Stocks plunged on Monday, April 2, the first trading day of the second quarter, with the S&P 500 and Nasdaq tumbling into correction territory after China's Ministry of Finance announced new tariffs of up to 25% on U.S. products such as pork, fruit, nuts and wine.
The Dow Jones Industrial Average was able to come up off of its session lows, but the index still declined 459 points, or 1.91% to 23,644 on the day. The Nasdaq was the day's biggest loser, falling 2.74% while the S&P 500 declined 2.23%
Apple Plans to Replace Intel Chips in Macs, Intel Drops
Apple is planning to use its own microchips in its Mac computers as soon as 2020, according to a report from Bloomberg.
The move would leave Intel (INTC) out in the cold and the stock was down more than 7% Monday as a result.
The plan is still in early developmental stages but is a part of a wider move by the company to synchronize all of its products.
Under Armour Says 150 Million Accounts Affected by Data Breach
Sports apparel-maker Under Armour (UAA) shares were falling Monday morning after the company disclosed Friday that a data breach affected 150 million users, but none of the data included credit card information.
The company's MyFitnessPal platform surrendered user data such as emails, usernames and passwords, but government-issued identifiers like Social Security and driver's license numbers were not compromised.
UnderArmour purchased the connected fitness app MyFitnessPal for $475 million in 2015.
USDA Recalls More Than 7,000 lbs of Raw Beef Products
The USDA has recalled 7,146 pounds of frozen and fresh beef items produced between March 23 and 24 because they missed federal inspection.
The issue was discovered on March 30 after officials reviewed records from meat producer Texas Meat Packers and discovered that the meat was not subject to inspection.
The products were shipped to institutional and retail locations in Alabama, Arkansas, Indiana, Louisiana, Mississippi, Missouri, Oklahoma, Texas and Wisconsin.
Fitbit Drops 6% Following Morgan Stanley Downgrade
Shares of wearable device-maker Fitbit (FIT) were down 6% in morning trading Monday after analysts at Morgan Stanley downgraded to the company to "underweight from "equal-weight."
The firm also lowered its price target to $4 from $5. Fitbit was trading at $4.79 per share.
The firm says the company's new line of products will "struggle to offset declining demand" and that the company's sensor developments have "not sufficiently catalyzed demand."
Macau Gaming Revenue Jumped 22% in March
Gaming revenue in Macau, China, the world's largest gambling hub, rose 22% in March, the 20th consecutive month of gains for the region.
Revenue climbed 22.2% to 26 billion patacas ($3.2 billion), analysts expected revenue to rise between 13% and 18% in the month.
Revenues still remain far off of their 2014 highs but have returned to their 2012 levels.
CEO Smackdown: Mark Zuckerberg Punches Back at Tim Cook
"You know, I find that argument, that if you're not paying that somehow we can't care about you, to be extremely glib. And not at all aligned with the truth," Zuckerberg said in an interview with Vox.
Tim Cook was recently asked how he would handle being in the hot water that Facebook finds itself in following the revelation that unauthorized people used user data to target them politically. Cook said that he wouldn't be in that situation.
"The reality here is that if you want to build a service that helps connect everyone in the world, then there are a lot of people who can't afford to pay," Zuckerberg said. "Having an advertising-supported model is the only rational model that can support building this service."
Alibaba Buys Remaining Stake in Chinese Online Food Delivery Service, Ele.me
Alibaba (BABA) announced that it purchased full control of Chinese online food delivery startup Ele.me in a deal that values the company at $9.5 billion.
Alibaba had already owned 43% of the company.
The company paid all-cash for the shares that were formerly held by Baidu (BIDU) , according to Forbes.
"As one of the most frequently used applications, food delivery is the single most important entry point in the local services sector," Daniel Zhang, chief executive officer of Alibaba Group, said in an internal email to staff Monday. "We can already see that a vast, multi-dimensional local instant delivery network formed through a food delivery service will be an essential piece of the commerce infrastructure."
U.S. futures were falling sharply Monday morning, indicating a soft open for stocks in the first post-Easter session of the year.
Dow futures were falling 0.53%, indicating an open 128 points lower, while Nasdaq futures declined 0.91%, indicating an open 60 points lower and S&P futures fell 0.46%, indicating an open 12 points lower.
Markets in Asia had a mixed session Monday, with the Hang Seng being the lone major index to close in positive territory. The Nikkei and Shanghai Composite fell 0.31% and 0.18% respectively.
In Europe, markets were closed for Easter Monday.