US stocks drop after Trump ramps up his tariffs and investors dump potential AI losers

NEW YORK (AP) — U.S. stocks slumped Monday after President Donald Trump ramped up his newest tariffs, while investors continued to punish companies that could be losers in the artificial-intelligence revolution.

The S&P 500 fell 1% after Trump said on Saturday that he would place temporary 15% tariffs on other countries. That’s up from the 10% rate he announced Friday following a Supreme Court ruling that struck down his sweeping “reciprocal” taxes on imports from around the world.

The Dow Jones Industrial Average dropped 821 points, or 1.7%, and the Nasdaq composite sank 1.1%.

Trump’s quick move toward more aggressive tariffs shows how much uncertainty still hangs over the global economy, even after the Supreme Court said the president lacked the legal authority to institute his sweeping “reciprocal” tariffs.

Beyond a 15% tariff that could last for up to 150 days, unless Congress extends it further, Trump is moving forward on other avenues to place more permanent tariffs on countries and industries. That has trading partners uneasy. South Korea’s trade minister, Kim Jung-kwan, said Monday that uncertainty may worsen if the Trump administration continues imposing new tariffs under alternative laws.

To be sure, Monday’s moves for markets weren’t close to as bad as the panic that swept the world in April, when Trump initially announced his “Liberation Day” tariffs. U.S. stocks were modestly higher for a brief moment during the morning.

The U.S. dollar’s value edged lower against other currencies. Bitcoin briefly fell below $64,000 but remained above its low point reached earlier this month. Gold continued to rise thanks to its reputation as something safer to own during uncertain times.

Investors may be sensing it will take a long time, as well as more court battles, before more clarity comes about how global trade will look.

“Stocks got a boost Friday from the Supreme Court’s tariff ruling, but it quickly became clear that the decision was simply going to open a new chapter in the trade saga, not end it,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

On Wall Street, big losses hit companies under suspicion of getting undercut by AI-powered rivals. Investors have been sharply and suddenly punishing stocks of such companies recently.

CrowdStrike fell 9.8% to widen its loss for the young year so far to 25.3%. A new tool from Anthropic that scans codebases for security vulnerabilities and suggests targeted software patches for human review has been hitting stocks across the cybersecurity industry.

AppLovin sank 9.1% and took its loss for the year to date to 43.5%. It’s among the software companies hurt by worries that AI competition will steal customers and fundamentally reset their industries.

Companies that have lent money to software companies whose revenues may be under threat also continued falling, and Blue Owl Capital fell 3.4% to bring its loss for the year so far to 30.1%.

More big moves may still be ahead for Wall Street this week, particularly with a profit report from Nvidia coming on Wednesday.

Worries are rising that companies like Alphabet and Amazon may be spending so much on Nvidia’s chips that they’ll never be able to recoup their investments through higher productivity and future profits.

Elsewhere on Wall Street, stocks of airlines fell after heavy snow and high winds canceled thousands of flights across the busy Northeast.

United Airlines lost 5.2%, American Airlines fell 4.9% and Delta Air Lines sank 3.7%.

Novo Nordisk’s stock that trades in the United States tumbled 16.4% after the Danish drugmaker said a trial for its CagriSema drug showed people lost a smaller percentage of their weight after 84 weeks than with a similar one made by rival Eli Lilly. Eli Lilly rose 4.9%.

All told, the S&P 500 fell 71.76 points to 6,837.75. The Dow Jones Industrial Average dropped 821.91 to 48,804.06, and the Nasdaq composite sank 258.80 to 22,627.27.

In stock markets abroad, indexes mostly fell in Europe. They had risen on Friday after the Supreme Court’s ruling.

In Asia, where markets got their first chance to react to the court’s ruling, Hong Kong’s Hang Seng jumped 2.5%, while South Korea’s Kospi rose a more modest 0.6%. Markets in Japan and mainland China were closed for holidays.

In the bond market, the yield on the 10-year Treasury fell to 4.03% from 4.08% late Friday.

