NEW YORK (AP) — President Donald Trump’s “Liberation Day” is fast approaching, and stock markets around the world are tumbling in advance of it. The S&P 500 fell 1.1% early Monday. It’s on track to finish the first three months of the year with a loss of more than 5%, which would make this its worst quarter in nearly three years. The Dow Jones Industrial Average was down 293 points, and the Nasdaq composite was 1.9% lower. The drops follow a sell-off that spanned the world as worries build that tariffs coming Wednesday from Trump will worsen inflation and grind down growth for economies.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Wall Street followed global markets lower early Monday ahead of the Trump administration's latest tariff rollout later this week.
Futures for the S&P 500 sank 1.2%, while futures for the Dow Jones Industrial Average dropped 0.7%. Futures for the Nasdaq, where many of the biggest U.S. technology companies trade, tumbled 1.6%.
Tesla's woes continued as Elon Musk's electric car company slid 6.1%. Tesla is down 42% since Trump took office Jan. 20, with losses driven in part by the public perception of Musk's oversight of the new Department of Government Efficiency that’s .
Tesla sales in Europe and the U.S. have fallen, partly due to Musk’s political shift to the right. Protestors have targeted the automaker’s showrooms, vehicle lots and charging stations, with some resorting to vandalism, including burning privately owned vehicles.
Apple shares were down less than 1% after France’s antitrust watchdog $162 million over the rollout of a privacy feature resulted in abuse of competition law.
Shares of the mortgage company Rocket fell 3.5% after it announced that it is in an all-stock deal valued at $9.4 billion. Mr. Cooper shares soared more than 26%. The deals comes just weeks after Rocket .
The price of gold hit a record high before inching back down to $3,149 an ounce. Investors continue to pull out of equities in search of traditional safe havens like gold.
Markets worldwide have been anxious over a potentially of and a slowing U.S. economy because to spend due to the deepening , escalated U.S. by President Donald Trump.
Trump has dubbed Wednesday “Liberation Day,” when he will roll out tariffs tailored to each of the United States’ trading partners that he promises will free the the country from foreign goods.
The details of Trump’s next round of import taxes are still sketchy. Most economic analyses say average U.S. families would have to absorb the cost of his tariffs in the form of higher prices and lower incomes. That has contributed to significant this year, which has alarmed investors.
On Friday, the S&P 500 fell 2% for one of its worst days in the last two years. It was its in the , helping to drive the index down 5% this year. The Dow sank 1.7% and the Nasdaq composite fell 2.7% and is down more than 10% in 2025.
Many of the countries that run trade surpluses with the U.S. and depend heavily on export manufacturing are in Asia, Stephen Innes of SPI Asset Management said in a commentary.
“Asia is ground zero. Of the 21 countries under USTR (U.S. Trade Representative) scrutiny, nine are in Asia,” Innes noted.
Tokyo’s benchmark fell 4.1% to 35,617.56, while the Hang Seng in Hong Kong lost 1.3% to 23,119.58.
The Shanghai Composite index declined 0.5% to 3,335.75.
In South Korea, the Kospi fell 3% to 2,481.12, while Australia’s S&P/ASX 200 sank 1.7%, closing at 7,843.40.
Taiwan’s Taiex lost 4.2%.
European markets opened lower. Britain's FTSE 100 slid 1.4%, while France's CAC 40 and Germany's DAX each fell 2%.
Thailand’s SET lost 1.3% after a centered in Myanmar rattled the region, causing widespread destruction in the country, also known as Burma, and less damage in places like Bangkok.
Shares in Italian Thai Development, developer of a partially built 30-story high-rise office building under construction that collapsed, tumbled 27%. Thai officials said they are investigating the cause of the disaster, which left dozens of construction workers missing.
Junzhe Jiang And Matt Ott, The Associated Press
