US stocks futures tumbled, indicating another day of big losses on Wall Street, and bonds rallied as China kicked off the next stage of the global trade war with new tariffs on US products.

S&P 500 contracts fell 3% and Europe’s stock benchmark wiped out all gains for the year. Tesla Inc. and Intel Corp. shed about 5% in pre-market trading as losses accelerated in technology stocks. Traders rushed into havens, driving 10-year Treasury yields below 3.90%, the lowest level since before election day. The dollar and gold were steady.