Stocks toppled and global markets shuddered Monday after a fresh burst of U.S.-China trade war tension. Powerful early declines pointed the Dow Jones Industrial Average toward its fifth straight down day, and the Nasdaq toward its longest pullback in almost three years.

The Nasdaq took it on the chin, reeling 2.5% lower in early trade. The S&P 500 unraveled 2%, while the Dow Jones industrial slumped 1.9%. Trading levels were higher than on Friday for both the NYSE and the Nasdaq.