U.S. stocks fell free on Monday, with the Dow Jones Industrial Average down 900 points on the low before dampening any of those losses, ending the session 767 points lower.
|Ticker||Security||Last|| Change 1
|In: DJI||DOW JONES AVERAGES||25717.74||-767.27||-2.90%  SP500||S&P 500||2844.74||19659011] -2.98%|
|I: COMP||NASDAQ COMPOSITE INDEX||7726.039511||-278.03||-3 , 47%|
All three of the largest market averages lost about 3 percent led by the Heavy Nasdaq Composite technology in what is the worst session of the year for the broader markets.
Sales escalated overnight after China lowered its yuan to an 11-year low, and fuel concerns Beijing could use its currency as a weapon in the customs war.
Trump backed China for "currency manipulation" after the yuan was depreciated by countries.
Apple, Google and Amazon are all taking a hit.
|AMZN||AMAZON.COM INC.||] 1,765.13||-58.11||-3.19%|
Investors also rotated by trade sensitive names, including Boeing, Caterpillar and 3M.
|CAT||CATERPILLAR INC.||121.65||-2.89||– 2.32%|
All ten of S & Ps Sectors lost ground with high-tech technology, consumer discretion and healthcare stocks being hit the hardest.
Last week, Trump told Chi Chi the United States would place 10 percent duty on Chinese goods at $ 300 billion as of September 1.
Investors poured into gold, a safe haven, pushing the yellow metal above the $ 1,460 level.
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It will be another busy week for earnings. Dow member Disney will report Tuesday. A total of 59 companies in the S&P 500 will announce results.
On the economic agenda, the US service sector expanded its slowest pace in nearly three years in July, a sign that a key segment of the economy continues to cool. The Institute for Supply Management Index for Non-Producing Purchasing Managers fell to 53.7 in July from 55.1 in June.
The Associated Press and FOX Business's Ken Martin contributed to this article.