The Dow plummeted over 700 points on Monday and the Nasdaq dropping 3 percent following President Donald Trump doubling down on his attacks on Amazon.
Volatility in the tech sector is a likely contributing factor for the massive sell-off on the first day of the second quarter, according to experts, as Amazon’s shares are down 5 percent while the president continues to publically slam the technology giant on Twitter.
“Only fools, or worse, are saying that our money losing Post Office makes money with Amazon,” Trump tweeted Monday morning, prior to the Dow’s large drop. “THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country…not a level playing field!”
Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country…not a level playing field!
— Donald J. Trump (@realDonaldTrump) April 2, 2018
Trump’s comments follow the explosive attack he leveled against the Jeff Bezos owned company last week when he ripped The Washington Post, which Bezos also owns, for acting as a “lobbyist” for Amazon.
“This Post Office scam must stop. Amazon must pay real costs (and taxes) now!” Trump wrote.
But Amazon isn’t the only tech stock on the rocks. CNN Money reports that Tesla (TSLA), Netflix (NFLX) and Cisco (CSCO) all dropped by at least 4 percent on Monday, and Intel (INTC) plunged 8% following a separate report by Bloomberg suggesting Apple plans to discontinue using its processing chips in its products.
Monday’s drop also comes as the president plans to unveil a number of Chinese imports targeted for U.S. tariffs. Last month, Trump appeared to trigger a stock market drop of 400 points after announcing new steep tariffs on steel and aluminum imports.
“Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world,” Trump wrote on Twitter. “We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!”