U.S. stocks Opens a New Window. went into freefall on Monday, with the Dow Jones Industrial Average down 900 points at its low before curbing some of those losses, ending the session 767 points lower.
All three of the major market averages lost about 3 percent led by the tech-heavy Nasdaq Composite in what is the worst session of the year for the broader markets.
The selling escalated overnight after China allowed its yuan to sink to an 11-year low, fueling concern Beijing might use its currency as a weapon in the tariff war.
Firing back, Trump slammed China for “currency manipulation” following the weakening of the yuan Opens a New Window. by the country.