Wall Street pointed sharply lower Monday following President Donald Trump’s orders to impose steep tariffs on the biggest U.S. trading partners, Mexico, Canada, and China, the Associated Press reports. Futures for the S&P 500 tumbled 1.5%, while futures for the technology-heavy Nasdaq fell 1.6%, and Dow Jones Industrial futures were off 1.2%.
Shares of companies spanning industries likely to be affected by Canada’s retaliatory tariffs sank in premarket trading Monday. Automakers are being hit especially hard.
Volkswagen sources 43% of its vehicles through Mexico, General Motors 22%, and Ford 15%.
General Motors fell 6.3%, while Ford lost 3.9% and Tesla tumbled 3.6% in premarket trading. Volkswagen slumped 6% in European trading.
Constellation Brands, the maker of Corona beer and Robert Mondavi wine, skidded 6.7% after some Canadian officials said they planned to remove American alcohol brands from government store shelves.
Manufacturers also were dinged early Monday. Farm equipment maker Deere & Co. tumbled 4.5%, while Caterpillar dipped around 2%.
In energy trading, benchmark U.S. crude jumped $1.66 to $74.19 per barrel. Brent crude, the international standard, gained $1.11 to $76.78 per barrel.
In currency trading, the U.S. dollar fell to 154.58 Japanese yen from 155.18 yen.