A top official at the Federal Reserve said Monday that it’s a “coin flip” on whether the Fed will cut its main interest rate at its next meeting in March or stand pat again.

The comments from Fed. Gov. Christopher Waller were a notable shift from January, when he was one of the two Fed governors to dissent against the central bank’s decision to hold its key rate steady after three rate cuts at the end of last year.

Lower rates would give the economy a boost, and Trump has been lobbying angrily for them. But they also could risk worsening inflation.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Timothy Nick, left, and Robert Charmak work on the floor of the New York Stock Exchange, Friday, Feb. 20, 2026. (AP Photo/Richard Drew)

Options trader Anthony Spina works on the floor of the New York Stock Exchange, Thursday, Feb. 19, 2026. (AP Photo/Richard Drew)

President Donald Trump appears on a trading post television screen on the floor of the New York Stock Exchange, Friday, Feb. 20, 2026. (AP Photo/Richard Drew)

A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Feb. 23, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Feb. 23, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Feb. 23, 2026. (AP Photo/Ahn Young-joon)

A currency traders reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Feb. 23, 2026. (AP Photo/Ahn Young-joon)

PARK CITY, Utah (AP) — Prosecutors portrayed a Utah mother and children’s book author as a money-hungry killer Monday on the first day of a murder trial in her husband’s death, while her defense team urged jurors not to make judgments before hearing her side.

Kouri Richins, 35, faces a slew of felony charges for allegedly killing her husband, Eric Richins, with fentanyl in March 2022 at their home just outside the ski town of Park City. She has vehemently denied the allegations.

Prosecutors say she slipped five times the lethal dose of the synthetic opioid into a cocktail that he drank. She is also accused of trying to poison him a month earlier on Valentine's Day with a fentanyl-laced sandwich that made him break out in hives and black out, according to court documents.

After her husband's death, Kouri Richins self-published a children’s book about grief to help her sons and other kids cope with the loss of a parent.

As arguments in the case got underway Monday, Richins sat next to her attorneys, taking notes on a legal pad. It wasn't known whether she would take the stand in her defense.

Summit County prosecutor Brad Bloodworth told jurors that Richins was $4.5 million in debt and falsely believed that if her husband died she would inherit his estate worth more than $4 million. Prosecutors have argued she was planning a future with another man she was seeing on the side.

“The evidence will prove that Kouri Richins murdered Eric for his money and to get a fresh start at life,” Bloodworth said. “More than anything, she wanted his money to perpetuate her facade of privilege, affluence and success."

Defense attorney Kathryn Nester started her opening statement by playing the recording of Richins’ 911 call from the night of her husband’s death. Richins was sobbing hysterically on the call and seemed barely able to answer the dispatcher’s questions.

“Those were the sounds of a wife becoming a widow,” Nester said.

Eric Richins had Lyme disease and was addicted to painkillers, Nester argued. She suggested he may have overdosed.

However, Eric Richins’ sister Katie Richins-Benson testified that their mother was a drug and alcohol counselor who had instilled in the siblings from an early age the dangers of drug use.

The trial is slated to run through March 26. A few dozen people hoping to watch camped outside the courthouse in lawn chairs starting at 4 a.m., four and a half hours before the trial began.

Richins faces nearly three dozen counts, including aggravated murder, attempted murder, forgery, mortgage fraud and insurance fraud. The murder charge alone carries a sentence of 25 years to life in prison.

In the months before her arrest in May 2023, Richins self-published the illustrated children’s book “Are You with Me?” about a father with angel wings watching over his young son after passing away. The book could play a key role for prosecutors in framing Eric Richins’ death as a calculated killing with an elaborate cover-up attempt. Bloodworth told jurors Monday about how Richins promoted it on local TV and radio stations.

Years before her husband's death, Richins opened numerous life insurance policies on Eric Richins without his knowledge, with benefits totaling nearly $2 million, prosecutors alleged. Court documents also indicate she had a negative bank account balance and was being sued by a creditor.

