Trump's Tariff Threat Wrecks US Equity Markets, Memory Stocks Suffer

US equity markets opened mixed on Monday, with some sectors gaining while others declined. The Nasdaq 100 was the clear laggard, down 1% to 29,015.54. President Donald Trump's threat to increase tariffs on Canadian autos and steel to 50% by January 2027 weighed heavily on memory and optical-component stocks.

The Technology Select Sector SPDR Fund (NYSE:XLK) and the Energy Select Sector SPDR Fund (NYSE:XLE) both fell 1.5%, tracking lower crude prices. In contrast, the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) led all S&P 500 sectors with a 1.5% gain.

Cleveland-Cliffs Inc. (NYSE:CLF) rose 4.4% as a direct beneficiary of Trump's tariff order on Canadian steel and vehicles, while Ford Motor Company (NYSE:F) slumped 4.1% due to cross-border cost exposure. The week's main event remains Nvidia Corp.'s (NASDAQ:NVDA) earnings report on Wednesday evening.