U.S. Markets Mixed as Tariff Uncertainty and Musk Headlines Weigh on Sentiment
U.S. stock indexes were mixed on Monday as investors wrestled with renewed uncertainty over the country’s trade policy.
President Donald Trump confirmed that letters outlining updated tariff rates would be sent to trading partners today, with the new rates set to take effect on August 1. The original 90-day suspension of tariffs, introduced earlier this year, is due to expire on Wednesday.
Trump also threatened an additional 10% tariff on countries aligning themselves with the BRICS bloc—Brazil, Russia, India, China, and South Africa—accusing them of supporting “anti-American policies.”
The uncertain policy backdrop kept markets on edge, despite the Dow Jones Industrial Average finishing last week just 0.5% below its all-time high.
Tesla shares tumbled 6.6% in pre-market trading after CEO Elon Musk announced the launch of a new U.S. political party, a move seen as deepening his rift with Trump. The former president hit back, claiming Musk had “gone off the rails.”
Ahead of the opening bell, the Dow was unchanged, while the S&P 500 dipped 0.3% and the Nasdaq 100 slipped 0.4%.
