The Dow Jones Industrial Average sunk some 790 points, or about 3 percent, on Tuesday amid a large sell-off in stocks across the board, according to Sputnik.
Few industries were spared. Transportation stocks like UPS and FedEx tumbled amid skepticism and confusion about the truce between the US and China on trade. According to an investment note published by Morgan Stanley, Amazon's new "Amazon Air" service, which features a fleet of 40 transport aircraft, is eating away at UPS and FedEx's air shipping business. But Amazon's stock fell about 5.87 percent anyway.
- UPS sunk 7.37 percent while FedEx saw its shares tumble 6.26 percent
- Shares of Caterpillar Inc., a construction firm, dropped 9 points, or about 6 percent
- Boeing's shares fell 4.7 percent
- The S&P 500 dropped 86 points, or 3.11 percent