Dow Falls 391 Points Amid US-China Trade Woes, Hong Kong Protests

Traders work on the floor at the New York Stock Exchange in New York

Traders work on the floor at the New York Stock Exchange in New York

Futures tied to the Dow Jones Industrial Average ticked down 0.2%, following the index's sharp drop Monday. Futures on the S&P 500 added 0.3%. The selling was widespread, with technology companies and banks accounting for a big share of the decline. "The flight to bonds is really the more concerning element only because it flattens the yield curve". -China trade war stoked fears of impending global recession.

Analysts said the latest escalations between Washington and Beijing on trade marred sentiment.

Hong Kong's Hang Seng fell 1.2 percent to 25,524.86.

Futures on the Nikkei 225 fell 1.2% in Singapore. The average was briefly down 462 points. S&P 500 e-minis were down 16.25 points, or 0.56% and Nasdaq 100 e-minis were down 47.25 points, or 0.62%. The index came to 104.7 in July, up 1.4 points from the prior month. Earlier, the S&P 500 Index retreated for a second day and now sits nearly 5% below its all-time high. -China trade war leading to a recession were growing and that it no longer expected a trade deal before the 2020 USA presidential election.

Elsewhere, the won extended losses as data signalled exports are set to drop for a ninth straight month in August as the impact of the U.S.

Trade tensions spiked earlier this month after President Donald Trump vowed to impose a 10% tariff on $300 billion of USA imports from China.

The new tariff would go into effect September 1 and more directly affect USA consumers.

The euro climbed 0.1% to $1.1211.

At the weekend, Trump upped the ante with Beijing into what is becoming a new Cold War when he made it clear that planned trade talks with China in the U.S. next month could be shelved after resuming in July.

The longer the trade conflict drags on, the more it has the potential to threaten the weakening global economy by discouraging trade and causing businesses to pull capital spending plans on hold. "Multinationals are being very cautious". -China before the 2020 US presidential election.

Traders continued to shift money into bonds Monday, bidding up bond prices.

Something else that investors will remain wary of is the spread between the 2-year and 10-year Treasury yields, which narrowed to only 6 basis points on Monday, near its lowest level since 2007.

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Stocks in Asia kicked off the week in a mixed fashion as holiday closures crimped volume and traders weighed the ongoing trade-war tensions.

Goldman Sachs raised its estimate of how much the trade war will hurt the economy.

China-sensitive stocks including Caterpillar, Deere and Boeing all declined more than 1%. The company's revenue edged higher on growth from its US operations.

The withdrawal of British food delivery service Deliveroo from the German market sent shares of competitor Delivery Hero higher, while Takeaway.com which owns Delivery Hero's German arm rose 3 percent. Viacom slid 4.9% and CBS lost 1.8%.

Amgen Inc rose 6% as a USA judge upheld two patents relating to blockbuster rheumatoid arthritis drug Enbrel, denying a challenge by Novartis AG, which is seeking to launch a copycat version.

All three major US stock indexes closed sharply lower in light trading, with little to soothe market jitters over Hong Kong protests, Argentine President Mauricio Macri's primary election defeat, and the U.S.

Shares fell across the region led by Japan and Hong Kong, where stocks reacted to protesters bringing the city's airport to a standstill on Monday.

Meanwhile, Argentina's peso sank on Monday and its equities crashed after voters turned on the president in a primary vote. The nation is in a deep economic crisis and the potential for a drastic change in leadership is rattling investors there. "Investors are coming around to the fact that no matter where interest rates get pegged it will not mitigate the trade issues".

Investors are facing a relatively slow week as far as economic reports and corporate earnings.

On the data front, the annualized and monthly Consumer Price Index (CPI) and core CPI data for July will be released at 8:30 a.m.

Macy's reports quarterly results on Wednesday and Walmart will report results on Thursday.

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