A sell-off hit Wall Street after President Donald Trump said tariffs he had announced earlier on Canada and Mexico would take effect within hours.
The S&P 500 dropped 1.8% Monday after Trump said there was no room left for negotiations that could lower tariffs set to begin Tuesday on Canadian and Mexican imports. That dashed Wall Street’s hopes that Trump would choose a less painful path for global trade, and it followed the latest warning signal on the U.S. economy’s strength.
The Dow Jones Industrial Average dropped 1.5%, and the Nasdaq composite slumped 2.6%. Treasury yields sank after a weaker-than-expected report on manufacturing.
On Monday:
The S&P 500 fell 104.78 points, or 1.8%, to 5,849.72.
The Dow Jones Industrial Average fell 649.67 points, or 1.5%, to 43,191.24.
The Nasdaq composite fell 497.09 points, or 2.6%, to 18,350.19.
The Russell 2000 index of smaller companies fell 60.83 points, or 2.8%, to 2,102.23.
For the year:
The S&P 500 is down 31.91 points, or 0.5%.
The Dow is up 647.02 points, or 1.5%.
The Nasdaq is down 960.60 points, or 5%.
The Russell 2000 is down 127.92 points, or 5.7%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Which stocks are hedge funds and endowments buying in today's market? Enter your email address and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying now.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
