Wall Street ends in a sea of red on trade war re-set, biggest decline of the year for S&P 500

Wall Street's benchmarks ended on Monday in a sea of red and resulted in the biggest decline of the year for S&P 500 but equally poor performances across the board for the Dow and Nasdaq. 

U.S. stocks closed deeply in the red after China retaliated to the US's additional tariffs on Chinese imports with by floating the idea of banning the purchase of US ago-products as well as allowing its currency to fall sharply against the dollar, which only intensified the trade war between the world's two largest economies.

The Dow Jones Industrial Average, DJIA,  dropped around 750 points, or 2.9%, leaving it at 25,724. The S&P 500 ended at 2,847, down 85 points or 2.91%. The Nasdaq fell 3.5%, closing at 7,727, down 279 points. In corporate news and performances, Apple Inc was a big loser and ended the day down by  5%.

"The US services PMI beat expectations but the non-manufacturing ISM was lower than anticipated. Earlier, the German services PMI also undershot expectations, but the Eurozone-wide measure was close to the level expected and the UK beat. Sentix investor confidence continues to slide and has now matched its late-2014 lows," analysts at ANZ explained. 

S&P levels trashed to the downside

The index is now en route for a run tot he 200-day moving average and then the 38.2% Fibo of the 2019 range.