The main Wall Street indices edged lower on Monday as US President Donald Trump intensified his tariff warnings against the European Union and Mexico.
The S&P 500 fell 0.71%, tech-heavy Nasdaq Composite declined 0.18%, and Dow Jones Industrial Average was down 0.04% in the early minutes of trade.
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Among the stocks that gained in early trade were Boeing Co., Walmart Inc. and Honeywell International Inc. Stocks like Apple Inc., Nvidia Corp. Nike Inc. Cl B and dipped in the early minutes of trade.
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Among the 11 S&P 500 sectoral indices, all barring one were trading lower against the previous day's close. The gains were led by Consumer Discretionary.
“We are not out of the woods just yet, as the next few weeks will be pivotal to see how countries respond to the administration's new Aug. 1 tariff deadline,” said Glen Smith at GDS Wealth Management to Bloomberg.
“The big question for markets in the coming weeks is if earnings, which are expected to be solid, can overshadow the tariff issues.” he said.
As the US market opened, spot gold was trading 0.08% lower at $3,352.90, and Brent crude oil was trading 0.10% lower at $70.29.
The Bloomberg Dollar Index changed slightly, with the British pound fell 0.1% to $1.3479, while the Japanese yen changed to 147.32 per dollar.
Bitcoin, the largest traded cryptocurrency, soared 2.3% to $121,903.75.
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