Global markets were in a spin, with US equities tumbling more than 2 per cent and Treasuries rallying, as the trade dispute between the world’s two biggest economies escalated.
The S&P 500 ended 2.4 per cent lower on Monday after China said it would retaliate against new US measures with its own set of tariffs on goods imported from the US. It was the index’s biggest one-day drop since January 3.
Heaping additional pressure on the benchmark was a 5.8 per cent drop for index heavyweight Apple, which was eyeing its biggest one-day drop since January 3 and among its biggest of the past five years.
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