US Stock Market Today: NASDAQ Slides as Trump's 15% Import Levy Sparks US Trade Policy Uncertainty

US stocks traded lower on Monday after Donald Trump announced a new, across-the-board 15% levy on US imports. The move revived trade uncertainty and slowed risk appetite. 

The S&P 500 and NASDAQ fell in early trading as investors weighed the Supreme Court’s decision to strike down most of Trump’s earlier tariffs and the White House’s rapid move to replace them with a temporary global duty.

US Stocks Slip After Trump Sets 15% Import Tariff

Trump said the new 15% import tariff will replace the prior 10% plan. He also signaled it will stay in place while his administration searches for a stronger legal path. The Supreme Court of the United States ruled 6–3 that the emergency law Trump used for last year’s “reciprocal” tariffs did not authorize such broad duties. The ruling pushed trade policy back into flux.

Markets reacted with moderate selling rather than a repeat of April’s sharp swings. By mid-morning in New York, the S&P 500 had fallen about 0.36%, and the NASDAQ Composite had dropped about 0.48%. The Dow Jones Industrial Average slid about 0.68%. Consumer discretionary and technology stocks led the declines, with Amazon and Tesla down around 2% each. Decliners outnumbered advancers on both the NYSE and NASDAQ.

Overseas, European stocks held near flat, while the MSCI World Index edged slightly lower. The dollar traded in a tight range as the euro and yen posted small gains.

Strategists described the policy path as unclear. Reynolds Strategy chief market strategist Brian Reynolds called the situation “mass confusion.” He also said investors still expect tariff rates to ease from worst-case fears over time. Traders focused on how quickly companies can adjust supply chains and pricing if the 15% duty holds through mid-year.

Tech Shares Lag as Investors Watch NVIDIA Earnings and Fed Signals

Technology stocks led the index decline, even as energy and health care gained. A broad tech-software ETF dropped more than 4%. The slide showed how investors have questioned heavy AI spending and its near-term payoff. Consumer discretionary shares also fell, with several large growth names sliding by about 2% in early trading.

NVIDIA stood out with a gain of about 1.6% after Aletheia Capital raised the stock to a buy ahead of Wednesday’s results. Investors looked to NVIDIA’s outlook for clues on AI demand and capital spending across the sector. The Philadelphia Semiconductor Index held near flat, signaling selective buying rather than a broad rebound in chips.

Rates markets also reflected a cautious tone. The 10-year Treasury yield fell about three basis points to 4.06%, while the 30-year yield eased to 4.71%. Federal Reserve Governor Christopher Waller said a March decision could hinge on the February jobs report, calling a cut a “coin flip” after January job gains surprised to the upside.

Gold prices rose as investors added hedges. Spot gold traded near $5,200 an ounce, up about 1.7% on the day. Bitcoin fell about 2.5% to around $65,900 and briefly dipped below $65,000, matching the softer tone in high-beta assets.

Corporate Highlights Tied to US Stocks 

• NVIDIA rose about 1.6% after an upgrade ahead of its earnings report.

• Domino’s Pizza gained about 4% after strong US comparable sales and a higher dividend.

• Novo Nordisk ADRs fell more than 15% after the CagriSema trial results disappointed.

• Eli Lilly climbed about 3% as the trial outcome favored its obesity treatment.

• Gilead Sciences agreed to acquire Arcellx for up to $7.8 billion.

• Merck outlined a plan to split its main pharmaceutical business into two units.

• Estée Lauder signaled openness to acquisitions during its turnaround push.

• Deere shares came under pressure after a bearish call questioned a farm rebound.

• Honeywell adjusted terms on its planned Catalyst Technologies acquisition effort.

• Chevron signed agreements to explore taking over Iraq’s West Qurna 2 project.

Single-Stock Moves: Domino’s Jumps, Novo Nordisk Slides

Earnings and trial results drove sharp moves in individual names. Domino’s Pizza climbed about 4% after US comparable sales topped expectations and the company increased its dividend. The move supported value-focused dining names even as the broader consumer discretionary sector fell.

Health care gained as Eli Lilly rose about 3% after results showed Novo Nordisk’s next-generation obesity shot delivered less weight loss than Lilly’s rival treatment in a head-to-head trial. Novo Nordisk’s US-traded ADRs dropped more than 15%, as investors reassessed its ability to regain share in the weight-loss market.

Deal headlines were also added to the day’s stock action. Gilead Sciences agreed to buy Arcellx in a deal valued at up to $7.8 billion, aiming to strengthen its drug pipeline. 

Meanwhile, Merck & Co. said it will split its main pharmaceutical unit in two as it plans for upcoming patent expiries.

Outside equities, oil rose as traders weighed geopolitical risk. West Texas Intermediate crude increased about 0.9% to $67.09 a barrel as investors assessed the chance of wider US-Iran conflict. The New York Stock Exchange and NASDAQ said severe weather would not disrupt trading after a winter storm brought heavy snow to the New York area.

With trade policy back in flux and earnings season underway, investors appear poised for continued volatility as markets balance legal uncertainty, tariff risks, and shifting expectations around growth and interest rates.

Also Read: US Stock Market Today: S&P 500 Dispersion Hits Highest Level Since 2009 as Stock Swings Widen