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| Amazon and Intel drive US markets lower | |
| (35 minutes later) | |
| Wall Street shares plunged on Monday in a widespread sell-off led by technology companies. | Wall Street shares plunged on Monday in a widespread sell-off led by technology companies. |
| Intel shares plummeted by more than 7% after a report that Apple plans to stop using Intel chips for computers. | Intel shares plummeted by more than 7% after a report that Apple plans to stop using Intel chips for computers. |
| E-commerce giant Amazon slid by more than 5%, after new attacks from US President Donald Trump. | E-commerce giant Amazon slid by more than 5%, after new attacks from US President Donald Trump. |
| The falls come amid increased debate in the US about competition and privacy rules, as well as tensions over trade. | The falls come amid increased debate in the US about competition and privacy rules, as well as tensions over trade. |
| The technology-heavy Nasdaq index lost more than 200 points, or almost 3%, by early afternoon. | The technology-heavy Nasdaq index lost more than 200 points, or almost 3%, by early afternoon. |
| The S&P 500 was down about 74 points or 2.8%, while the Dow fell more than 600 points or 2.6%. | The S&P 500 was down about 74 points or 2.8%, while the Dow fell more than 600 points or 2.6%. |
| Technology companies accounted for some of the steepest declines, but the falls touched every sector of the S&P 500 on a day with relatively light trading. European markets were closed. | Technology companies accounted for some of the steepest declines, but the falls touched every sector of the S&P 500 on a day with relatively light trading. European markets were closed. |
| Analysts said the sell-off reflected uncertainties affecting many aspects of the economy, including a rise in borrowing costs; debate about data regulations; and trade. | Analysts said the sell-off reflected uncertainties affecting many aspects of the economy, including a rise in borrowing costs; debate about data regulations; and trade. |
| The US has imposed tariffs on steel and aluminium, prompting China this week to slap tariffs of up to 25% on certain goods worth $3bn from the US, including pork, fruit, nuts and wine. | The US has imposed tariffs on steel and aluminium, prompting China this week to slap tariffs of up to 25% on certain goods worth $3bn from the US, including pork, fruit, nuts and wine. |
| Officials have also called for investigations of how companies handle consumer data, raising the possibility of stricter rules. | Officials have also called for investigations of how companies handle consumer data, raising the possibility of stricter rules. |
| Fears of increased regulation are driving the decline in technology stocks, said Sucharita Kodali, a retail analyst for Forrester Research who tracks Amazon and other firms. | |
| "The lack of regulation [in the US] has been fundamental to the success of these large tech companies ... Their business is dependent on that," she said. "That's the fear." | "The lack of regulation [in the US] has been fundamental to the success of these large tech companies ... Their business is dependent on that," she said. "That's the fear." |
| However, she said she thinks some of the panic is overblown, since any changes will take time to be implemented. | However, she said she thinks some of the panic is overblown, since any changes will take time to be implemented. |
| "It's just so speculative," she said. | "It's just so speculative," she said. |
| Monday's declines come amid weeks of choppy market trading, which have unsettled investors after the calm upward glide last year. | Monday's declines come amid weeks of choppy market trading, which have unsettled investors after the calm upward glide last year. |
| Investors had specific reasons to dump certain stocks on Monday. | Investors had specific reasons to dump certain stocks on Monday. |
| Bloomberg reported that Apple is developing its own chips to use in its computers, with the transition planned as soon as 2020, triggering the plunge in Intel shares. | Bloomberg reported that Apple is developing its own chips to use in its computers, with the transition planned as soon as 2020, triggering the plunge in Intel shares. |
| Tesla shares also fell by more than 5%, after the firm was rebuked by US safety regulators for sharing information about a recent crash. Investors are also worried about the company's finances, as it spends heavily to ramp up car production. | Tesla shares also fell by more than 5%, after the firm was rebuked by US safety regulators for sharing information about a recent crash. Investors are also worried about the company's finances, as it spends heavily to ramp up car production. |