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STORY: "It's clearly the nerves about the potential slowdown in China. And I don't think there's any doubt that there will be one. In fact, it's probably going to be worse than the government statistics that are usually not pretty reliable coming out of the CCP," Swenson told Reuters.

Wall Street tumbled on Monday as protests in major Chinese cities against strict COVID-19 policies sparked concerns about economic growth, while Apple shares slid on worries about a hit to iPhone production.

Shares of the Cupertino, California tech giant fell over 2% and weighed heavily on the benchmark S&P 500 index as worker unrest at the world's biggest iPhone factory in China fanned fears of a deeper hit to the already constrained production of higher-end phones.