U.S. stocks traded lower on Thursday as news that President Donald Trump would propose trade duties on China imports stoked fresh fears about a potential trade war between two of the world's largest economies that could impede domestic economic expansion in roughly its ninth year. The Dow Jones Industrial Average DJIA, -1.84% was down 340 points at its lows, or 1.3%, but was most recently off 240 points, or 1%, at 24,434, while the S&P 500 index SPX, -1.15% was off 0.9% at 2,686, with the health-care sector off 1.3% and the energy sector down 1.2% in early trade. The Nasdaq Composite Index COMP, -0.13% traded 0.8% at 7,285. Technology shares led losses on Thursday, as investors grapple with the Federal Reserve's policy update from Wednesday, in which the central bank lifted rates by a quarter-point to a range of 1.50% and 1.75%, but signaled that it might be more aggressive in lifting rates in the coming years. On trade, The Trump administration plans to release a package of proposed punitive measures aimed at China that include tariffs on imports worth at least $30 billion. Shares of Facebook FB, -1.73% fell 0.9%, extending a downtrend, as its user-information problems continued, even after CEO Mark Zuckerberg took to media outlets to apologize for the social network's recent missteps.