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 ratcheted up economic concerns.
The S&P 500 fell 2.1%, bringing its year-to-date performance to a loss of nearly 1%. The Dow Jones Industrial Average dropped 789 points, or 1.8%. The Nasdaq Composite slid 3%, weighed down by Nvidia’s decline of more than 9%.
All three indexes traded higher earlier in the session, with the Dow at one point up nearly 200 points. 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.
This time around he promised nothing outside of tariffs, and outsourced everything to Elon. And Elon is 100% there to dismantle, they don’t plan to fix or add/contribute anything.
It’s amazing the destruction they have caused already and Donnie hasn’t had to do anything but write his name in sharpie over and over.