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U.S. stock markets plunged Monday after China announced retaliatory tariff measures in defiance of warnings from the U.S. government, the latest attack in an increasingly fierce trade war between China and the United States, prompting investors to flee the stock market in a hurry to move to less risky assets.
The U.S. stock market was generally sold off, with the three major stock indices falling all the way. The Nasdaq index, which has a large share of technology stocks, recorded the largest one-day percentage decline in the year. The S&P 500 index and the Dow Jones Industrial Index recorded the largest one-day percentage decline since January 3.
The Office of the Tariff and Tax Commission of the State Council of China said Monday that since 0:00 on June 1, 2019, the tariff rate on some of the US goods on the $60 billion list that have been imposed has been raised by 25%, 20% or 10% respectively. This has raised concerns about the global economic slowdown.
Michael O'Rourke, chief market strategist at Jones Trading, said, "The market realizes that [trade] negotiations are absolutely broken down and everything is going backwards."
"It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to a further slowdown in the economy.
Investors responded by fleeing the stock market and buying hedge assets.
The yield on U.S. Treasury bonds fell to a six-week low, and the yield on 10-year bonds fell below the yield on three-month Treasury bills. Many people believe that the reversal of the yield curve is a precursor to a possible recession in the economy.


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