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U.S. stocks closed lower Monday with intraday trading volatile, with the S&P 500 almost confirming a second correction in 2018 as concerns about escalating trade tensions between the U.S. and China reappeared, and shares of major technology and Internet companies plunged.
Bloomberg reported Monday that if U.S. President Trump and Chinese President Xi Jinping's talks next month fail to ease the trade war, the United States is prepared to announce tariffs on all remaining Chinese imports by early December.
"Obviously, this trade conflict is evolving into a worse situation than it is today," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
In midday trading, the S& P 500 closed down more than 10% from its record close on Sept. 20, shrinking by 9.9%. The Dow Jones Industrial Average fell more than 10% from its highest closing point on October, compared with 3 in October, closing down by 8.9%.
The Dow Jones industrial average. DJI fell 245.39 points, or 0.99 percent, to 24,442.92; the S&P 500 index. SPX fell 17.44 points, or 0.66 percent, to 2,641.25; and the Nasdaq index. IXIC fell 116.92 points, or 1.63 percent, to 7,050.29.
Large technology and growth stocks such as Amazon (AMZN.O), Google parent Alphabet Inc (GOOGL.O) and Netflix (NFLX.O) fell sharply. S & P 500 index technology sector fell 1.8%.
Industrial stocks, which were seen as sensitive to trade issues, fell 1.7% and BA.N fell 6.6%.
"Concerns about global growth and trade continue to affect the performance of U.S. companies and global stock markets," says Chad Morganlander, senior portfolio manager at Washington Crossing Advisors.


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