US stocks fell on Monday as semiconductor shares dragged the S&P 500 and Nasdaq lower ahead of Nvidia's earnings report on Wednesday, though losses were trimmed after reports the Treasury Department could tap its general account to fund a bond buyback programme.
While the broader tech sell-off dominated early trading, shares in major American carmakers also came under heavy pressure after US President Donald Trump posted on Truth Social threatening to raise tariffs on Canadian automotive imports to fifty per cent from January.
The threat follows the collapse of trade talks between Washington and Ottawa on Friday, with Canadian Prime Minister Mark Carney announcing retaliatory tariffs on American goods from the eighth of September.
Mitch Mccann reports from New York.
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Mitch Mccann in New York says investors are focused on how the US Treasury plans to pay for its bond buyback programme, with reports pointing to the government's main bank account as the likely source.
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