Wall Street falls as Trump tariffs near

Stocks on Wall Street closed broadly lower Monday as the White House stepped up pressure on major trading partners to make deals before punishing tariffs imposed by the U.S. take effect.

The S&P 500 fell 0.8% for its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.9%. The Nasdaq composite also finished 0.9% lower, not too far from its own record high.

The losses were widespread. Decliners outnumbered gainers by nearly 4-to-1 on the New York Stock Exchange.

Tesla tumbled 6.8% for the biggest drop among S&P 500 stocks as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top ally of Trump, said he would form a third political party in protest over the Republican spending bill that passed last week.

Nearly all of the sectors in the S&P 500 index closed in the red, with technology, financial and consumer-related stocks among the biggest weights on the market. Apple fell 1.7%, JPMorgan Chase dropped 1.4% and Home Depot slid 1.1%.

Molina Healthcare fell 2.9% after the insurer lowered its profit guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a spike in costs that forced it to cut its forecast, sending its stock tumbling in April.

The yield on the 10-year Treasury rose to 4.39% from 4.34% late Thursday.

Oil prices fluctuated after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day. U.S. benchmark crude settled 1.4% higher at $67.93 per barrel, while Brent crude, the international standard, rose 1.9% to $69.58 per barrel.

CoreWeave to buy Core Scientific for $9B

CoreWeave is dropping $9 billion on the data-center operator Core Scientific in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom.

In buying Core Scientific in an all-stock deal, CoreWeave will inherit more than a gigawatt of data-center capacity across the US — much of which is already contracted out to serve its clients in training, deploying and using AI models. CoreWeave said Monday that controlling more of its supply chain will eliminate lease expenses, reduce costs including those associated with financing projects and “future-proof” its revenue growth.

Cloud infrastructure providers are rushing to construct data centers at an unprecedented scale to meet demand from AI-related work, fueling a wave of deals and partnerships across the industry.

CoreWeave and Core Scientific will need the blessing of regulators.

Apple appeals $580M EU app store fine

Apple appealed a $580 million fine from the European Union, calling the penalty “unprecedented” and the regulator’s required changes to its App Store as “unlawful.”

The European Commission announced the fine in April under its Digital Markets Act, saying that the iPhone maker ran afoul of rules related to allowing developers to steer users to make purchases outside of its store. In June, Apple changed its EU App Store policies to meet local requirements and avoid additional penalties.

Compiled from Associated Press and Bloomberg reports.