S&P 500 Sees Worst Selloff in 2025 as Bonds Climb: Markets Wrap
- US manufacturing activity nears stagnation while prices jump
- Trump says no room left for deal on Canada, Mexico tariffs
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More tepid economic news and a pledge by Donald Trump to push through tariffs on top trading partners stressed Wall Street risk tolerances anew, sending bonds up and stocks to their biggest loss of the year.
The S&P 500 lost nearly 2% as the US president said Mexico and Canada would be unable to negotiate a reprieve from tariffs set to take effect Tuesday. The loonie and the peso slipped. The White House later said Trump also signed an order doubling a tariff on China to 20%. A plunge in big tech weighed heavily on equities, which were also hit by weak manufacturing data.