NEW YORK, May 13 (Xinhua) -- US stocks traded sharply lower on Monday, as investors monitored the latest development of global trade.

(File Photo: CGTN)

At midday, the Dow Jones Industrial Average dropped 704.69 points, or 2.72 percent, to 25,237.68. The S&P 500 fell 67.78 points, or 2.35 percent, to 2,813.62. The Nasdaq Composite Index decreased 245.92 points, or 3.11 percent, to 7,671.02.

Ten of the 11 primary S&P 500 sectors traded lower, with the technology sector down 3.39 percent, leading the losers.

Trade bellwether Caterpillar declined 4.94 percent to trade at 124.85 U.S. dollars apiece. Apple shares erased 5.35 percent while Boeing stock prices dropped 4.24 percent.