>> US stocks sinking in a broad selloff Monday, led by a plunge in technology shares as investors fear tech will bear the brunt of an escalating trade dispute between the United States and China. The so-called FANG stocks, Facebook, Amazon, Apple, Netflix, and Google's parent, Alphabet, all dropping hard.
Reuters markets corresponded Noel Randewich.>> The US-China trade dispute has been a source of concern on Wall Street for several weeks. Those concerns have increased a lot on Monday, today. But people are fearful that if things continue to worsen, we could start to see United States imposing tariffs on things like smartphones or flat panel televisions, which are are generally made in China largely with US components.
>> Compounding concerns about tech, reports that the US Treasury Department was drafting new rules that would block Chinese firms from investments in US tech companies. But later in the day one of President Trump's top trade advisers, Peter Navarro, tried to walk that back, telling CNBC that there are no current plans to restrict foreign investment.
That seemed to restore some investor confidence with stocks coming off their session lows. But not for Netflix, among the hardest hit Monday, dropping more than 6% after a massive runup this year. The company still reeling from the Friday announcement that its chief communication officer had been forced out because of his use of racially insensitive language.
Overall, the Dow fell over 1% and the Nasdaq down more than 2%, its worst day since April.