US stock markets experienced a sharp decline on Monday amid escalating trade war concerns leading up to President Trump's impending tariff announcement. The Nasdaq Composite index dropped by around 2.3%, the S&P 500 by 1.2%, and the Dow Jones Industrial Average by 0.6%.

Major tech companies like Nvidia, Tesla, Meta, and Amazon faced significant losses in early trading. Amid Trump's rapidly changing tariff policies, March has been a challenging month for markets, with frequent declines in the S&P 500 and Nasdaq Composite.

Investor unease over the economic consequences of the trade tensions impacted stock prices, with uncertainty leading to decreased risk appetite. Trump's plan to introduce comprehensive tariffs on April 2 has further fueled apprehensions, as he aims to apply reciprocal tariffs to all countries.

On the contrary, the price of gold surged to a historic high of over $3,100 per ounce as investors turned to safer assets amid the market turmoil. Economic indicators like the "core" PCE inflation figures and the upcoming March jobs report are being closely monitored for signs of economic distress.