US stocks fell on Monday, with the Dow shedding 650 points, amid President Donald Trump’s promised tariffs on Canada and Mexico taking effect Tuesday. The S&P 500 dropped 1.75% and the Nasdaq Composite declined 2.6%. Nvidia plummeted over 8%, its biggest decline since December.
The move comes after hopes for a last-minute deal between the US and its trade partners were dashed. Tariffs on imports from Canada and Mexico will be levied at 25%, while China has threatened to impose additional tariffs of up to 15% on some US goods starting March 10.
Target, a leading retailer, issued a cautious warning about its fourth-quarter results, citing soft February sales and uncertainty around tariffs affecting produce prices. However, the company still beat expectations on its top and bottom lines.
Taiwan Semiconductor Manufacturing is investing $100 billion in chip manufacturing in the US, with plans to build five new fabrication facilities in Arizona. The move aims to strengthen the country’s semiconductor industry, which supplies key components to tech giants like Nvidia and Apple.
In related news, foreign retailers are expanding their presence in the US market. International brands such as Ireland’s Primark, Spain’s Mango, and Japan’s Uniqlo are setting up new stores across the country, with over 30% of recent retail openings attributed to foreign-owned brands.
Source: https://www.cnbc.com/2025/03/04/5-things-to-know-before-the-stock-market-opens-tuesday-march-4.html