The downturn on Wall Street is based on the development in the trade war and the concern for the US economy – which was fueled after President Donald Trump over the weekend did not want to rule out that the country may slide into recession this year.
At the close of the stock exchange, the Dow Jones industrial index landed at minus 2.1 percent, the S&P 500 fell 2.7 percent, while the Nasdaq composite index in turn dropped 4.0 percent – after having been down as much as 5 percent.
Among individual shares, electric car manufacturer Tesla continued to fall sharply. In the initial trading, the share was down 4 percent after the investment bank UBS lowered its sales forecast and also significantly lowered its target price. After a few hours of trading, the share was down 14 percent and at the close, it dropped further to minus 15.4 percent.
The Tesla share has now fallen almost 40 percent since the turn of the year.
The downturns were pronounced for all the companies called "The magnificent seven" – "the magnificent seven". Among others, Apple fell 4.9 percent, Amazon 2.4 percent, and semiconductor giant Nvidia fell 5.1 percent.
On the other hand, among others, pharmaceutical company Johnson & Johnson rose 0.6 percent and Procter & Gamble, which sells diapers, laundry detergent, and razors, rose 0.2 percent.
The downturn on Wall Street also spread to the Stockholm Stock Exchange, whose OMXS index closed at minus 1.0 percent.
