Markets today: Wall Street’s losing streak deepens as Trump’s tariffs kick in

People work on the floor at the New York Stock Exchange in New York, Thursday, Feb. 27, 2025. (AP Photo/Seth Wenig)

NEW YORK — Stocks are falling again on Wall Street as companies and investors react to U.S. President Donald Trump’s decision to impose tariffs on the U.S.’s biggest trading partners.

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The S&P 500 dropped 0.7% Tuesday morning, the Nasdaq fell 0.6% and the Dow slid 423 points, or 1%. The burgeoning trade war between the U.S., China, Canada and Mexico is helping to extend a recent slump for U.S. stocks that was prompted by signs of weakness in the economy. Shares of Target and Best Buy fell after the retailers warned of higher prices for consumers due to tariffs.

Markets in Europe fell sharply while stocks in Asia saw more modest declines.

Elaine Kurtenbach and Matt Ott, The Associated Press