(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Automakers, chip stocks fall after Trump announces trade

tariffs

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Triumph Group ( TGI ) jumps after co to go private in $3 bln deal

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Wall Street's "fear gauge" at one-week high

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Russell 2000 smallcap index at three-week low

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Indexes down: Dow 1.39%, S&P 500 1.79%, Nasdaq 2.2%

(Updates prices after markets open)

By Shashwat Chauhan

Feb 3 (Reuters) - Wall Street's main stock indexes hit

multi-week lows in broad-based selloff on Monday, as fears of a

full-blown trade war and its impact on the global economy jolted

markets around the world after President Donald Trump levied

steep tariffs on Mexico, Canada and China.

Over the weekend, Trump imposed hefty new tariffs of 25% on

imports from Mexico and Canada, and 10% on China - which he said

may cause "short-term" pain for Americans.

"The uncertainty at this stage is tremendous - not only of

how these eventual negotiations will play out, but worries about

how this is only the tip of the iceberg and more tariffs are on

the horizon," said Yung-Yu Ma, chief investment officer at BMO

Wealth Management, in a mailed comment.

"It's likely that the initial tariffs on Canada and Mexico

are a negotiating template for what is to come."

At 10:02 a.m. ET, the Dow Jones Industrial Average

fell 620.66 points, or 1.39%, to 43,924.00, hitting a two-week

low.

The S&P 500 lost 107.88 points, or 1.79%, to 5,932.65

and the Nasdaq Composite lost 431.21 points, or 2.20%,

to 19,196.23. Both hit their lowest level in over two weeks.

All 11 S&P sectors traded lower, with information technology

hitting a three-month low, bogged down by a 3.5% fall

in Apple ( AAPL ).

Chip stocks also slumped, with industry bellwether Nvidia ( NVDA )

sliding 5%, and a broader gauge of semiconductor stocks

down 2.8%.

Legacy automakers - who had been roiled by the impending

tariffs - dropped sharply. Ford fell 2.9%, while General

Motors ( GM ) shed 4.7%.

The economically sensitive Russell 2000 smallcaps index

fell 2.4% to a three-week low.

Treasury yields edged down as investors fled to safer assets

such as bonds and gold. Spot gold scaled an all-time

high.

The Cboe Volatility Index, known as Wall Street's

"fear gauge", jumped to its highest level in a week.

Goldman Sachs estimates that every 5-percentage-point

increase in the tariff rate would lower the S&P 500's

earnings per share by roughly 1% to 2%, and the latest tariff

announcements could bring about a reduction in its forecasts for

the S&P 500's earnings by roughly 2% to 3%.

The quarterly earnings, meanwhile, remained in full swing,

with Tyson Foods ( TSN ) gaining 2.2% after the meat packer

raised its annual sales forecast, while IDEXX Laboratories ( IDXX )

added 12.2% after the animal diagnostics maker beat

fourth-quarter profit and revenue estimates.

Triumph Group ( TGI ) jumped 32.2% after the aircraft parts

maker said investment firms Warburg Pincus and Berkshire

Partners have agreed to buy the company in a deal valued at

about $3 billion.

On the data front, U.S. manufacturing grew for the first

time in more than two years in January, with the Institute for

Supply Management's (ISM) reading at 50.9, rising above 50 for

the first time since October 2022.

Declining issues outnumbered advancers by a 4.74-to-1 ratio

on the NYSE, and by a 5.22-to-1 ratio on the Nasdaq.

The S&P 500 posted no new 52-week highs and 20 new lows,

while the Nasdaq Composite recorded 13 new highs and 162 new

lows.