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.
That’s okay - he can fix it with tariffs on stock trading, tariffs on recession and extra tariffs on poverty, right? Because tariffs are a panacea for everything!
America, prepare to pay tariffs on your monumental stupidity - you thought it was bad now? Then hold on to your butts. The rest of the world will also suffer with you, but we won’t have it nearly as bad as you guys…