S&P 500 returns to correction territory
The S&P 500‘s Monday slide pushed the broad index back into correction territory, which is defined as a drop of at least 10% from a recent high.
The index slid around 1% around 10 a.m. ET. With that decline, the S&P 500 was now down about 10.3% from its record high close set in February.
The S&P 500 has traded in the correction zone at multiple points during its current rout. With Monday’s move, the index has tumbled around 6% on the year.
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S&P 500 in 2025
A general view of the exterior of the U.S. Steel Tower, headquarters of USX Steel, on March 20, 2024 in Pittsburgh, Pennsylvania.
Jeff Swensen | Getty Images
BMO Capital Markets downgraded U.S. Steel to market perform from outperform as the company’s deal with Nippon Steel remains in the air.
U.S. Steel shares are up 26.5% this year, rallying after U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba said in February that Nippon Steel’s $14.9 billion bid for U.S. Steel would take the form of an investment rather than a purchase. Former U.S. President Joe Biden had blocked Nippon’s bid for U.S. Steel in early January, citing national security concerns.
Still, BMO analyst Katja Jancic believes the stock’s valuation is running high and the uncertainty tied to the deal is “too great at this point to maintain an outperform recommendation.”
“The current share price is nearing fair fundamental value,” Jancic said in a note to clients. “We recognize that Nippon/US Steel transaction remains a possibility given ongoing conversation with the government, but in our view significant uncertainty remains as President Trump has been supportive of Nippon investing in US Steel but has spoken against full ownership.”
— Pia Singh
A customer shops for produce at an H-E-B grocery store on Feb. 12, 2025 in Austin, Texas.
Brandon Bell | Getty Images
Goldman Sachs thinks tariffs from President Donald Trump could put even more upward pressure on prices, making for an even gloomier economic outlook. The bank sees its preferred core inflation measure reaching 3.5% in 2025. That’s 0.5 percentage point higher than a prior forecast an well above the Fed’s 2% goal.
— Fred Imbert
U.S. stocks opened lower on Monday, with investors remaining on edge ahead of President Donald Trump’s tariff plans on Wednesday.
The S&P 500 pulled back 1.3%, while the Nasdaq Composite fell 2.3%. The Dow Jones Industrial Average pulled back 273 points, or 0.6%.
— Brian Evans
Shares of the bitcoin miner Hut 8 jumped 7% in premarket trading after it announced a new majority owned subsidiary called American Bitcoin.
The new company, which will focus on industrial-scale bitcoin mining and strategic bitcoin reserve development, is the result of a merger with American Data Centers – a company formed by a group of investors including Eric Trump and Donald Trump Jr. – which has been renamed and relaunched as American Bitcoin.
As part of the deal, Miami-based Hut 8 is shifting “substantially all” of its bitcoin mining machines to the new subsidiary in exchange for an 80% stake, it said in a press release. The Trump brothers will retain a 20% stake in it.
American Bitcoin executives have said plans to mine and accumulate bitcoin for their own reserve are unrelated to the U.S. strategic bitcoin reserve that President Trump established this year in an executive order, the Wall Street Journal reported.
— Tanaya Macheel
General Motors and Ford slipped 2.5% and 1.5%, respectively, while Stellantis fell nearly 3% Monday before the bell.
The carmakers continued their losses from last week ahead of President Donald Trump’s new tariffs on imported cars, which are slated to take effect on April 3. Over the weekend, Trump stated in an interview with NBC News over the weekend that he “couldn’t care less” if automakers increased prices as a result of the tariffs.
— Hakyung Kim
Demonstrators gather outside a Tesla showroom for a protest dubbed ‘Tesla Takedown’ against the company’s CEO, Elon Musk (not seen), in New York, United States on March 13, 2025.
Selcuk Acar | Anadolu | Getty Images
Some stocks are making big moves in premarket trading Monday:
- Tesla – The electric vehicle maker tumbled more than 6% after Stifel cut its price target on the stock. The firm said that a slower-than-expected rollout of Telsa’s new Model Y and recent protests could weigh on sales in the near term.
