The US stock market experienced significant fluctuations on Monday due to increasing concerns about tariffs. Bank stocks plummeted, with Citigroup shares falling 5.1%, while Bank of America dropped 4.8% and Wells Fargo fell 4.2%. The auto industry also suffered greatly, with Stellantis’ shares dipping 10%, General Motors losing nearly 3%, and American Axle’s stock dropping 2.7%.
Industry experts warn that the high cost of vehicles and interest rates could make it even more challenging for car buyers to purchase new cars. This sentiment was echoed by Jessica Caldwell, head of insights at Edmunds, who stated that the situation “could face an even more challenging road”.
In related news, shares of Ralph Lauren dropped 2.9% after CFO Justin Picicci revealed that China accounted for a high single-digit percentage of the brand’s global sourcing. Meanwhile, Williams-Sonoma’s stock fell 1%, as the company had previously announced plans to reduce its exposure to China should Trump follow through on his tariff promises.
Source: https://www.wsj.com/livecoverage/trump-tariffs-canada-mexico-china-stock-market-today-03-04-2025/card/these-stocks-are-some-of-the-hardest-hit-by-tariffs-WT0qLZfFpPQQg0Z0WOVC