Tariffs Roil Markets; Dow, Nasdaq Open Lower; Oil Prices Jump -- WSJ

Dow Jones02-03 22:39

By Chelsey Dulaney and Gunjan Banerji

The Trump administration's fresh tariffs jolted global markets Monday, driving broad-based declines in stocks and sending the dollar and oil higher.

The levies caught investors off guard, as many had seen them as more of a negotiating tool. Economists have warned a trade war risks boosting inflation and denting growth. President Trump acknowledged Sunday there could be some pain for U.S. consumers, but said it would be "worth the price."

Investors flocked to longer-dated Treasurys, dragging yields on 10-year and 30-year bonds lower in early trading. Some economists expect the tariffs to tip America's neighbors into a recession, while weighing on economic growth domestically. The levies also could crimp profits at the biggest U.S. companies.

In early trading:

Stocks fell, with the tech-heavy Nasdaq dropping around 2%.

Oil rose. U.S. crude futures jumped above $74 a barrel.

The dollar strengthened against a range of currencies, with the Canadian dollar, the euro and Mexican peso hit hard.

Elsewhere in markets, Wall Street's "fear gauge" leapt, though it remained well below recent highs.

Global indexes fell, with stocks retreating in Europe and through much of Asia. And cryptocurrencies sold off.

Write to Chelsey Dulaney at chelsey.dulaney@wsj.com and Gunjan Banerji at gunjan.banerji@wsj.com

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

February 03, 2025 09:39 ET (14:39 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Economists have warned a trade war risks boosting inflation and denting growth. President Trump acknowledged Sunday there could be some pain for U.S. consumers, but said it would be \"worth the price.\" \n\n\n  Investors flocked to longer-dated Treasurys, dragging yields on 10-year and 30-year bonds lower in early trading. Some economists expect the tariffs to tip America's neighbors into a recession, while weighing on economic growth domestically. The levies also could crimp profits at the biggest U.S. companies. \n\n\n  In early trading: \n\n\n  Stocks fell, with the tech-heavy Nasdaq dropping around 2%. \n\n\n  Oil rose. U.S. crude futures jumped above $74 a barrel. \n\n\n  The dollar strengthened against a range of currencies, with the Canadian dollar, the euro and Mexican peso hit hard. \n\n\n  Elsewhere in markets, Wall Street's \"fear gauge\" leapt, though it remained well below recent highs. \n\n\n  Global indexes fell, with stocks retreating in Europe and through much of Asia. And cryptocurrencies sold off. \n\n\n  Write to Chelsey Dulaney at chelsey.dulaney@wsj.com and Gunjan Banerji at gunjan.banerji@wsj.com \n\n\n \n\n\n  This item is part of a Wall Street Journal live coverage event. 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