U.S. Stock Markets Slide Amid Global Trade Jitters
(MENAFN) U.S. stock markets closed in negative territory on Monday as investors reacted to increasing uncertainty surrounding international trade relations.
The Dow Jones Industrial Average declined by 0.24 percent, settling at 41,218.83. The S&P 500 experienced a larger drop of 0.64 percent, closing at 5,650.38 and halting a nine-day winning streak. The Nasdaq Composite Index also fell, shedding 0.74 percent to reach 17,844.24.
Across the S&P 500 sectors, ten out of eleven ended the day with losses. The energy and consumer discretionary sectors saw the most significant declines, falling by 2.02 percent and 1.32 percent respectively. In contrast, the consumer staples sector showed a slight gain of 0.02 percent.
Major indexes partially recovered from steeper losses earlier in the day following a stronger-than-anticipated report from the Institute for Supply Management, which indicated robust growth in the U.S. services sector for April. However, despite this positive economic data, surveyed company executives voiced increasing apprehension regarding the current tariff landscape.
Market sentiment received some support from a report suggesting that India had proposed eliminating tariffs on a limited quantity of steel, auto components, and pharmaceuticals on a reciprocal basis, a move seen as potentially beneficial for ongoing trade discussions.
Nevertheless, market participants remain cautious as the timeline for finalizing U.S. trade agreements with key global partners remains uncertain. U.S. Treasury Secretary Scott Bessent reiterated President Donald Trump's weekend comments suggesting that agreements could be announced "maybe as early as this week."
Adding to the cautious tone, President Trump adopted a firm stance on trade negotiations on Sunday, asserting, "We're negotiating with many countries, but at the end of this, I'll set my own deals -- because I set the deal, they don't set the deal."
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