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Trump threatens China with additional tariffs, markets plunge

President Donald Trump threatened to impose tariffs on an additional $100 billion of imports from China. The markets tumbled to open lower with the Dow plunging 132 points to 24,373. Nasdaq plummeted 77 points to 6999.


On the upside


Shares of Longfin (Nasdaq: LFIN) surged as bargain hunters snapped up shares of the blockchain firm.


SendGrid (NYSE: SEND) priced its follow-on offering of more than 6.5 million common shares at $24.00 per share.


Goldman Sachs initiated coverage of Crispr Therapeutics (Nasdaq: CRSP) with a Buy rating and an $86.00 price target.

On the downside


An external Data Monitoring Committee reported disappointing results for a Phase 3 ECHO-301/KEYNOTE-252 study of Incyte's (Nasdaq: INCY) epacadostat in combination with Merck's (NYSE: MRK) KEYTRUDA.


Profit taking weighed down shares of Nektar Therapeutics (Nasdaq: NKTR).


Shares of U.S. Steel (NYSE: X) fell after Russia indicated that it would respond to U.S. trade tariffs on steel and aluminum imports.


In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 tumbled 23 points to 2,639. Bitcoin tumbled $103 to $6,624.


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