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Wall Street stock indices plunged on Monday after US President Donald Trump announced that he would impose a 25% tariff on goods from Japan and South Korea as the 90-day deadline is set to expire on July 9.

At 12:26 PM, the Dow Jones Industrial Average fell 456.55 points, or 1.02%, to 44,369.96, the S&P 500 lost 53.47 points, or 0.86%, to 6,225.58 and the Nasdaq Composite lost 187.70 points, or 0.88%, to 20,413.28. 

As of 10:49 AM Eastern time, the benchmark  S&P 500 was 0.5% lower, the Dow Jones Industrial Average was down 0.5%, and the Nasdaq Composite was 0.6% down.

At the opening bell, the Dow Jones Industrial Average fell 25.2 points, or 0.06%, to 44,803.36. The S&P 500 fell 20.3 points, or 0.32%, to 6,259.04, while the Nasdaq Composite dropped 110.6 points, or 0.54%, to 20,490.55.

US President Donald Trump said over the weekend that his administration would send letters to several trading partners as early as Monday, specifying their tariff rates if they don't reach a deal before Wednesday. 

The US would not start collecting those taxes until August 1, he added.

On Sunday, the US President threatened to impose an additional 10% tariffs against the BRICS bloc of developing nations, which had condemned tariffs hike at its summit in Brazil.

In the bond market, the yield on the 10-year Treasury rose to 4.37% from 4.34% late on Thursday.

Tesla shares slid 7.9% after CEO Elon Musk announced his plans to launch a new political party in protest against the Trump’s spending bill.

Capgemini stock dropped 5.54% after the French IT services firm said it agreed to buy the outsourcing firm WNS for $3.3 billion. WNS shares jumped 14.3%.

Oracle shares slipped 2.5% and Chipotle Mexican Grill lost 2.2%.

Molina Healthcare tumbled 6% after the insurer lowered its profit forecast.

Gold prices eased on Monday as the US dollar-industries-share-price-nse-bse-s0003324" data-vars-anchor-text="dollar">dollar appreciated.

Spot gold was down 0.8% at $3,307.87 an ounce at 1302 GMT. US gold futures lost 0.7% to $3,318.

Among other metals, spot silver fell 1.6% to $36.32 an ounce, platinum shed 2.9% to $1,350.97 and palladium lost 3% to $1,100.65.

Oil prices fluctuated on Monday after the OPEC agreed on Saturday to increase production in August by 548,000 barrels per day.

US benchmark crude rose 0.5%, while the international standard Brent crude edged up 1%.

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