Stock Market Update

[BRIEFING.COM] The stock market opened lowered across the board after the US imposed a 25% tariff on imported goods from Canada and Mexico (only 10% for Canadian energy) and a 10% tariff on imported goods from China.

The S&P 500 sports a 1.8% decline and the Dow Jones Industrial Average is nearly 600 points lower. 

Broad selling interest has all 11 S&P 500 sectors lower with seven sectors down more than 1.0%. The heavily-weighted information technology sector is the worst performer, down 2.8% from Friday. 

Earlier, the S&P Global US Manufacturing PMI rose to 51.2 in January from 50.1 in December. 

Construction spending rose 0.5% in December (Briefing.com consensus 0.2%) following a 0.2% increase in November (revised from 0.0%).

The ISM Manufacturing Index rose to 50.9% in January (Briefing.com consensus 49.1%) from 49.2% in December (revised from 49.3%).