Dow tanks 767 points in market’s worst day of 2019

August 06, 2019 / By mobanmarket

U.S. stocks went into freefall on Monday, with the Dow Jones Industrial Average down 900 points at its low before curbing some of those losses, ending the session 767 points lower.

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Ticker	Security	Last	Change	%Chg
I:DJI	DOW JONES AVERAGES	25717.74	-767.27	-2.90%
SP500	S&P 500	2844.74	-87.31	-2.98%
I:COMP	NASDAQ COMPOSITE INDEX	7726.039511	-278.03	-3.47%

All three of the major market averages lost about 3 percent led by the tech-heavy Nasdaq Composite in what is the worst session of the year for the broader markets.

The selling escalated overnight after China allowed its yuan to sink to an 11-year low, fueling concern Beijing might use its currency as a weapon in the tariff war.

Firing back, Trump slammed China for “currency manipulation” following the weakening of the yuan by the country.

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Apple, Google and Amazon all taking a hit.

Ticker	Security	Last	Change	%Chg
AAPL	APPLE INC.	193.34	-10.68	-5.23%
GOOGL	ALPHABET INC.	1,154.75	-41.57	-3.47%
AMZN	AMAZON.COM INC.	1,765.13	-58.11	-3.19%

Investors also rotated out of trade-sensitive names including Boeing, Caterpillar and 3M.

Ticker	Security	Last	Change	%Chg
BA	BOEING COMPANY	331.06	-8.50	-2.50%
CAT	CATERPILLAR INC.	121.65	-2.89	-2.32%
MMM	3M COMPANY	164.71	-5.84	-3.42%

All ten of the S&P's sectors lost ground with large-cap tech, consumer discretionary and healthcare stocks getting hit the hardest.

Last week, Trump told China the U.S. would be placing 10 percent tariffs on $300 billion worth of Chinese goods beginning Sept. 1.

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Investors flocked to gold, a safe-haven, pushing the yellow metal above $1,460 level.

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It will be another busy week for earnings. Dow member Disney will report Tuesday. In all, 59 companies in the S&P 500 will announce results.

On the economic agenda, the U.S. service sector expanded at the slowest pace in nearly three years in July, a sign that a key segment of the economy continues to cool. The Institute for Supply Management's nonmanufacturing purchasing managers index fell to 53.7 in July from 55.1 in June.

The Associated Press and FOX Business' Ken Martin contributed to this article.