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S&P 500 Index Falls to Lowest Level Since September
U.S. stocks fell sharply in early trading on Wall Street on Monday, pushing the S&P 500 back into correction territory, pressured by traders' anxious anticipation of President Donald Trump's tariff plans.
The S&P 500 fell more than 1.6%, while the Nasdaq Composite Index fell 2.5%. The Dow Jones Industrial Average lost 355 points, or 0.9%.
Shares of tech giants Nvidia and Meta Platforms fell 4.3% and 2.6%, respectively, leading the market lower. Tesla also lost 5.3%.
The broader market index is more than 10% below its February record high. It also hit its lowest level since September on Monday. The tech-dominated Nasdaq also reached levels not seen since September, down 16% from its all-time high set in December.
A series of tariffs previously announced by the Trump administration will take effect on Wednesday, what Trump has called "liberation day"—including a 25% tax on "all cars not made in the United States."
Fear Index
The Chicago Board of Trade's Volatility Index, also known as Wall Street's fear gauge, reached its highest level in more than two weeks at 24.04.
This week will also focus on a slew of economic data, including the crucial nonfarm payrolls report on Friday, as well as speeches by several U.S. central bank officials. Federal Reserve Chairman Jerome Powell is scheduled to speak on Friday.
Shares of gene therapy manufacturers and developers fell after a report that Peter Marks, a senior official at the U.S. Food and Drug Administration, had been fired from the agency.
Shares of Taysha Gene Therapies and Solid Biosciences each fell more than 6%, while US-listed CRISPR Therapeutics shares fell 2.8%.
