Stock Market Today: Stocks tumble as trade war risk grips global markets
New levies on goods from Canada, Mexico and China, as well as retaliatory tariffs, could impact as much as $2.2 trillion in global trade.
U.S. stocks extended declines in early Tuesday trading, while the dollar slumped to a multi-month low and Treasury bonds rallied, as investors reacted to the prospect of a damaging global trade war following a series of tariffs put in place by President Donald Trump.
Updated at 9:37 AM EST
Big declines
The S&P 500 was marked 60 points, or 1.03% lower in the opening minutes of trading, with the Nasdaq down 207 points, or 1.13%
The Dow fell 415 points while the mdi-cap Russell 2000 slumped 38 points, or 1.29% with focus potentially shifting to the President's State of the Union address later this evening.
"President Trump's address to Congress on Tuesday comes just as investors are raising serious questions about the new administration's agenda, including tariffs and Federal job cuts, which could begin to negatively affect economic growth," said Clark Geranen, chief market strategist, CalBay Investments.
"Investors will be looking for clarity on whether or not tariffs will be long lasting or short-term negotiating tactics, and more details on the extent and depth of the DOGE-related government job cuts," he added.
S&P 500 Opening Bell Heatmap (Mar. 04, 2025)$SPY -0.79%
