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The U.S. stock market’s sell-off is worsening Monday as Wall Street questions how much pain President Donald Trump is willing for the economy to endure by imposing tariffs on key trading partners.
The S&P 500 was down 3.2% in afternoon trading, which would be its sharpest drop since the highest inflation in generations was shredding budgets in 2022. The Dow Jones Industrial Average was down 1,042 points, or 2.4%, as of 3 p.m. EST with just about an hour remaining in trading, and the Nasdaq composite was 4.6% lower.
Other news we’re following today:
- Ontario slaps 25% tariffs on electricity exports: Ontario’s premier, the leader of Canada’s most populous province, announced that effective Monday his province is charging 25% more for electricity to 1.5 million Americans. Ontario provides electricity to Minnesota, New York and Michigan.
- ICE arrests Columbia University activist: Palestinian activist Mahmoud Khalil, a former graduate student at Columbia, was arrested Saturday as part of the Trump administration’s crackdown on students protesting Israel’s war in Gaza. Trump called Khalil “a Radical Foreign Pro-Hamas Student” and said his arrest was the first “of many to come.” Khalil’s lawyer said ICE intends to revoke his green card.
- Buyouts hit Health and Human Services: Most of the 80,000 federal workers at HHS were emailed an offer to leave their jobs for as much as a $25,000 payment as part of Trump’s government cuts. Workers have until 5 p.m. on Friday to submit a response.
- Trump to meet with technology CEO council: The president has relied on the announced investments of several hundred billions of dollars by the tech businesses Apple, Taiwan Semiconductor Manufacturing Company, OpenAI and Oracle as evidence that better times are ahead. His meeting on Monday with a council of technology CEOs is closed to the press.
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