Mumbai, May 7 -- The Dow slumped 389.83 points (1%) to 40,829.00, the Nasdaq slid 154.58 points (0.9%) to 17,689.66 and the S&P 500 fell 43.37 points (0.8%) to 5,606.91.

Treasury Secretary Scott Bessent told CNBC on Monday the U.S. is "very close to some deals," the lack of any concrete developments from trade talks has kept investors on edge. During a meeting with Canadian Prime Minister Mark Carney, President Donald Trump expressed frustration with the media's repeated questions about when the U.S. will sign new trade deals even as he claimed he could sign 25 deals right now.

The U.S. trade deficit surged to a record $140.5 billion in March, up from $123.2 billion in February, driven by a 4.4% jump in imports to $419.0 billion and a s...