The results of the session indicate that the Dow Jones Industrial Average fell by 0.31%, the Nasdaq declined 2.04%, and the broader S&P500 lost 1.12%.
Wall Street is experiencing a downturn due to ongoing concerns about tariffs and their impact on the economy, remarked Peter Cardillo of Spartan Capital Securities.
The stock market declined after the White House announced in the early afternoon that President Donald Trump would be enforcing new tariffs by the evening.
Trump has consistently expressed his desire to implement tariffs on vehicles imported to the United States.
Automakers are already concerned about the tariffs on aluminum and steel, which have been in effect since mid-March.
The announcement of tariffs on the automotive sector led to a drop in stock prices of companies such as General Motors (-3.12%), Tesla (-5.58%), and Stellantis (-3.55%).
Investors are now eagerly anticipating April 2, when the intended ‘reciprocal’ tariffs are expected to come into effect.
However, following reports over the weekend suggesting that these tariffs might be partial rather than complete, “everyone is now waiting to see what the reciprocal tariffs will be on April 2. There is a continuation of this climate of uncertainty,” stated Cardillo.
