NEW YORK, New York - U.S. and Canadian stocks tumbled on Monday, the first trading day of March, with investors spooked by looming trade tariffs. The announcement of 25 percent tariffs on imports from Canada and Mexico, set to take effect Tuesday, has raised concerns about potential trade tensions and their impact on the global economy.

"Whether the stock market can survive this change remains to be seen," Chris Rupkey, chief economist at FWDBONDS, said in a note Monday. "One way or another, tariffs will be a shock for the economy."

Following are Monday's closing quotes for the key U.S. indices:

• S&P 500: The index fell by 104.78 points, or 1.76 percent, closing at 5,849.72.

• Dow Jones Industrial Average: The Dow decreased by 649.67 points, or 1.48 percent, ending at 43,191.24.

• NASDAQ Composite: The tech-heavy NASDAQ dropped 497.09 points, or 2.64 percent, to close at 18,350.19.

Global Forex Market Overview: Euro, Yen, and Pound Strengthen Amid Geopolitical Developments

The global foreign exchange market witnessed notable movements in majoir currencies against the U.S. dollar on Monday, influenced by the global geopolitical upheaval unearthed by Friday's shakedown of Ukraine's President Volodymyr Zelenksyy by U.S. officials including President Donald Trump, Vice President JD Vance, and Secretary of State Marco Rubio in the Oval Office.

Euro and British Pound Appreciate Against the U.S. Dollar

• EUR/USD: The euro strengthened against the US dollar, rising by 0.95 percent to settle at 1.0472. This appreciation comes ahead of the European Central Bank's anticipated interest rate decision, with markets expecting a 25 basis point cut to 2.50 percent.

• GBP/USD: The British pound also gained ground, increasing by 0.88 percent to 1.2686. The UK's currency benefited from positive investor sentiment amid ongoing discussions about a potential Ukraine peace plan led by European leaders.

U.S. Dollar Weakens Japanese yen, Swiss franc

• USD/JPY: The US dollar declined against the Japanese yen, falling by 0.94 percent to 149.19. This movement aligns with historical trends, as March has traditionally been a modestly bullish month for the yen.

• USD/CHF: The dollar weakened against the Swiss franc, decreasing by 0.63 percent to 0.8964, reflecting broader dollar softness amid growing geopolitical uncertainties.

Commodity-Linked Currencies Slide

• USD/CAD: The US dollar appreciated against the Canadian dollar, rising by 0.52 percent to 1.4533. This increase is attributed to investor concerns over impending U.S. import tariffs on Canadian goods, set to commence this week.

• AUD/USD: The Australian dollar saw a slight tick down against the US dollar, slipping 0.08 percent to 0.6208.

• NZD/USD: The New Zealand dollar experienced a modest loss, sliding by 0.24 percent to 0.5606.

Global Stock Markets Rally Amid Positive Economic Data

While stocks in North America tumbled on Monday, share markets in the UK and Europe rallied hard, as tensions between the U.S., Europe and the UK grew following the disastrous showdown between U.S. President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenksyy on Friday.

Canadian Market

• S&P/TSX Composite Index: Canada's main index declined by 391.88 points, or 1.54 percent, finishing at 25,001.57.

UK and European Markets

UK European stock markets experienced significant gains on Monday, buoyed by positive economic indicators, investor optimism, and a rush for defense industry shares.

• FTSE 100: The UK's leading index rose by 61.57 points, or 0.70 percent, closing at 8,871.31.
• DAX Performance Index: Germany's benchmark surged 595.59 points, or 2.64 percent, ending at 23,147.02.
• CAC 40: France's primary index increased by 88.08 points, or 1.09 percent, to close at 8,199.71.
• EURO STOXX 50: The eurozone's top 50 companies saw their index climb 77.15 points, or 1.41 percent, finishing at 5,540.69.
• Euronext 100: This pan-European index advanced 20.49 points, or 1.29 percent, to 1,604.17.
• BEL 20: Belgium's main index grew by 49.14 points, or 1.11 percent, closing at 4,469.65.

Asian Markets

The Asia-Pacific region presented a mixed picture, with some markets advancing while others faced declines.

• Hang Seng Index: Hong Kong's market edged up by 64.95 points, or 0.28 percent, to 23,006.27.
• SSE Composite Index: China's main index experienced a slight decline of 3.97 points, or 0.12 percent, closing at 3,316.93.
• Nikkei 225: Japan's leading index surged 629.97 points, or 1.70 percent, ending at 37,785.47.
• STI Index: Singapore's benchmark increased 13.22 points, or 0.34 percent, closing at 3,908.92.
• S&P BSE SENSEX: India's primary index declined by 112.16 points, or 0.15 percent, closing at 73,085.94.
• FTSE Bursa Malaysia KLCI: Malaysia's main index decreased by 3.31 points, or 0.21 percent, to 1,571.39.
• KOSPI Composite Index: South Korea's market dropped 88.97 points, or 3.39 percent, to 2,532.78.
• TWSE Index: Taiwan's main index decreased by 296.93 points, or 1.29 percent, closing at 22,756.25.

Oceania

• S&P/ASX 200: Australia's leading index rose by 73.30 points, or 0.90 percent, ending at 8,245.70.
• ALL ORDINARIES: Another Australian index, it gained 74.90 points, or 0.89 percent, to 8,478.80.
• S&P/NZX 50: New Zealand's benchmark fell by 51.37 points, or 0.41 percent, ending at 12,550.05.

Middle East and Africa

• TA-125: Israel's primary index advanced 31.46 points, or 1.24 percent, to 2,564.96.
• EGX 30: Egypt's main index increased by 130.70 points, or 0.42 percent, closing at 30,988.50.
• Top 40 USD Net TRI Index: This South African index rose by 94.08 points, or 2.07 percent, to 4,640.34.