US stocks fell sharply on Monday as investors braced for uncertainty surrounding new tariffs set to take effect on April 2.
President Donald Trump has labeled the day “Liberation Day” and vowed sweeping trade levies, but details on affected industries and countries remain unclear.
The Dow Jones Industrial Average dropped 0.5 percent to 41,364.02 in early trading, while the S&P 500 slid 1.2 percent to 5,513.90.
The Nasdaq Composite Index tumbled 2.1 percent to 16,942.85, as technology stocks faced increased selling pressure.
Market volatility surged, with the CBOE Volatility Index, known as Wall Street’s “fear gauge,” jumping over 10 percent.
United Airlines saw its shares decline 5.9 percent following reports of reduced travel demand from Canada due to the tariffs.
Moderna stock plunged nearly 11 percent after news surfaced that a top FDA official resigned over policy disagreements with Trump’s new health secretary, vaccine skeptic Robert F. Kennedy Jr.
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