U.S. Stocks Slide as Tariff Jitters Cloud Outlook; Oil Climbs, Gold Dips

U.S. stocks ended lower Monday as tariff concerns weighed on equities and investors turned their attention to Nvidia’s highly anticipated earnings report. A flurry of corporate developments, including Keurig Dr Pepper’s $18.4 billion acquisition of JDE Peet’s, added to a complicated trading session.

The Dow Jones Industrial Average fell 349.27 points, or 0.77%, to 45,282.5, while the S&P 500 slid 27.59 points, or 0.43%, to 6,439.32. The Nasdaq Composite eased 47.24 points, or 0.22%, to 21,449.3. Small caps lagged, with the Russell 2000 off 1.04% at 232.38.

Commodities were mixed. Gold for December delivery slipped 0.15% to $3,413.30, while October crude oil rose 1.62% to $64.69, supported by demand expectations.

Nvidia’s upcoming fiscal second-quarter results, due Wednesday after the close, are being treated like a macro event in itself, with the stock carrying a record 7.6% weighting in the S&P 500—nearly three times the entire energy sector. Street consensus calls for revenue of about $46 billion, slightly ahead of guidance, with data center sales expected to rise more than 70% year-over-year and gross margins around 71.8–72%. Risks remain, as China remains a thorny issue, with export controls disrupting H20 shipments and forcing Nvidia to improvise with compliant versions, while competition from AMD and custom silicon intensifies.

Commodities moved in opposite directions. Gold futures for December delivery eased 0.15% to $3,413.30, reflecting reduced safe-haven demand, while October crude oil gained 1.62% to $64.69, buoyed by energy demand expectations .

Fresh data showed that consumers remian a bulwark against slowing growth. against slowing growth. Apollo Global Management reported that spending rose 2.35% year-over-year in August, above the 90-day average of 1.88%, with momentum strongest in essentials like food and general merchandise. “Rising momentum” was observed in categories such as cruises and dining, though furniture and electronics posted sharp declines.

Still, analysts warned of looming pressures from trade policy. Citi Research projected global growth would dip below 2% in the second half of 2025 as tariffs introduced under President Trump push the U.S. effective rate above 15%. The bank noted that U.S. firms have so far absorbed 60% to 70% of the costs, but warned that households could face more direct impacts in coming months (Citi Research, August 2025).

Certain sectors are already feeling the strain. CFRA Research flagged the furniture industry, where potential new tariffs on imports threaten margins. “W operates primarily as a marketplace, connecting buyers and sellers. Because the assortment is largely unbranded and highly substitutable, competition among sellers is intense,” wrote Arun Sundaram, senior analyst at CFRA, referring to Wayfair Inc.

Keurig Dr Pepper’s announcement of an $18.4 billion acquisition of JDE Peet’s, followed by a planned split into two U.S.-listed businesses, added to Monday’s corporate headlines. The deal, struck at a 33% premium to JDE Peet’s 90-day average, will create a global coffee pure-play alongside a separate beverage company led by Dr Pepper. CFRA’s Garrett Nelson cautioned that while the transaction favors JDE Peet’s, KDP investors may face pressure: “In our view, estimated cost synergies of $400M for the new coffee company (to be realized over three years) are disappointing in light of the deal size” (Garrett Nelson, CFRA Research)

The day’s crosscurrents highlight a market caught between solid near-term consumer spending and the drag of global trade frictions. As tariff effects deepen, investors remain wary of whether corporate America can continue absorbing costs without eroding profits or passing them on to households.