Investing.com - Wall Street was lower on Monday as investors waited for a trade tariff announcement from the White House.
The S&P 500 fell 5 points, or 0.18%, to 2,899.78 as of 9:42 AM ET (13:42 GMT), while the Dow decreased 22 points, or 0.09%, to 26,132.03 and the tech-heavy Nasdaq Composite slumped 48 points, or 0.61%, to 7,961.31.
U.S. tariffs on about $200 billion worth of Chinese imports could be announced as early as Monday, Reuters reported. China is likely to decline proposed trade talks with the U.S. later this month if the tariffs are pushed through and will look at retaliation steps.
In other news, U.S. government debt prices inched lower on Monday, pushing the United States 10-Year to as high as 3.022%, the highest level since May 22.
Pharmaceutical company Teva (NYSE:TEVA) was among the top gainers after the morning bell, surging 6.08% after the U.S. Food and Drug Administration approved the company's migraine treatment. Meanwhile, medical marijuana company Tilray (NASDAQ:TLRY) jumped 8.01% and Canopy Growth (NYSE:CGC) increased 5.49% after news that Coca-Cola (NYSE:KO) is in talks with marijuana producer Aurora Cannabis (OTC:ACBFF) to make cannabis-infused beverages.
FedEx (NYSE:FDX) rose 1.13% ahead of its earnings report expected after the closing bell.
Elsewhere, technology stocks were down, with Amazon.com (NASDAQ:AMZN) falling 1.34% after a report that its employees accepted brides to provide internal data to outside parties. Apple (NASDAQ:AAPL) dipped 0.97% and Facebook (NASDAQ:FB) was down 0.78%, while Twitter (NYSE:TWTR) slumped 4.15%.
In Europe stocks were mostly up. Germany’s DAX fell 31 points, or 0.26%, while in France the CAC 40 increased 3 points, or 0.07%,, and in London the FTSE 100 was up 2 points, or 0.04%. Meanwhile, the pan-European Euro Stoxx 50 gained 1 point, or 0.05%, while Spain’s IBEX 35 surged 64 points, or 0.68%.
In commodities, gold futures rose 0.42% to $1,206.10 a troy ounce while crude oil futures jumped 0.86% to $69.36 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.46% to 94.07.