Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
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Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
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"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
Stocks fell on Monday after a report surfaced saying the House is considering a plan that would gradually lower the U.S. corporate tax rate.
Bloomberg reported the plan being discussed by the House would leave the corporate rate at 20 percent by 2022. The gradual plan is "has been considered" but is not final, according to the report.
That report "is absolutely hitting the market," said Dave Lutz, head of ETF trading at JonesTrading. "We started reversing as soon as the headline hit."
The Dow Jones industrial average declined 85.45 points to close at 23,348.74; it briefly fell more than 100 points.
Expectations of tax cuts have increased recently after the House passed a budget plan backed by the Senate. The budget's approval in the House lets the Senate pass legislation with a simple majority, instead of the 60 vote supermajority typically needed to end debate and move a bill to a vote.
"I would say a lot of it has been priced in, at least if you look at the Russell 2000 as a proxy for the beneficiary of lower taxes," Peter Boockvar, chief market analyst at The Lindsey Group, told CNBC's "Halftime Report. "
The Russell 2000 closed 1.15 percent lower following the report's release, marking its worst day since Aug. 17. The index is made up of shares of small-cap companies, which have more to gain from an immediate domestic tax cut since they are more likely to be U.S.-based and not sprawling global entities.
The S&P 500 closed 0.3 percent lower at 2,572.83 following the report. GM and Advanced Micro Devices were among the worst performers in the S&P 500.
"We expect cryptocurrency to gradually fade from here, consoles to decline, and graphics to be flattish," analyst Joseph Moore said in a note.
"Our work on pickup trucks and crossovers suggest that GM likely experiences volume and mix headwinds that exacerbate the cyclical profit headwinds," Goldman analyst David Tamberrino said in a note Monday.
Shares of GM have handily outperformed the broader market, rising 28.1 percent year to date. AMD shares, meanwhile, have lagged the S&P 500 in 2017, having gained 4.4 percent. The S&P 500 is up 15.3 percent in 2017.
The Nasdaq composite finished just below breakeven at 6,698.96 after hitting an intraday record earlier in the session.
The index was coming off of strong gains from the previous session; it rose 2.2 percent on Friday, marking its biggest one-day gain since 2016. The index was boosted by better-than-expected quarterly results from big tech companies, including Amazon.
A slew of corporate deals were announced on Monday. Lennar said it was buying CalAtlantic for $9.3 billion, creating the largest U.S. homebuilder. Lennar's stock dropped 3.5 percent while CalAtlantic shares gained 22 percent.
For-profit colleges Strayer and Capella also agreed to merge in a stock-swap deal. Strayer shares gained 9 percent while Capella's stock rose 30.5 percent.
Stocks were coming off a record-setting session, with the S&P 500 surging to an all-time high Friday on the back of strong earnings. Last week also marked the busiest week of the current earnings season.
Wall Street will have its hands full with earnings again this week, with Apple, Starbucks, Qualcomm and Tesla, among others, set to report.
Fifty-five percent of the S&P 500 has reported as of Monday morning, with 74 percent of those companies beating estimates on the bottom line while 66 percent have topped sales expectations according to Thomson Reuters I/B/E/S.
"This earnings season has been very company-specific," said Mark Spellman, portfolio manager at Alpine Funds. "Companies that have reported well" have seen their stock rise. "The ones that haven't been so good are down."
—CNBC's Christina Wilkie contributed to this report.