The technology-laden Nasdaq Composite Index on Monday afternoon was poised for its sharpest daily drop since early December, according to FactSet data. The Nasdaq, most recently, was off 276 points, or 3.5%, at 7,639, which would represent the ugliest one-day skid for the index since Dec. 4. U.S. stock benchmarks have been under pressure as trade tensions between the world's two largest economies have ratcheted higher. Chinese officials said Monday that they would raise tariffs on roughly $60 billion of U.S. imports, following through on threats last week to retaliate after the Trump administration on Friday allowed tariffs on some $200 billion in China goods increase to 25% from 10% and President Donald Trump said he was considering a fresh round of tariffs on some $325 billion in goods that weren't already facing import duties. The trade clash between the global superpowers has forced investors to assess the valuations of companies across the board, including hardware and information technology companies that might be exposed to heightened trade-war disputes. The S&P 500 index was down 2.5% at 2,810, while the Dow Jones Industrial Average retreated 2.4% at 25,320.
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