The main US stock market indices opened in the red on a cautious note on Monday after President Donald Trump unitaterally imposed 15% global tariffs on the country's trading partners.
The S&P 500 opened 0.07% or 4.81 points lower at 6,904.70, tech-heavy Nasdaq Composite opened 0.11% or 25.11 points lower at 22,860.96, and Dow Jones Industrial Average dropped 0.15% or 75.72 points to 49,550.25.
As of 11:15 a.m. EST, Dow Jones shed over 600 points and traded 1.7% lower at 48,784.93, S&P 500 traded 1.22% or 85.88 points lower at 6,825.72 and Nasdaq declined 1.34% or 304 points to 22,581.09.
After the US Supreme Court's rebuke of Donald Trump's "illegal" tariffs on Friday, the republican president sought other measures to levy 15% blanket tariffs on all of America's trading partners.
After the markets opened, six out of the 11 sectoral indices were trading in the green, while five were trading in the red.
Of the magnificent seven stocks, Tesla Inc. dipped over 2% to $402.77, Meta Platforms Inc. traded 1% lower at $650, Microsoft Corp. declined 2.11% to $388.60 and Amazon.com Inc. traded 2.5% lower at $205.
Besides them, Nvidia Corp., Apple Inc., and Alphabet Inc. traded in the green, up by 1%, 0.4%, and 0.2% respectively.
Among commodities, gold prices rose as investors rushed to save-haven assets amic trade uncertainties and geo-political tensions between US and Iran.
Gold rose 1.72% higher at $5,192.35 an ounce. Crude oil prices also rose with West Texas Intermediate trading 0.9% higher at $67.05 a barrel and brent crude trading 0.76% higher at $71.84 a barrel.
The Bloomberg Dollar Spot Index was little changed, while euro rose 0.1% to $1.1798. The British pound rose 0.2% to $1.3510 and the Japanese yen rose 0.2% to 154.79 per dollar
Bitcoin, the largest traded cryptocurrency, fell 2.1% to $66,190.46.
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