Stock market: Dow falls over 600 points, S&P 500 sees biggest loss since December
The S&P 500 retreated on Monday, extending February’s rout and turning red for the year after President Donald Trump’s confirmation of forthcoming tariffs.
The broad index fell 1.8% to 5,849.72, marking its worst day since December and bringing its year-to-date performance to a loss of about 0.5%, News.Az reports, citing CNBC.
The Dow Jones Industrial Average dropped 649.67 points, or 1.5%, to finish at 43,191.24.
The Nasdaq Composite slid 2.6% to 18,350.19, weighed down by Nvidia’s decline of more than 8%.
Stocks took a notable leg down in afternoon trading following Trump’s reiteration that 25% levies on imports from Mexico and Canada would go into effect on Tuesday, dashing investors’ hopes of a last-minute deal to avert the full tariffs on the two U.S. allies. All three indexes traded up earlier in the day, with the Dow rising nearly 200 points at session highs.
“No room left for Mexico or for Canada,” Trump said alongside Commerce Secretary Howard Lutnick from the White House. “Reciprocal tariffs start on April 2 ... but very importantly, tomorrow, tariffs, 25% on Canada and 25% on Mexico, ... will start.”
Trump also signed an action to impose an additional 10% tariff on China, according to an administration official.
A risk-off move ensued, hitting everything from technology to small caps. Beyond Nvidia, one-time popular artificial intelligence plays like Broadcom and Super Micro Computer also plunged. Elsewhere, the small cap-focused Russell 2000 dropped close to 3%.
Stocks set to take a direct hit from the tariffs or retaliation by the targeted countries also fell. GM and Ford hit their lows of the session after Trump’s comments. Exchange-traded funds from iShares tracking Mexico and Canada each fell more than 1%.
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