NEW YORK (AP) 鈥� President Donald Trump鈥檚 fast-approaching 鈥淟iberation Day鈥� had stock markets all over the world swinging sharply. The S&P 500 rose 0.6% in another roller-coaster Monday. The S&P lost 4.6% for the first three months of the year, its worst quarter in two-and-a-half years. The Dow Jones Industrial Average also swerved higher after initially falling, and it climbed 1%. Slides for Nvidia and other influential tech stocks weighed on the Nasdaq composite, which slipped 0.1%. The swings follow a global sell-off as worries build that tariffs coming Wednesday from Trump will worsen inflation and grind down growth for economies.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� fast-approaching has stock markets swinging sharply worldwide on Monday.
On Wall Street, the S&P 500 was up 0.3% in another roller-coaster day, after being down as much as 1.7% during the morning. It's coming off of the past couple of years on Friday, and it's on track to finish the first three months of the year with a loss of nearly 5%. That would make this its worst quarter in .
The Dow Jones Industrial Average also swerved higher after initially falling, and it was up 296 points, or 0.7%, as of 2:45 p.m. Eastern time. Slides for Tesla, Nvidia and other influential Big Tech stocks had the Nasdaq composite down 0.6%.
Such neck-twisting swings have become routine for the U.S. stock market recently because of uncertainty about what Trump will do with 鈥� and by how much they will worsen and grind down for economies. Wall Street's swings followed a sell-off that spanned the world earlier Monday as worries built about the effects of the tariffs that Trump says will bring manufacturing jobs back to the United States.
In Japan, the Nikkei 225 index dropped 4%. South Korea鈥檚 Kospi sank 3%, and France鈥檚 CAC 40 fell 1.6%.
Instead of stocks, prices strengthened for things considered safer bets when the economy is looking shaky. rose again to briefly crest $3,160 per ounce.
Prices for Treasury bonds also climbed, which in turn sent their yields down. The yield on the 10-year Treasury fell to 4.24% from 4.27% late Friday and from roughly 4.80% in January.
On Wednesday, the United States is set to begin what Trump calls 鈥� 鈥� tariffs, which will be tailored to match what he sees is the burden each country places on his, including things like value-added taxes. Much is still unknown, including exactly what the U.S. government will do on 鈥淟iberation Day.鈥�
At Goldman Sachs, economists expect Trump to announce an average 15% reciprocal tariff. They also raised their forecast for inflation and lowered it for U.S. economic growth for the end of the year.
Altogether, they now see a 35% chance of recession in the next year, up from an earlier forecast of 20%, 鈥渞eflecting our lower growth forecast, falling confidence, and statements from White House officials indicating willingness to tolerate economic pain,鈥� according to Goldman Sachs economist David Mericle.
If the April 2 tariffs end up being less onerous than investors fear 鈥� maybe Trump includes no additional tariff increases on China, for example 鈥� stocks could rally. But if they end up being a worst-case scenario, which also gets businesses so fearful that they start cutting their workforces, something that hasn't happened so far, stocks could sink much further.
Of course, there's also the chance that April 2 does little to clear the uncertainty. It could end up being merely a 鈥渟tepping stone for further negotiations鈥� instead of a big 鈥渃learing event" for the market, according to Michael Wilson and other strategists at Morgan Stanley.
鈥淭his means policy uncertainty and growth risks are likely to persist 鈥� it鈥檚 a question of to what degree,鈥� Wilson wrote in a report.
One worry is that even if Trump鈥檚 tariffs end up being less harsh than feared, all the uncertainty created by them could alone cause U.S. and businesses to , which would hurt an economy that had been running at a solid pace at the close of last year.
Either way, some familiar names were among Wall Street's hardest hit on Monday.
Tesla fell 2% to bring its loss for the year so far to 36%. It鈥檚 been one of the year's worst performers in the S&P 500 in large part because of fears that the , Elon Musk.
Musk has been leading , making him a target of growing political anger, and protests have been swarming Tesla showrooms as a result.
It鈥檚 a sharp drop-off following a surge of roughly 90% in the weeks following November鈥檚 Election Day, when the thought was that Musk鈥檚 close relationship with Trump could help the company鈥檚 finances. Tesla鈥檚 stock is roughly back to where it was on Nov. 5.
Other Big Tech stocks also struggled. They鈥檝e been at the center of the recent sell-off in large part because of criticism that their stock prices had become too expensive. Critics pointed to how their prices rose much faster than their already quick-growing profits in recent years.
, which has ridden the frenzy around technology to become one of Wall Street鈥檚 most influential stocks, fell 1.9% to bring its loss for the year so far to 19.9%.
On the winning side of Wall Street was Mr. Cooper, which jumped 15.7% after the home loan servicer said it鈥檚 being bought by mortgage company Rocket in an . The deal comes just weeks after Rocket , and Rocket鈥檚 stock fell 8.5%.
Warren Buffett's Berkshire Hathaway also rose 1.1% to bring its gain for the year so far to 17.4%. The famed investor said earlier this year his company is sitting on a mountain of $334.2 billion in unused cash. Such a large amount could indicate Buffett, who鈥檚 famous for buying stocks when prices are low, may not see much worth purchasing in a market that critics say looks too expensive.
In stock markets abroad, Thailand鈥檚 SET lost 1.5% after a centered in Myanmar rattled the region, causing widespread destruction in the country, also known as Burma, and less damage in places like Bangkok.
Shares in Italian Thai Development, developer of a partially built 30-story high-rise office building under construction that collapsed, tumbled 26.9%. Thai officials said they are investigating the cause of the disaster, which left dozens of construction workers missing.
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AP Writers Junzhe Jiang and Matt Ott contributed.
Stan Choe, The Associated Press
