Mumbai, Oct. 13 -- The Nasdaq plummeted 820.20 points or 3.7 percent to 22,204.43, the S&P 500 tumbled 182.60 points or 2.7 percent to 6,552.51 and the Dow slumped 878.82 points or 1.9 percent to 45,479.60.

Wall Street saw a sell-off after President Donald Trump threatened to retaliate against China's new export controls on rare earths. Calling China "very hostile," he announced plans for a "massive increase" in tariffs and canceled a meeting with President Xi Jinping. The move sparked fears of a renewed U.S.-China trade war, shaking investor confidence and prompting traders to lock in recent market gains amid valuation concerns.

University of Michigan released a report that showed its reading on U.S. consumer sentiment was virtually un...