- Auto stocks – Shares of automakers pulled back as President Donald Trump’s tariffs on imported cars are set to take effect this week. The president said in an interview with NBC News over the weekend that he “couldn’t care less” if automakers increased prices as a result of the tariffs. On Monday, shares of Stellantis shed more than 3%, while General Motors and Ford slid more than 2% and 1%, respectively.
- CoreWeave – Shares of the Nvidia-backed cloud provider fell nearly 5% after closing flat in its Nasdaq debut on Friday. Nvidia shares also dropped more than 4% after CoreWeave’s disappointing debut. The artificial intelligence chip darling has fallen more than 18% in 2025.
Read the full list here.
— Sean Conlon
Mortgage firm Mr. Cooper saw shares soaring 25% in premarket trading after fintech platform Rocket Companies announced a definitive agreement to acquire Mr. Cooper in an all-stock transaction for $9.4 billion in equity value.
Famed investor Leon Cooperman’s family office Omega Advisors owned 4.5% of Mr. Cooper, or 2.9 million shares, at the end of 2024.
— Yun Li
U.S. President Donald Trump speaks to members of the press while returning to Washington, D.C., on Air Force One on March 30, 2025.
Brendan Smialowski | Afp | Getty Images
President Trump said on Sunday that his reciprocal tariff plan will target all countries, as opposed to the group of 10 to 15 nations that have the largest U.S. trade deficit.
“You’d start with all countries,” Trump said. “Essentially all of the countries that we’re talking about.”
— Brian Evans
Investors will be keenly focused on a wide array of macroeconomic data points this week to better assess the health of the U.S. economy.
Outside of Wednesday’s so-called Liberation Day, where President Trump will present his reciprocal tariff plan, here is what else is happening on the data front this week:
- U.S. manufacturing PMI and JOLTS job openings data on Tuesday
- ADP private payrolls report for March on Wednesday
- Initial jobless claims, ISM services and ISM services PMI, as well as data on the U.S. trade deficit on Thursday
- Nonfarm payrolls report for March on Friday
A slew of commentary from central bank officials will also be spread out across the week.
— Brian Evans
Asia-Pacific markets plunged Monday ahead of U.S. President Donald Trump’s fresh round of tariffs expected later in the week, with Japan’s Nikkei 225 entering correction territory.
The Nikkei 225 index plunged 4.05% to end the day at 35,617.56, losing nearly 12% from its December high. The broader Topix index lost 3.57% to 2,658.73.
Over in South Korea, the Kospi index closed 3% lower at 2,481.12, while the small-cap Kosdaq declined 3.01% to 672.85, with the markets regulator allowing short selling Monday after the longest ban on the activity in the country’s history.
Australia’s S&P/ASX 200 ended the day 1.74% lower at 7,843.30, ahead of the Reserve Bank of Australia’s policy meeting Tuesday. The central bank is widely expected to stand pat on interest rates at 4.1% as the country heads to the polls on May 3.
Mainland China’s CSI 300 lost 0.71% to close at 3,887.31, while Hong Kong’s Hang Seng Index was down 1.02% as of its final hour of trade.
Indian markets were closed for a public holiday.
— Amala Balakrishner
President Donald Trump has pushed his team to be more aggressive when it comes to tariffs, The Wall Street Journal reported Sunday.
The article followed comments made by the president on Saturday when he told NBC News that he “couldn’t care less” if foreign automakers raise their prices due to these new tariffs. Trump’s economic tariffs, including a 25% levy on “all cars that are not made in the United States,” will go into effect on April 2, a day the president has dubbed “Liberation Day.”
— Lisa Kailai Han
Wall Street is coming off a negative week for stocks.
- The S&P 500 fell 1.53% for its fifth negative week in six.
- The Dow Jones Industrial Average shed 0.96% for its third negative week in four.
- The Nasdaq Composite tumbled 2.59%, also notching its fifth negative week in six.
- The Russell 2000 slipped 1.64% for its fifth negative week in six.
— Lisa Kailai Han, Christopher Hayes
