U.S. dollar weakens further; airline stocks in focus after outlook cuts
The Dow industrials dropped in morning trading after President Trump said he would ramp up tariffs on steel and aluminum from Canada to 50%.
Shares of industrial and financial firms were among the biggest decliners in the S&P 500. All 11 sectors in the broad index were trading lower.
Fears about a recession sparked a selloff Monday, with sliding tech shares spurring the Nasdaq Composite's biggest loss since 2022. President Trump declined to rule out a recession on Sunday and said his economic shake-up would result in a “period of transition.”
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