U.S. stocks tumbled after President Trump confirmed that he would impose a 25% levy on Canadian and Mexican goods.
The technology-heavy Nasdaq Composite slid 2.6%, leading declines among the three major indexes. The Dow industrials fell 1.5%, or about 650 points.
The tariffs on Canada and Mexico are slated to start Tuesday. Hours ahead of the deadline, Trump dashed investors’ hopes for a last-minute reprieve, telling reporters that there was “no room left” for negotiations.
While U.S. markets slumped, European stocks rallied, pushing the pan-continental Stoxx Europe 600, the UK’s FTSE 100 and Germany’s DAX to fresh records.
U.S. stock indexes sank. The S&P 500 fell 1.8% on the day. After Monday’s decline, the Nasdaq was down about 9% from its record closing high in December.
Benchmark 10-year Treasury yields fell to 4.178%. On Friday, yields settled at 4.228%, after their steepest one-month decline in more than a year.
The U.S. dollar weakened against the euro and the U.K. pound.
Bitcoin retreated to around $86,000, erasing most of its gains from a Sunday rally prompted by Trump’s comments on creating a U.S. strategic crypto reserve.
European stocks outperformed, helped by defense companies including BAE Systems and Thales, both of which gained more than 14%.
Read the full roundup of the trading day, or listen to WSJ Minute Briefing’s audio summary of the day in markets.
