NEW YORK, New York - U.S. and Canadian stocks sank Monday, weighed down by President Donald Trump's looming trade tariffs.

The introduction of 25 percent tariffs on imports from Canada and Mexico, set to take effect Tuesday, has raised concerns about potential trade tensions and their impact on the global economy.

"No room left for Mexico or for Canada," Trump Monday from the White House. "Reciprocal tariffs start on April 2 … but very importantly, tomorrow, tariffs, 25 percent on Canada and 25 percent on Mexico … will start."

Following are Monday's closing quotes for the key U.S. indices:

• S&P 500: The index fell by 104.78 points, or 1.76 percent, closing at 5,849.72.

• Dow Jones Industrial Average: The Dow decreased by 649.67 points, or 1.48 percent, ending at 43,191.24.

• NASDAQ Composite: The tech-heavy NASDAQ dropped 497.09 points, or 2.64 percent, to close at 18,350.19.

Global Forex Market Overview: Euro, Yen, and Pound Strengthen Against U.S. Dollar

The global foreign exchange market witnessed notable downward movements against major currencies on Monday, influenced largely by geopoliticakl developments with growing tension between the United States and Ukraine.

Euro and British Pound Appreciate Against the US Dollar

• EUR/USD: The euro strengthened against the US dollar, rising by 0.95 percent to close at 1.0472. This appreciation comes ahead of the European Central Bank's anticipated interest rate decision, with markets expecting a 25 basis point cut to 2.50 percent.

• GBP/USD: The British pound also gained ground, increasing by 0.88 percent to 1.2686. The UK's currency benefited from positive investor sentiment amid ongoing discussions about a potential Ukraine peace plan led by European leaders.

US Dollar Weakens Against Yen, Swiss franc

• USD/JPY: The US dollar declined against the Japanese yen, falling by 0.94 percent to 149.19. This movement aligns with historical trends, as March has traditionally been a modestly bullish month for the yen.

• USD/CHF: The dollar weakened against the Swiss franc, decreasing by 0.63 percent to 0.8964, reflecting broader dollar softness amid geopolitical uncertainties.

Commodity-Linked Currencies Show Mixed Performance

• USD/CAD: The US dollar appreciated against the Canadian dollar, rising by 0.52 percent to 1.4533. This increase was attributed to investor concerns over the impending U.S. tariffs.

• AUD/USD: The Australian dollar saw a slight tick down against the US dollar, slipping 0.08 percent to 0.6208.

• NZD/USD: The New Zealand dollar experienced a modest gain, increasing by 0.24 percent to 0.5606.

Global Stock Markets Rally Amid Positive Economic Data

Global stocks rose Monday, particularly in Europe and in the UK.

European Markets

European stock markets experienced significant gains on Monday, buoyed by positive economic indicators and investor optimism.

• FTSE 100: The UK's leading index rose by 61.57 points, or 0.70 percent, closing at 8,871.31.
• DAX Performance Index: Germany's benchmark surged 595.59 points, or 2.64 percent, ending at 23,147.02.
• CAC 40: France's primary index increased by 88.08 points, or 1.09 percent, to close at 8,199.71.
• EURO STOXX 50: The eurozone's top 50 companies saw their index climb 77.15 points, or 1.41 percent, finishing at 5,540.69.
• Euronext 100: This pan-European index advanced 20.49 points, or 1.29 percent, to 1,604.17.
• BEL 20: Belgium's main index grew by 49.14 points, or 1.11 percent, closing at 4,469.65.

Canadian Market

• S&P/TSX Composite Index: Canada's main index declined by 391.88 points, or 1.54 percent, finishing at 25,001.57.

Asia and Pacific Markets

The Asia-Pacific region presented a mixed picture, with some markets advancing while others faced declines.

• Hang Seng Index: Hong Kong's market edged up by 64.95 points, or 0.28 percent, to 23,006.27.
• SSE Composite Index: China's main index experienced a slight decline of 3.97 points, or 0.12 percent, closing at 3,316.93.
• STI Index: Singapore's benchmark increased 13.22 points, or 0.34 percent, closing at 3,908.92.
• S&P/ASX 200: Australia's leading index rose by 73.30 points, or 0.90 percent, ending at 8,245.70.
• ALL ORDINARIES: Another Australian index, it gained 74.90 points, or 0.89 percent, to 8,478.80.
• S&P BSE SENSEX: India's primary index declined by 112.16 points, or 0.15 percent, closing at 73,085.94.
• FTSE Bursa Malaysia KLCI: Malaysia's main index decreased by 3.31 points, or 0.21 percent, to 1,571.39.
• S&P/NZX 50: New Zealand's benchmark fell by 51.37 points, or 0.41 percent, ending at 12,550.05.
• KOSPI Composite Index: South Korea's market dropped 88.97 points, or 3.39 percent, to 2,532.78.
• TWSE Index: Taiwan's main index decreased by 296.93 points, or 1.29 percent, closing at 22,756.25.
• Nikkei 225: Japan's leading index surged 629.97 points, or 1.70 percent, ending at 37,785.47.

Middle East and Africa

• TA-125: Israel's primary index advanced 31.46 points, or 1.24 percent, to 2,564.96.
• EGX 30: Egypt's main index increased by 130.70 points, or 0.42 percent, closing at 30,988.50.
• Top 40 USD Net TRI Index: This South African index rose by 94.08 points, or 2.07 percent, to 4,640.34.

Related story:

Monday 3 March 2025 | Dow Jones sinks 650 points as trade tariffs loom | Big News Network