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 percent 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 percent, and the Nasdaq composite slumped 2.6 percent. Treasury yields sank after a weaker-than-expected report on manufacturing.
On Monday:
The S&P 500 fell 104.78 points, or 1.8 percent, to 5,849.72.
The Dow Jones Industrial Average fell 649.67 points, or 1.5 percent, to 43,191.24.
The Nasdaq composite fell 497.09 points, or 2.6 percent, to 18,350.19.
The Russell 2000 index of smaller companies fell 60.83 points, or 2.8 percent, to 2,102.23.
For the year:
The S&P 500 is down 31.91 points, or 0.5 percent.
The Dow is up 647.02 points, or 1.5 percent.
The Nasdaq is down 960.60 points, or 5 percent.
The Russell 2000 is down 127.92 points, or 5.7 percent.
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