05:10 PM EST, 02/24/2025 (MT Newswires) -- US equity indexes closed mostly lower on Monday as markets evaluated President Donald Trump's latest remark that the world's largest economy will likely proceed with implementing tariffs on Canada and Mexico.

The Nasdaq Composite declined 1.2% to 19,286.9, while the S&P 500 fell 0.5% to 5,983.3. The Dow Jones Industrial Average edged 0.1% higher at 43,461.2. Technology led the decliners among sectors, while health care pace the gainers.

Trump said that the delayed tariffs on Canada and Mexico, due to take effect in March, were "on time," Bloomberg News reported.

"Tariffs are driving the economic conversation right now, as investors grapple with the evolving US policy framework," Morgan Stanley said in a note emailed Monday. "Though the focus may be on negotiations, we believe the out-turn of tariffs will be supply chain strain."

The Dallas Fed said Monday that Texas manufacturing activity fell more sharply than expected and into contraction territory this month as executives cited rising uncertainty around tariffs.

US Treasury yields fell, with the 10-year rate down 1.8 basis points to 4.402% and the two-year yield down 1.5 basis points to 4.177%.

Earnings from Nvidia ( NVDA ) , which fell 3.1%, and Salesforce ( CRM ) are due midweek.

Palantir Technologies ( PLTR ) , which has been struck by fears of how reduced government spending could impact government contracts, tumbled nearly 11%.

Robinhood (HOOD) closed 3.2% lower. The company announced that the Securities and Exchange Commission dropped an investigation into its crypto business in the latest sign of potentially easing regulation for the digital currency industry.

Starbucks ( SBUX ) rose 1.3% following an announcement that it is cutting 1,100 jobs and eliminating hundreds of unfilled positions as part of its "Back to Starbucks ( SBUX )" transformation plan.

Apollo Global Management ( APO ) agreed to acquire and take private real estate-focused investment firm Bridge Investment Group ( BRDG ) in a deal valued at $1.5 billion. Bridge Investment's ( BRDG ) shares soared 34%, while Apollo's fell 1.8%.

West Texas Intermediate crude oil futures rose 0.6% to $70.85 a barrel.

Gold futures rose 0.5% to $2,966.9 per troy ounce, while silver fell 0.9% to $33.03 per ounce.