helped financial stocks, with the S&P financial index up 0.44 percent.

Shares of Tesla jumped, up 8.2 percent as of 2.05pm in NY, after the vehicle maker reassured investors by saying it will not need to raise additional capital this year.

Boeing and Apple led a slide in big USA manufacturers and technology companies on Wednesday, bearing the brunt of a deepening trade conflict between China and the United States. Tweets from President Donald Trump attacking Amazon.com Inc. sent big tech shares careening lower, while a report that Apple Inc. might ditch Intel Corp. rattled high-flying chipmakers.

However, investor concerns appeared to ease after Trump's top economic adviser Larry Kudlow said the administration was involved in a "negotiation" with China rather than a trade war. Futures pointed to losses of more than 2% for the Nasdaq and Dow.

The president has for days been assailing Amazon, lately focusing on a "scam" contract with the U.S. Postal Service that has actually been judged profitable for the post office.

The Russell 2000 is down 23.36 points, or 1.5 percent. Brent crude, used to price worldwide oils, slid $1.33, or 1.9 percent, to $68.01 a barrel in London.

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