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, and 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 exec 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.”

Yahoo Finance’s Laura Bratton reports:

Read more here.

Stocks mostly edged higher on Monday ahead of more Big Tech earnings this week, with a focus on tariff negotiations between the US and its trading partners.

The S&P 500 (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) also gained 0.2%. The Nasdaq (^IXIC) was little changed.

Wall Street is coming off a positive weekly run, as the S&P 500 gained over 4% last week. President Trump eased pressure on Federal Reserve Chair Jerome Powell. Trump administration officials have also hinted at easing trade tensions. Investors are hoping for the US to eventually strike a deal with China, though progress on that front is still unclear.

Investors await Big Tech earnings this week with Apple (AAPL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) all set to report in the coming days.

Yahoo Finance’s Brian Sozzi reports:

Read more here.

Earnings: Domino’s Pizza (DPZ), MGM Resorts (MGM), Waste Management (WM), Welltower (WELL)

Economic data: Dallas Fed Manufacturing Activity (April)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

April jobs report and Big Tech earnings on tap for the week ahead

US ports see demand drop as Walmart, Target face empty shelves

Student loan servicer MOHELA faces probe over payment errors

Big tech’s earnings problem is estimates may be way too high

Trump tariffs risk US electronics shortages: Taiwan’s Pegatron

Trump promised a boom. 100 days in, stocks have only taken a hit

US shoppers pay for Trump tariffs on Temu, doubling some prices

China shrugs off threat of US tariffs to economy, says it has tools to protect jobs

Bloomberg News reports:

Gold (GC=F) fell further from last week’s record high as easing trade tensions instill new risk appetite into global markets.

Bullion slid as much as 1.6% to touch $3,268, and has lost more than 5% since peaking above $3,500 on Wednesday.

Investors acted on signs of a thaw in US trade talks, after President Donald Trump on Friday suggested another delay to his higher “reciprocal” tariffs was unlikely. In this context, Asian nations may strike interim deals to stave off levies before the 90-day grace period ends in July. The Trump administration has drafted a framework to handle negotiations with about 18 countries.

Read more here.