Stocks Drop As U.S.-China Tensions, Uncertainty About The Economy Grow

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U.S. stock indexes fell sharply Monday amid renewed economic tensions with China.

Bebeto Matthews/AP

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Bebeto Matthews/AP

Business
Tech Stocks Are In A Mood, And They’re Dragging The Market Down With Them

China has not yet said which companies would be labeled «unreliable entities — those that threaten the development of Chinese companies — but Chinese state media have suggested that U.S. tech companies including Apple, Qualcomm and Cisco would be considered.

The latest tensions with China come as the Trump administration has threatened to bar the Chinese-owned TikTok and WeChat apps in the U.S.

Bank stocks fell Monday after a news report that JPMorgan Chase, Deutsche Bank and other giant banks defied money-laundering crackdowns.

Coronavirus Live Updates
As Economic Recovery Slows, Fed Sees Many Risks And Pledges Full Support

The U.S. economic slowdown amid the coronavirus pandemic also continues to worry investors. Retail sales grew more slowly in August after an extra $600 per week in federal unemployment benefits expired.

The Federal Reserve has cut interest rates to historic lows and says it expects to keep them down through at least 2023, but Congress has been deadlocked about providing additional pandemic economic assistance.