The latest on developments in financial markets (all times local):
Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.
China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.
Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%.
The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%.
Oil rose 2.4% to $63.15 a barrel after two Saudi vessels were targeted off the coast of the United Arab Emirates.
Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.
Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.