Global markets' 3-day selloff wipes out $10 trillion

Wall Street gripped by wild swings, S&P 500 moves 7% intra-day

- MICHAEL MSIKA & RUTH CARSON

The carnage in financial markets worsened on Monday with stressed-out investors abandoning hopes that US President Donald Trump would change his tariff policy.

Stocks tumbled, taking the three-day wipeout in global equity value to about $10 trillion. S&P 500 equity futures signaled a 3% loss and the VIX Index spiked above 50. Europe's Stoxx 600 tumbled 5%. Asia capped the worst day since 2008. Treasuries and the yen gained as investors sought refuge.

US stock indices resumed their slide in late morning trade on Monday as investors retreated for the third day after President Donald Trump unleashed a global trade war and a report that he might consider temporary relief turned out to be erroneous.