Bonds & Stocks
Stocks fell and bond yields rose as traders prepared for Jerome Powell's testimony before Congress, where he's expected to signal the economy is in good shape and the Federal Reserve is in no rush to cut rates. The S&P 500 fell 0.2%, the Nasdaq 100 slid 0.3%, and the Dow Jones Industrial Average dropped 0.2%, while the yield on 10-year Treasuries advanced three basis points to 4.53%.
Economy
Investors rushed into safe haven-assets on Monday, buying the US dollar and gold as US President Donald Trump threatened to impose tariffs on steel and aluminum imports. The greenback gained against many of Group-of-10 currencies and gold prices climbed to a record as traders prepared for a potential 25% levy on those products.
World
The European Union has vowed to respond to 25% tariffs imposed by President Donald Trump on steel and aluminum imports, with European Commission President Ursula von der Leyen saying "unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures."