Markets down: Drop more than 458 points after news of China tariffs, trade war

PHOTO: Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange, March 29, 2018, in New York. PlayBryan R. Smith/AFP/Getty Images
WATCH Dow down 11% after record high in January

The stock market took a tumble Monday, with the Dow Jones dropping more than 458 points.

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The tech-heavy NASDAQ and the larger stock index, the S&P 500, are both also down more than 3 percent.

Individual technology companies also appear to be hurting.

Amazon, which has been under fire from Trump in recent days, was down more than 4 percent and Facebook, which is under scrutiny amid revelations about privacy practices, was down more than 3 percent.

PHOTO: A woman pushes a shopping cart past a display of nuts imported from the United States at a supermarket in Beijing, March 23, 2018. Mark Schiefelbein/AP, FILE
A woman pushes a shopping cart past a display of nuts imported from the United States at a supermarket in Beijing, March 23, 2018.

Beyond trouble in technology stocks, worries about newly announced Chinese import tariffs and a brewing trade war stemming from the tariffs that President Donald Trump announced in March were believed to have played a role Monday’s drop.

It was announced Monday morning that China raised import tariffs on U.S.-produced pork and fruit, as well as other products.

The Dow closed on Monday down 458.9 points, which equates to a decrease of 1.9 percent.