Worries about President Donald Trump’s tariffs are hurting U.S. stocks Monday as financial markets worldwide drop on concerns about a potential trade war.
The S&P 500 was down 1.4% in early trading following similar losses for stock markets across Asia and Europe. The Dow Jones Industrial Average was down 435 points, or 1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.8% lower.
Everything from bitcoin to the Mexican peso fell, not just the stocks of U.S. companies expected to be the first to feel pain from Trump’s tariffs on goods imported from Canada, Mexico and China. On Wall Street, some of the sharpest losses hit Big Tech and other companies that could be hit hardest by higher interest rates.
The fear is that Trump’s tariffs will push up prices for groceries, electronics and all kinds of other bills for U.S. households, putting upward pressure on a …