Trump tariffs trigger sharp market decline

U.S. markets are bracing for another steep drop Monday after a weekend of heavy selloffs wiped out trillions in value amid escalating global tariffs.

U.S stock futures are down in pre-market trading Monday morning, pointing to another lower close for the market.

This follows a weekend of turmoil, as two days of selloffs erased over $5.4 trillion in U.S. market value.

The trade war has set off the market’s worst crisis since the COVID-19 pandemic.

The S&P 500 is nearing a major slump, with a 20 per cent drop from its peak.

As of last night, Dow futures were down 3.3 per cent and Nasdaq futures tumbled 4.6 per cent.

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The damage from Donald Trump’s trade war continues to hit stocks in the “Magnificent Seven,” which is made up of the most influential companies on the U.S. market.

NVIDIA dropped 7.4 per cent.

Apple lost more than 7 per cent.

Google’s Alphabet closed over 3 per cent lower.

Microsoft took a 3.6 per cent hit.

Amazon lost just over 4 per cent and Meta saw a 5 per cent loss.

Elon Musk’s Tesla also dropped over 10 per cent.

The Bank of Canada is anticipated to release two surveys today that will give a glimpse into what both businesses and consumers can expect as the fallout continues from the U.S. tariffs.

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