Stocks tumbled Monday as ongoing tariff concerns rattled Wall Street, the Associated Press reported. Futures for the S&P 500, Dow Jones Industrial Average, and Nasdaq dropped 1.4%, 1.1%, and 1.6%, respectively, following President Donald Trump’s dismissal of recession fears in a weekend interview.
U.S. Commerce Secretary Howard Lutnick confirmed that 25% tariffs on steel and aluminum imports will take effect Wednesday. The administration’s shifting stance on trade policies has created uncertainty for businesses, leading to concerns that companies might pause hiring and investments. Meanwhile, U.S. consumers brace for higher inflation, which could weaken confidence and spending.
Among individual stocks, Redfin surged 76.5% after Rocket Companies announced a $1.75 billion acquisition, though Rocket’s shares fell 11%. Tesla continued its decline, dropping another 2.7% in premarket trading, with analysts pointing to declining sales and CEO Elon Musk’s political controversies. Apple shares slid 1.5% after the company confirmed it would delay an AI update to Siri until 2026.
Wall Street remains on edge as investors await key economic data later this week, including labor market and inflation reports.
