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Wall Street had another rough morning on Monday as the Dow Jones Industrial Average crossed into correction territory, losing close to 500 points in intraday trading to fall below 24,000 for the first time since June.
The S&P 500 index also traded lower, down 1.5 percent as banks digested the latest Brexit developments. British Prime Minster Theresa May announced in the House of Commons on Monday morning that she is postponing a crucial vote on her deal for Britain to trade separately from the European Union.
While U.S. banks have priced in a certain amount of volatility around the subject, U.K.-based banks are still assessing the hit to their basic operations if Britain were to split from its biggest trading partner.
The British pound took a hammering, plunging to its lowest level since April 2017 to trade at 1.26 to the U.S. dollar, down 1.5 percent to the euro.
Apple shares, which last week lost all their gains for the year, took a further hit on Monday after a Chinese court granted an injunction to parts maker Qualcomm that could essentially prevent Apple from selling iPhones in China. The tech giant saw 2 percent lopped off its share price before the day was even halfway through.
Monday's market sell-off comes on the heels of a wild week that saw the Dow lose over 1,500 points over three trading sessions and puts the blue-chip index on pace for its worst year since 2015. The deteriorating trade relationship between the U.S. and China has yet to allay any fears on Wall Street that a global slowdown is on the horizon.
While President Donald Trump announced last week that he and his counterpart, China's Xi Jinping, had agreed on terms for renegotiating the trade impasse between the world's two largest economic powers, tensions between the two countries were reignited when it emerged that Meng Wanzhou, a senior Chinese tech executive at Huawei, had been arrested the very same night the Sino-U.S. pact was made.