President Trump's tariffs sent Wall Street on a roller coaster Monday.
- The S&P 500 fell 45.96 points, or 0.8%, to 5,994.57 following sharper loses across Asia and Europe.
- The Dow Jones Industrial Average fell 122.75 points, or 0.3%, to 44,421.91.
- The Nasdaq composite fell 235.49 points, or 1.2%, to 19,391.96.
US stocks had initially been on track for much worse losses on worries about how much pain American companies would feel because of the US tariffs announced for imports from Canada, Mexico, and China, the
AP reports. The S&P 500 was briefly down nearly 2%, and the Dow dropped as many as 665 points. But they pared losses after Mexico's president said she had negotiated
a one-month reprieve for her country.
Some of the heaviest losses hit Big Tech and other companies that could be hurt most by higher interest rates that could result from the tariffs. The ultimate fear haunting Wall Street is that Trump's tariffs could push up prices for groceries, electronics, and all kinds of other bills for US households, adding upward pressure on a US inflation rate that's largely been slowing since its peak three summers ago. Stubbornly high or accelerating inflation could keep the Federal Reserve from cutting interest rates, which it began doing in September to give the US economy a boost.
Constellation Brands, the company that sells Modelo and Corona beers in the United States, fell 3.5%. Best Buy, which sells electronics made around the world, lost 2.5%. Brown-Forman, which sells Jack Daniel's and other alcohol in Canada, fell 3.3%. Instead of stocks and crypto, whose prices also fell in the tumult, investors moved instead into longer-term US government bonds, which are seen as some of the safest possible investments. The resulting rally in their prices drove Treasury yields down. In stock markets abroad, indexes fell 1% in London, 1.2% in Paris and 1.4% in Frankfurt. In Asia, South Korea's Kospi sank 2.5%, and Japan's Nikkei 225 fell 2.7%.
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