US STOCKS-Wall St declines with tech leading losses as tariff uncertainty weighs

U.S. stocks fell on Monday with heavyweight technology stocks leading declines as tariff uncertainty brewed after President Donald Trump announced a new 15% duty following a Supreme Court ruling that struck down ‌his broader levies.

The Supreme Court, in a 6-3 ruling on Friday, voided most of the tariffs Trump imposed last year, finding that the emergency law he relied on did not allow the imposition of tariffs. Using a different statute, Trump announced first a 10%, then a 15%, global levy that could last five months while the administration searches for more durable workarounds.

Trump renewed ‌his condemnation of the Supreme Court on Monday, vowing to turn to other tariff powers and licenses but giving no details. All three main stock indexes clocked weekly gains on ‌Friday as markets took the Supreme Court's decision in stride, with the Nasdaq snapping a five-week losing streak.

"The market is just experiencing some profit-taking as traders realize that the relief rally from Friday may be premature. You simply can't bet against Trump. He wants tariffs, and he's going to find a way to implement them," said Thomas Hayes, chairman at Great Hill Capital LLC. At 09:55 a.m. ET, the Dow Jones Industrial Average fell 337.14 ⁠points, or ​0.68%, to 49,288.83, the S&P 500 lost 25.11 ⁠points, or 0.36%, to 6,884.40 and the Nasdaq Composite lost 110.54 points, or 0.48%, to 22,775.53.

The consumer discretionary index led declines among the 11 major S&P sectors, with Amazon.com and Tesla down around 2% each. The information ⁠technology index also dropped 0.3%. Earnings from major software firms including Salesforce and Intuit, whose stocks were hurt by AI disruption fears, will be on the radar later this week.

The S&P 500 software and ​services index was last down 2.9%, having slumped almost 23% so far this year. Financials dipped 1.5% with private credit firms including Ares Management and KKR & Co down ⁠the most.

Helping offset some losses, the healthcare sector rose 1% as Eli Lilly advanced 3.4% after rival Novo Nordisk's obesity drug fell short against Lilly's drug in a Copenhagen trial. Nvidia climbed 1.8% ahead of quarterly earnings due on Wednesday. Commentary ⁠from ​the world's largest company by market capitalization could offer key insight about the AI sector that has been hit by growing investor skepticism.

High stock valuations and AI disruption fears have lately pressured technology and other sectors, as investors question if massive AI spending is paying off. Among other movers, Domino's Pizza climbed 4.6% after the fast-food chain beat Wall Street ⁠estimates for fourth-quarter U.S. same-store sales.

Meanwhile, Federal Reserve Governor Christopher Waller said he was open to keeping rates unchanged in March if February jobs data shows the labor market has ⁠strengthened after a weak start to 2025. Traders currently expect ⁠the Fed to make its next move on rate cuts in June, according to the CME FedWatch Tool.

Declining issues outnumbered advancers by a 1.33-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq. The S&P 500 posted 31 new 52-week highs ‌and 13 new lows while ‌the Nasdaq Composite recorded 49 new highs and 140 new lows.