Adviser Investments Chief Investment Officer Jim Lowell has the market analysis for Monday, May 13. The Dow Jones Industrial Average and S&P 500 saw their worst trading day since early January, and the NASDAQ had its largest one-day decline of 2019. The Dow Jones and S&P both fell 2.4% while the NASDAQ Composite plunged 3.4%. This sharp market downturn was primarily the result of China’s announcement of retaliatory tariffs coming June 1 on $60 billion of U.S. goods. Oil prices also spiked in response to an apparent terrorist attack on Aramco’s East-West Persian Gulf pipeline: Brent crude rose 1.3% in intraday trading before closing the day down 0.6%.