Wall Street Live: S&P 500, Dow Jones, Nasdaq drop on tariffs worries; Tesla slumps 8%, Capgemini down 5%
Wall Street stock indices opened lower on Monday on worries over Trump tariffs as 90-day deadline is set to expire on July 9.
As of 10:49 AM Eastern time, the benchmark S&P 500 was 0.5% lower, the Dow Jones Industrial Average was down 0.5%, and the Nasdaq Composite was 0.6% down.
At the opening bell, the Dow Jones Industrial Average fell 25.2 points, or 0.06%, to 44,803.36. The S&P 500 fell 20.3 points, or 0.32%, to 6,259.04
US President Donald Trump said over the weekend that his administration would send letters to several trading partners as early as Monday, specifying their tariff rates if they don’t reach a deal before Wednesday.
The US would not start collecting those taxes until August 1, he added.
On Sunday, the US President threatened to impose an additional 10% tariffs against the BRICS bloc of developing nations, which had condemned tariffs hike at its summit in Brazil.
In the bond market, the yield on the 10-year Treasury rose to 4.37% from 4.34% late on Thursday.
Gainers and Losers
Tesla shares slid 7.9% after CEO Elon Musk announced his plans to launch a new political party in protest against the Trump’s spending bill.
Capgemini stock dropped 5.54% after the French IT services firm said it agreed to buy the outsourcing firm WNS for $3.3 billion. WNS shares jumped 14.3%.
Oracle shares slipped 2.5% and Chipotle Mexican Grill lost 2.2%.
Molina Healthcare tumbled 6% after the insurer lowered its profit forecast.
Bullion
Gold prices eased on Monday as the US dollar-industries-share-price-nse-bse-s0003324″ data-vars-anchor-text=”dollar”>dollar appreciated.
Spot gold was down 0.8% at $3,307.87 an ounce at 1302 GMT. US gold futures lost 0.7% to $3,318.
Among other metals, spot silver fell 1.6% to $36.32 an ounce, platinum shed 2.9% to $1,350.97 and palladium lost 3% to $1,100.65.
Oil prices fluctuated on Monday after the OPEC agreed on Saturday to increase production in August by 548,000 barrels per day.
US benchmark crude rose 0.5%, while the international standard Brent crude edged up 1%.
