Bank stocks slid, with investors concerned about tariffs putting a damper on economic growth. Citigroup shares lost 5.1%. Bank of America stock dropped 4.8%, and Wells Fargo stock dropped 4.2%
Automakers were among the big losers on Monday. The industry relies heavily on a North American supply chain. Stellantis shares dropped 10%; General Motors shares lowered nearly 3%, and American Axle shares dropped 2.7%. “With vehicle prices already elevated and interest rates remaining high, American car buyers could face an even more challenging road,” wrote Jessica Caldwell, head of insights at Edmunds, in a note.
Shares of Ralph Lauren dropped 2.9%. CFO Justin Picicci said this fall that China represented a high single-digit percentage of the brand’s global sourcing.
Williams-Sonoma stock dropped 1%, paring earlier losses. The company said in November that it had a plan to reduce exposure to China should Trump follow through on his tariff promises.
