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Key Takeaways

• The major U.S. equity indexes were lower midday Monday, as the Trump administration showed no signs of pulling back from sweeping reciprocal tariffs.

• Tesla shares tumbled as the tariff-fueled selloff continued, and Wedbush analysts led by bull Dan Ives cut their price target for the stock.

• U.S. Steel shares jumped after President Trump announced his administration would undertake a new review of the company’s merger with Nippon Steel.

The major U.S. equity indexes were lower at midday Monday, extending last week's losses as the Trump administration showed no signs of pulling back from sweeping reciprocal tariffs. The Dow Jones Industrial Average, S&P 500, and Nasdaq all lost ground.

Tesla (TSLA) shares tumbled as the tariff-fueled selloff continued, and Wedbush analysts led by bull Dan Ives cut their price target for the stock to $315 from $550 previously.

Nike (NKE) shares fell amid worries that its key manufacturing partners in Vietnam, Cambodia, China and Indonesia would face punishing tariffs.

Goldman Sachs (GS) shares also dropped after Morgan Stanley analysts downgraded the bank to “equal-weight” from “overweight,” citing the Wall Street bank's large exposure to investment bank revenues amid rising recession risks and "deteriorating market conditions."

Dollar Tree (DLTR) shares soared as Citi analysts upgraded the stock to a "buy" on the discount-retail chain's potential to raise prices in the new tariff environment.

Mesa Air Group (MESA) soared after the carrier agreed to merge with fellow regional carrier Republic Airways in an all-stock transaction.

U.S. Steel (X) shares jumped as President Trump announced his administration would undertake a new review of the company’s merger with Nippon Steel.

Oil and gold futures sank. The yield on the 10-year Treasury note edged higher. The U.S. dollar gained ground against the euro and yen but fell against the pound. Prices for most major cryptocurrencies fell.

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