Stock market today: S&P 500, Nasdaq slip as tech stocks sag, US-Canada trade spat escalates

US Treasury Secretary Scott Bessent unveiled a new economic campaign targeting Iran and its supporters on Monday. The "Operation Economic Outcast" aims to sever all economic ties with Iran until the regime stands alone. Sanctions from the Treasury Department's Office of Foreign Asset Control will impact the Iranian regime and any nation financially connected to it.

The US Dollar strengthened against foreign currencies after Bessent's announcement, reversing a recent decline. President Trump will engage with various nations to request they sever ties with Iran. The Treasury will block all potential revenue sources for the Iranian regime, and countries found engaging with Iran after a grace period will be removed from the US dollar system.

China, the main buyer of Iranian oil, accounting for nearly 90% of Iran's oil sales, is a potential target of the sanctions. The Treasury Secretary emphasized that no one is above US sanctions for assisting Iran.