Alex Ossola

U.S.

stocks have fallen sharply today.

Among the major indexes, the Dow led the losses, dropping 1.7 percent, with declines in American Express, Goldman Sachs, and J.P.

Morgan pulling down the benchmark.

The Nasdaq lost 1.1 percent, and the S&P fell 1 percent.

WSJ Markets reporter Hannah Aaron-Lang says there are a few factors driving the sell-off.

The recent uncertainty around U.S.

tariffs, the Supreme Court's decision on Friday that President Trump's global tariffs were illegal, and then Trump's declaration of a new global tariff of 10 percent and then 15 percent, is having ripple effects around the world.

In the European Union, lawmakers have agreed to shelve talks on the bloc's trade deal with the U.S.,

Members of the European Parliament were going to vote on approving two legal texts that are part of a trade agreement the bloc reached with the U.S.

last year.

Now that's on pause.

A spokesperson for the European Commission told reporters today that officials need more clarity before deciding on any next steps.

Meanwhile, in the U.S., business leaders are left with a flood of questions.

To answer them and to try to predict what's coming next, many business leaders spent the weekend digesting legal briefs and the president's response.

Chip Cutter covers workplace and management for the journal and has been in touch with a number of them.

Chip, how are business leaders feeling right now?

Do they feel like this latest tariff news is good for them or bad for them or something else?

And I would imagine with a legal fight, there are pros and cons to doing that.

Some of the cons being, of course, money and time.