Stocks Tumbled as Trade War Raged

U.S. stocks tumbled on Monday after China suggested it was weaponizing its currency, in the latest salvo of the U.S.-China trade war. At close, the Dow Jones Industrial Average tumbled 767.27 points, or 2.90%, to 767.27 points. The S&P 500 declined 87.31 points, or 2.98%%, to 2,844.74. The Nasdaq Composite shed 278.03 points, or 3.47%, to 7,696.

Oil futures resumed their drop Monday, tracking losses ripping through broader financial markets as concern for a prolonged trade war and its risk to global crude demand was rekindled. West Texas Intermediate crude for September delivery settled down 97 cents, or 1.7%, to $54.69 a barrel. October Brent crude settled at $59.81 a barrel.

Shake Shack (SHAK) posted a beat on both the top and bottom lines and better-than-expected same-store sales growth during its second quarter. For the Second Quarter 2019 compared to the Second Quarter 2018, the company reported total revenue increased 31.3% to $152.7 million. Net income was $11.2 million and adjusted EBITDA, a non-GAAP measure, increased 18.5% to $25.9 million.