Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
The selling also comes ahead of the Trump administration’s plan to unveil this week the list of Chinese imports targeted for US tariffs. The list of $US50-60 billion worth of annual imports is expected to target “largely high-technology” products.
The more tech-heavy Nasdaq 100– which has been a lightning rod for market volatility in recent weeks – plummeted as much as 3.3% to lead all major US indexes. Meanwhile, the benchmark S&P 500 dropped as much as 2%, and the 30-company Dow Jones industrial average slid more than 2.1% at one point.
Let’s get to it:
- Dow plunges more than 500 points as Trump picks on Amazon and trade-war fears return
- US factory owners are getting worried that Trump’s trade war could tank their business
- This could be the most critical week in Tesla’s history
- Trump continues his Twitter war with Amazon and the stock is sinking
- Netflix plunges deeper into a correction
- Snap is getting hammered
- The Nasdaq is now in the red for the year
In other news, active investors look well prepared to fight off the effects of a trade war, with large-cap active funds less exposed to China-specific trade war risk than the benchmark S&P 500 across multiple categories, according to data compiled by Bank of America Merrill Lynch.And the rocky stock market is about to be rescued by a surprising saviour, according to Morgan Stanley.
In finance news, a Chase Sapphire experiment is getting revived and expanded after the trial run blew away expectations with millennials last year.
And in deal news:
- Cigna’s CEO told us how his company’s $US67 billion deal for Express Scripts represents an ‘evolution in the marketplace’ in healthcare
- Goldman Sachs’ COO reportedly used his side gig as an EDM DJ to help win Spotify’s business
- Wall Street is getting ready for a ‘domino effect’ after Salesforce’s $US6.5 billion MuleSoft deal
- DocuSign’s IPO filing warns of a new kind of risk factor: Trump
- SoftBank’s $US100 billion mega-fund made it much harder for young tech startups to raise money – here’s why
Lastly, I ran ‘The Toughest Footrace on Earth,’ which covers 160 miles through the Sahara desert in 6 days – and it was absolutely brutal.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.