S&P 500, Nasdaq slip as investors await major tariff news

Stocks fall as investors await Trump's tariff plans, with tech stocks hit hardest, signaling potential economic downturn.

The S&P 500 and the Nasdaq declined on Monday, with technology stocks among the largest fallers, as investors took a cautious approach to U.S. equity markets ahead of the Trump administration's upcoming tariff plans being announced.

Global stocks tumbled, gold prices scaled new highs and U.S. government bonds climbed after U.S. President Donald Trump said on Sunday that expected tariffs he is set to announce on Wednesday will include all nations.

He has already imposed tariffs on aluminum, steel and autos, along with increased tariffs on goods from China.

"I think (April 2) might mark peak policy uncertainty, but I don't think it's going to mean that tariff uncertainty is going away," said Adam Turnquist, chief technical strategist for LPL Financial.

U.S. stock markets have sold off this year as the Trump administration's tariff policies raised fears of a global trade war that would hurt economic growth and spur inflation.

The three major U.S. indexes are on track for sharp monthly and quarterly losses, with the S&P 500 and the tech-centric Nasdaq poised for their steepest quarterly drops in three years.

While these falls have been significant, LPL's Turnquist said the S&P 500 was finding resistance around its March 13 closing low, which alongside broader economic data remaining steady, provided encouragement we may be approaching the bottom.