US stocks fall sharply after China announces retaliatory tariffs

U.S. stocks fell sharply at the open on Monday after Beijing announced plans to retaliate with tariffs on U.S. goods, raising fears that another round of tit-for-tat measures could push the U.S. economy toward recession. The Dow Jones Industrial Average fell 374.31 points, or 1.44%, at the open to 25,568.06. The S&P 500 opened lower by 41.21 points, or 1.43%, at 2,840.19. The Nasdaq Composite dropped 196.87 points, or 2.49%, to 7,720.07 at the opening bell.