U.S. stocks sank in a broad sell-off on Monday, with the S&P 500 dropping more than 1.5 percent and technology firms bearing the brunt of an escalating trade dispute between the United States and other leading economies.
The U.S. Treasury Department was drafting curbs that would block firms with at least 25 percent Chinese ownership from buying U.S. technology firms, a government official said on Sunday. A Wall Street Journal report also said the U.S. planned to block additional technology exports to China.
U.S. Treasury Secretary Steven Mnuchin said the restrictions will not be specific to China but would apply "to all countries that are trying to steal our technology.