Dow, S&P 500, and Nasdaq Drop as Nvidia Falls 7% and Trump Tariffs Loom
US stocks declined on Monday, weighed down by a sharp drop in Nvidia (NVDA) shares and uncertainty surrounding President Donald Trump's tariff plans ahead of a key deadline.
The S&P 500 (^GSPC) slipped 1%, while the Nasdaq Composite (^IXIC) fell 1.5%. The Dow Jones Industrial Average (^DJI) dropped 0.6%, as major US indexes continued their volatile streak following a losing February.
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Stocks hit session lows on Monday afternoon as selling pressure intensified, with Nvidia (NVDA) plunging 7%.
Nvidia's decline followed reports that its AI chips had reached China despite export restrictions.
The S&P 500 (^GSPC) slipped 0.7%, while the Nasdaq Composite (^IXIC) tumbled more than 1.2%. The Dow Jones Industrial Average (^DJI) declined 0.6%.
Source: Yahoo Finance, Nasdaq 100 – March 3, 2025.
March trading began with heightened uncertainty for investors as tariff deadlines approach, the Federal Reserve's next meeting nears, and concerns over U.S. economic growth persist. First-quarter economic growth is projected to slow following a series of disappointing economic reports.
Tariffs on Canada and Mexico are scheduled to take effect on Tuesday, with no signs of another delay beyond the planned March 4 implementation date. While a 25% duty is expected, Commerce Secretary Howard Lutnick suggested the rate could be adjusted, calling it a "fluid situation." Meanwhile, new tariffs on China are also set for March 4, with Beijing reportedly considering retaliatory measures targeting U.S. agricultural products.
In other developments, European leaders' weekend push to support Ukraine has fueled speculation of increased defense spending in the region, boosting related stocks.
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