April 2 (UPI) — The Dow Jones Industrial Average fell more than 450 points Monday as tech stocks dropped and a potential trade war loomed over the market.
The Dow Jones was down 458.92 points or 1.9 percent at the end of trading after being down by up to 758.59 points earlier in the day.
The S&P 500 also declined 2.2 percent, with the tech sector falling 2.5 percent, and the Nasdaq composite dropped 2.7 percent with a decline in Amazon stock serving as a driving factor.
Amazon stock fell 5.2 percent Monday after President Donald Trump reiterated criticism that the company pays “little or no taxes to state and local governments,” to use the U.S. Post Office.
“Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country…not a level playing field!” Trump wrote on Twitter .
The USPS charges Amazon and other bulk shippers a lower rate, CNN Money reported. Amazon also collects sales tax in every state that charges it, but doesn’t collect sales tax on purchases made from third-party vendors.
Meanwhile, Trump reignited concerns about negotiations between the United States and Mexico regarding the North American Free Trade Agreement after he tweeted about the agreement Sunday.
“They must stop the big drug and people flows, or I will stop their cash cow, NAFTA,” Trump wrote of Mexico.
Ongoing concerns about a potential trade war with China also impacted the stock market Monday as China’s Ministry of Commerce announced tariffs on $3 billion worth of U.S. imports in retaliation to Trump’s tariffs on steel and aluminum.
The tariffs include 128 imports, largely agricultural products and metals. Shares of meat products maker Tyson Foods Inc. fell 6 percent while fruit spreads maker J.M. Smucker Co.’s stock declined nearly 4 percent.