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.

The selling accelerated after the Trump administration released letters informing Japan and South Korea that their goods will be taxed at 25% starting on Aug. 1, citing persistent trade imbalances with the two crucial U.S. allies in Asia.

Monday’s market sell-off came on the first day of trading in the U.S. after a holiday-shortened 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.

In deal news, software company CoreWeave agreed to acquire cryptocurrency mining company Core Scientific in an all-stock transaction valued at about $9 billion. Shares in Core Scientific sank 17.6%, while CoreWeave fell 3.3%.

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

All told, the S&P 500 fell 49.37 points to 6,229.98. The Dow lost 422.17 points to 44,406.36, and the Nasdaq slid 188.59 points to 20,412.52.

U.S. benchmark crude settled 1.4% higher at $67.93 per barrel, while Brent crude, the international standard, rose 1.9% to settle at $69.58 per barrel.

— Associated Press