US Equity Indexes Drop as Tariff Uncertainties Sap Investor Confidence

MT Newswires Live01:42

US equity indexes fell with government bond yields in midday trading on Monday as uncertainties surrounding the Trump Administration's reciprocal import tariffs mounted.

The Nasdaq Composite dropped 1.2% to 22,613.3, the S&P 500 declined 1% to 6,838.1, and the Dow Jones Industrial Average retreated 1.5% to 48,912.5.

Financials, consumer discretionary, and industrials led the decliners.

Trump said on Saturday that the US will raise tariffs on countries to 15% from the 10% rate he set out on Friday. That followed a Supreme Court ruling that invalidated the reciprocal levies invoked under the International Emergency Economic Powers Act.

"Any Country that wants to 'play games' with the ridiculous Supreme Court decision, especially those that have "Ripped Off" the U.S.A. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to," Trump said Monday. "BUYER BEWARE!!!"

Most US Treasury yields fell, with the 10-year down 5.6 basis points to 4.03%.

In precious metals, gold futures jumped 3% to $5,232.7 per troy ounce, and silver futures surged 5.4% to $86.79 per troy ounce.

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