Wall Street closed mostly lower on Monday after a day of sharp volatility as investors grappled with the economic fallout from President Donald Trump’s aggressive tariff policies. The Dow Jones Industrial Average dropped 0.9%, or 350 points, while the S&P 500 fell 0.2%. The Nasdaq managed a slight gain of 0.1%, buoyed by a rally in tech stocks, including a 3.5% rise in Nvidia.
The trading session was marked by dramatic swings. The S&P 500 initially plunged 4%, briefly entering bear market territory down more than 20% from its recent peak before a false rumor about a potential 90-day tariff pause triggered a temporary surge. The White House quickly denied the report, sending stocks downward again before another late rebound.
According to research by financial analysts, Trump now holds the dubious distinction of presiding over the worst early term S&P 500 performance of any post-World War II president. Despite the market turmoil, Trump remained defiant, telling reporters, “I don’t mind going through it because I see a beautiful picture at the end.” He dismissed calls to pause tariffs, insisting, “Tariffs will make this country very rich.”
However, his hardline stance is drawing growing criticism as businesses and investors question how far the administration will let markets fall. Last week’s selloff erased $6.6 trillion in value, intensifying concerns about the long-term economic impact of escalating trade wars.
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