S&P 500, Nasdaq turn lower to start huge week of Big Tech earnings, economic data

Trump’s tariffs continue to crush sentiment across the business and consumer worlds.

New data out Monday morning from the Dallas Fed showed overall activity in its manufacturing survey fell to its lowest level since May 2020, as orders, utilization, shipments, and the outlook for business all plummeted.

The Dallas Fed’s survey also comes along with robust commentary from business leaders gathered by the bank’s staff, which shows how the uncertainty related to tariff policy is manifesting across industries.

“There is really no way to predict anything accurately six months out or even six weeks out now for our industry due to the tariff and trade uncertainty,” said an executive in the computer and electric manufacturing industry.

“Carve-outs for large electronics businesses (cellphones and laptops) leaves small business burdened to deal with tariffs on our own, which are likely to cause delays, cancellations and early product obsolescence on existing products and orders. We have already had to turn around and refuse shipments because customers cannot afford the tariffs, delaying our ability to build, which will eventually lead to job losses.”

In the food manufacturing industry, one executive said, “Tariffs and tariff uncertainty are wreaking havoc on our supply lines and capital spending plans.”

But it’s not only tariffs weighing on business outlooks. Another leader in food manufacturing added that, “DOGE without a follow-up plan does nothing for the domestic tranquility needed (stable arena for business to function within).”

And a comment from a leader in the machinery manufacturing industry said it best, encapsulating most of the concerns weighing on businesses and consumers right now.

“Nothing is easy,” this exec said.

“Forecasting is extremely challenging in this time of uncertainty. Committing to growth initiatives is anxiety-riddled. Helping our employees keep beans on their table and a roof over their heads is harder. We believe the direction the current administration is leading our country is on target, but the pain to get there may be longer and more intense than originally anticipated.”