US Stock Market Takes a Hit in Premarket Trading

On Monday, the US stock market experienced significant losses during premarket trading, with the Dow Jones Industrial Average dropping more than 530 points. This downturn comes as investors continue to grapple with the political uncertainties stemming from the ongoing tariff disputes between the US, Canada, and Mexico.

Canada's Stance on Retaliatory Tariffs

Adding to the market's woes, Mark Carney, the newly-elected leader of Canada's Liberal Party and the next Canadian prime minister, has made it clear that his government will uphold retaliatory tariffs on US imports. Carney emphasized that these measures will remain in place until the United States demonstrates a commitment to fair trade practices.

At 7:12 am ET, the Dow Jones had fallen by 1.25%, or 534 points, while the Nasdaq 100 and the S&P 500 both saw declines of 1.69%. Meanwhile, the euro remained steady against the dollar, trading at $1.08459.