Stock markets had it rough last week following hawkish comments from new Federal Reserve Chairman Jerome Powell and the Trump administration's announcement that tariffs on steel and aluminum imports could come as soon as this week.
Canadian officials responded to Trump's tariff threat with a threat of its own, calling the proposed tariffs "unacceptable" and promising to protect Canadian workers in the steel and aluminum industries.
Over the weekend, Trump took to Twitter to threaten car exports from the European Union with taxes due to the "big imbalance" in trade between the U.S. and EU.
If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S. They make it impossible for our cars (and more) to sell there. Big trade imbalance!— Donald J. Trump (@realDonaldTrump) March 3, 2018
Stocks in the U.S. traded lower Monday because of Wall Street's fears about a global trade war. The S&P 500 was trading in the red for the fourth session in five days.
Here's how stocks are moving based on the day's news.
Affected by Tariff Threats
U.S. Steel Co. (X) - shares were down 0.6% to $45.13.
Olympic Steel Inc. (ZEUS) - shares were up 3.8% to $21.64.
Toyota Motor Corp. (TM) - American depositary receipts of the carmaker fell 1%.
Honda Motor Co. (HMC) - ADRs of Honda fell 1.5%.
Volkswagen (VLKAY) - down 1.7%.
Moving on Other Market News
Apple Inc. (AAPL) - shares were down 0.5% to $175.22 after KGI Securities published a note that the company was preparing to launch a budget version of its 13-inch MacBook Air in the second quarter.. Apple currently only offers one version of the laptop and it retails $999.
Netflix Inc. (NFLX) - shares failed to get a post-Oscars bump, rising just 0.14% early Monday, after its documentary "Icarus" won the best documentary award at the 90th Academy Awards on Sunday.