07:32 AM EDT, 04/07/2025 (MT Newswires) -- The main US stock measures were tracking in the red before Monday's opening bell, pointing to more turbulence following last week's selloff sparked by President Donald Trump's reciprocal tariffs.

The S&P 500 dropped 1.8% in premarket activity, while the Dow Jones Industrial Average and the Nasdaq fell 1.9% each. The Nasdaq closed last week in a bear market, characterized by a decline of at least 20% from its peak, while the S&P 500 capped its worst week since March 2020.

"I don't want anything to go down, but sometimes you have to take medicine to fix something," Trump reportedly said on Sunday when asked about the market situation. Last week, the White House imposed duties on several countries, including China, which responded with its own retaliatory tariffs on US products.

Tech behemoths, including Apple ( AAPL ) and Tesla (TSLA), slumped pre-bell with Wedbush Securities lowering its price targets on the two companies. Nvidia ( NVDA ) and Palantir Technologies ( PLTR ) decreased 2% and 5.1%, respectively, while Meta Platforms ( META ) and Google ( GOOG ) parent Alphabet (GOOG, GOOGL) were in the red.

JPMorgan Chase ( JPM ) Chief Executive Jamie Dimon reportedly said Monday that the Trump administration's tariffs are likely to raise prices of domestic and imported goods, potentially weighing down an already slowing US economy, according to several publications. In a post on the social media platform X, billionaire investor Bill Ackman said the US was heading towards a self-inflicted "economic nuclear winter" due to Trump's tariff policy, media publications reported.

Last week, the Bureau of Labor Statistics reported that the world's largest economy added more jobs than expected in March, while the unemployment rate ticked up to 4.2% from February's 4.1%.

The two-year US Treasury yield retreated 5.7 basis points to 3.62% while the 10-year rate gained 2.6 basis points to 4.02%.

Traders will be awaiting the consumer price index report for March due to be out on Thursday followed by the producer price index for the same month on Friday. Minutes of the Federal Reserve's last monetary policy meeting are scheduled to be released on Wednesday, which will be parsed for clues on the central bank's posture for future interest rate decisions.

Fed Chair Jerome Powell said Friday that tariffs will likely drive inflation higher and slow down US economic growth.

Denim jeans maker Levi Strauss (LEVI) is slated to report its latest financial results after the markets close. Later in the week, Wall Street banking heavyweights JPMorgan ( JPM ), Wells Fargo ( WFC ) and Bank of New York Mellon ( BK ) release quarterly earnings along with Constellation Brands ( STZ ) and Delta Air Lines ( DAL ) .

West Texas Intermediate crude oil declined 2.9% to $60.21 in premarket action, after reportedly dropping last week to its lowest level since April 2021. Bitcoin slipped 2.9% to $77,182 per troy ounce. Gold inclined 0.5% to $3,052.

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