India markets closed

Stocks - Dow Sinks as Trade Jitters, Growth Worries Slam Markets Again – Stocks fell sharply Monday afternoon and money poured into bonds again as worries about global trade battles grew.

The major averages are now nearly 5% below their record peaks in July and interest rates were sagging as well.

The S&P 500 was off 1.5%. The Dow Jones industrials fell 1.6%, more than 400 points, and the Nasdaq Composite had given up 1.4%.

The 10-2 Year Treasury Yield Spread fell to its lowest level since 2007, about six one hundredths of a percentage point, suggesting increasing worries the U.S.-China trade fight will go on and sap the global economy in the process. The 10-Year yield was 1.64%.

In a healthy market, the spread is two percentage points or more. Converging yields are a clear signal the future is murky or worse.

Johnson&Johnson (NYSE:JNJ) was the sole Dow stock showing a gain. Stocks of companies with global presences were weighing heavily on the market. Goldman Sachs (NYSE:GS) was down 2.6%. Caterpillar (NYSE:CAT) was down 2.2% and Pfizer (NYSE:PFE) was down 3.7% after hitting a 52-week low.

Uber Technologies (NYSE:UBER) and Lyft (NASDAQ:LYFT) also were sharply lower as investors questioned when or if they will ever turn a profit.

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