Nasdaq Drops as Canada Trade War Escalates and Nvidia Earnings Approach
TLDR
- The S&P 500 fell 0.3% and the Nasdaq dropped 0.8% on Monday, while the Dow edged up 0.3%
- New US tariffs on Canada triggered a breakdown in trade talks, with retaliatory tariffs threatened
- Trump threatened 50% tariffs on Canadian autos, auto parts, and steel starting January 2027
- Semiconductor stocks fell ahead of Nvidiaโs earnings report due Wednesday
- The US is also preparing new economic sanctions against Iran, with details expected Monday
US stocks mostly fell Monday as investors dealt with a fresh wave of trade tensions, new sanctions against Iran, and a big week ahead for tech earnings.
The S&P 500 dropped 0.3% and the Nasdaq Composite fell 0.8%. The Dow Jones Industrial Average was the only major index to rise, gaining 0.3%.
Trade War With Canada Heats Up
US-Canada trade talks broke down over the weekend after the US imposed new tariffs on Canadian goods. Canadian Prime Minister Mark Carney suspended negotiations and promised to hit back with matching tariffs.
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