S&P 500 Index loses more than 2%, drops below 3,350

  • Wall Street’s main indexes opened deep in the negative territory.
  • All 11 major sectors of the S&P 500 post losses.
  • Risk-sensitive Nasdaq Composite is down more than 3%.

Major equity indexes in the US opened sharply lower following the three-day weekend on Tuesday as risk aversion continues to dominate the financial markets. As of writing, the S&P 500 Index was down 2.45% on the day at 3,341, the Nasdaq Composite was losing 3.4% at 11,224 and the Dow Jones Industrial Average was falling 1.65% at 27,679.

On Monday, US President Donald Trump noted that there was a possibility of the US economy decoupling from China and said that they will start prohibiting federal contracts to US companies that outsource to China. Meanwhile, concerns over the UK leaving the EU without a deal seems to be further weighing on market sentiment.

In the early trade, all 11 major sectors of the S&P 500 trade in the negative territory with the risk-sensitive Technology Index losing 3.5% as the biggest daily percentage decliner.

S&P 500 chart (daily)

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