Investors are rushing into traditional safe havens like Treasury bonds and gold on Monday after Trump announced last week the U.S. would impose a 10% tariff on $300 billion worth of Chinese imports.
China, which controls its currency, the yuan. allowed it to fall to its lowest level against the dollar in more than a decade. The onshore yuan broke above 7 per U.S. dollar and traded at 7.04.
Caterpillar and Boeing dropped 2.2% and 1.9%, respectively, in the premarket. Semiconductor stocks liked Micron Technology, Skyworks Solutions and Advanced Micro Devices also fell before the bell.
The benchmark 10-year Treasury yield fell to 1.77% and reached its lowest level since November 2016. Gold futures for December delivery gained 1.1% to trade at $1,473 per ounce.