Bloodworth showed the jury a series of text messages between Kouri Richins and Robert Josh Grossman, the man with whom she was having an affair. She had texted Grossman about her dream of leaving her husband, gaining millions in the divorce and one day marrying Grossman.

Bloodworth also showed screenshots of Richins’ internet search history, which included “luxury prisons for the rich America” and “Can cops force you to do a lie detector test?”

Eric Richins' sister testified that she rushed to her brother's house after hearing from another family member that he wasn't breathing. Richins-Benson ran inside and locked eyes with Richins, who just shook her head, she recalled.

“That’s when I knew my brother was gone,” the sister said through tears.

“I observed that she was not how she normally was,” Richins-Benson said of the defendant. “She was very well put together. She had a matching pajama-esque outfit on. Her hair was all done up. She wasn’t crying like I was.”

Defense attorneys pushed back on that characterization.

Among the key witnesses expected to be called later in the trial is the family’s housekeeper Carmen Lauber, who claims to have sold fentanyl to Kouri Richins on multiple occasions.

Lauber is not charged in connection with the case, and detectives have said she was granted immunity.

Defense attorneys argued Monday that Lauber did not actually give Richins fentanyl and was motivated to lie for legal protection. No fentanyl was ever found in Richins’ house, and the housekeeper’s dealer has said he was in jail and detoxing from drug use when he told detectives in 2023 that he sold fentanyl to Lauber. He later said in a sworn affidavit that he sold her only the opioid OxyContin.

Nester showed jurors photos of an empty pill bottle sitting on Eric Richins' bedside table the night of his death and bags of marijuana gummies he was known to use regularly. She said he had asked his wife to procure opioids for him.

Internet searches recovered from the phone of Kouri Richins, a Utah mother accused of fatally poisoning her husband, are displayed on a screen during her murder trial at the Summit County Courthouse in Park City, Utah, Monday, Feb. 23, 2026. (AP Photo/Spenser Heaps, Pool)

Kathy Nester, the defense attorney for Kouri Richins, a Utah mother accused of fatally poisoning her husband, shows the jury an image of a pill bottle while delivering her opening statement in Richins' murder trial at the Summit County Courthouse in Park City, Utah, Monday, Feb. 23, 2026. (AP Photo/Spenser Heaps, Pool)

Brad Bloodworth, chief prosecutor for Summit County, motions toward Kouri Richins, a Utah mother accused of fatally poisoning her husband, while delivering his opening statement in Richins' trial at the Summit County Courthouse in Park City, Utah, Monday, Feb. 23, 2026. (AP Photo/Spenser Heaps, Pool)

Judge Richard Mrazik, right, talks to Brad Bloodworth, chief prosecutor for Summit County, during the trial of Kouri Richins, a Utah mother accused of fatally poisoning her husband, at the Summit County Courthouse in Park City, Utah, Monday, Feb. 23, 2026. (AP Photo/Spenser Heaps, Pool)

Kouri Richins, a Utah mother accused of fatally poisoning her husband, looks on during her murder trial at the Summit County Courthouse in Park City, Utah, Monday, Feb. 23, 2026. (AP Photo/Spenser Heaps, Pool)

Kouri Richins, a Utah mother accused of fatally poisoning her husband, talks to her attorneys during her murder trial at the Summit County Courthouse in Park City, Utah, Monday, Feb. 23, 2026. (AP Photo/Spenser Heaps, Pool)

FILE - Kouri Richins, a Utah mother of three who wrote a children's book about coping with grief after her husband's death and was later accused of fatally poisoning him, looks on during a court hearing on Aug. 27, 2024, in Park City, Utah. (AP Photo/Rick Bowmer, Pool, File)

FILE - Kouri Richins, a Utah mother of three who wrote a children's book about coping with grief after her husband's death and was later accused of fatally poisoning him, looks on during a hearing on Aug. 26, 2024, in Park City, Utah. (AP Photo/Rick Bowmer, Pool, File)