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U.S. stocks slipped on Monday, retreating from last week’s record highs as investors grew wary of President Donald Trump’s looming tariff decisions.
As of 09:32 ET, the Dow Jones Industrial Average was down 95 points, or 0.2%, while the S&P 500 fell 22 points, or 0.4%. The NASDAQ Composite dropped 95 points, or 0.5%. All three major indexes had been closed on Friday for the Independence Day holiday, but both the S&P 500 and Nasdaq ended Thursday at all-time highs.
Markets opened the week on cautious footing as a pause in Trump’s planned reciprocal tariffs approaches its expiration. While the U.S. has reached early-stage trade agreements with the U.K. and Vietnam and maintained a truce with China, uncertainty remains high.
Treasury Secretary Scott Bessent told CNBC on Monday that several trade announcements are expected within 48 hours, ahead of a key Wednesday deadline to finalize agreements.
“We’ve had a lot of people change their tune in terms of negotiations,” Bessent said. “My mailbox was full last night with a lot of new offers, a lot of new proposals. It’s going to be a busy couple of days.”
President Trump added to the ambiguity, saying the U.S. would begin delivering tariff notification letters on Monday. However, it remains unclear when the new rates will take effect, with some reports pointing to August 1.
The scope of the tariffs is also unclear. While Trump initially suggested rates as high as 50%, he has recently floated figures as high as 60% to 70%. He also warned that nations aligned with the BRICS bloc — Brazil, Russia, India, China, and South Africa — could face additional levies for what he described as “anti-American practices.”
With little economic data scheduled for Monday, investor attention is turning to the upcoming Federal Reserve meeting minutes, due out Wednesday. These notes are expected to provide more clarity on interest rate policy for the remainder of 2025.
In June, the Fed left rates unchanged at 4.25% to 4.5%, citing the need for more data on the economic impact of Trump’s trade policies before making further moves.
Tesla (NASDAQ: TSLA) shares fell sharply after CEO Elon Musk announced plans to launch a new political movement, the “America Party.” Investors expressed concern that Musk’s political involvement could further distract him from his duties at Tesla, especially as the company faces weakening sales and prepares to pivot toward autonomous vehicles.
Analysts at Wedbush warned in a note Sunday that Musk’s foray into politics is “exactly the opposite direction” shareholders want, calling it a “potential overhang” on the stock.
The announcement also comes amid heightened tensions between Musk and President Trump, particularly following the administration’s passage of the so-called “Big Beautiful Bill,” which Musk has publicly criticized.
Crude prices bounced back on Monday after initial declines, with Brent crude rising 1% to $68.97 per barrel and West Texas Intermediate (WTI) up 1.3% to $67.38 as of 09:32 ET.
The gains followed OPEC+’s weekend announcement of a larger-than-expected production increase for August — 548,000 barrels per day (bpd) — up from prior monthly hikes of 411,000 bpd. The group also signaled it could authorize another similar hike in September during its next meeting on August 3.
The rally was supported by news that Saudi Arabia raised the price of its flagship Arab Light crude for August to a four-month high in Asia, signaling growing confidence in global oil demand.
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