Nasdaq, S&P 500 slide as tech lags after Trump backs tariff plans

US stocks fell on Monday as the threat of tariffs against Mexico and Canada were put back on the table, and investors awaited this week’s Nvidia (NVDA) earnings.

The Dow Jones Industrial Average (^DJI) was little changed, while the S&P 500 (^GSPC) fell 0.5%.

The tech-heavy Nasdaq Composite (^IXIC) fell 1.2% as Microsoft (MSFT), Nvidia (NVDA), and Amazon (AMZN) all declined.

The selling intensified in the last hour of trading after President Trump said tariffs against Mexico and Canada would move forward once the one-month delay expires next week.

“The tariffs are going forward on time, on schedule,” Trump told reporters on Monday afternoon.

Meanwhile, all eyes will be on AI chip heavyweight Nvidia when it reports quarterly results on Wednesday after the bell. Nvidia shares ended the session down

On Monday, Apple (AAPL) shares gained slightly after the iPhone maker announced a $500 billion investment plan in the US over the next four years, including a manufacturing facility in Houston and the hiring of 20,000 new workers.