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Stock market today: Nasdaq, S&P 500 tumble to resume sell-off as ‘Liberation Day’ tariff worries mount
- Stocks fell sharply at the open on Monday as President Trump’s reciprocal tariff announcement expected later this week stoked concerns of sticky inflation and an escalating trade war.
- Tech stocks led the declined with the Nasdaq Composite (^IXIC) falling 1.6%. The S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) also fell roughly 1% and 0.7% respectively.
- Nvidia (NVDA) led the tech sector lower in early trading after Trump said he won’t be granting any countries softer treatment when it comes to reciprocal tariffs.
- Yahoo Finance’s Laura Bratton reports:
- Read more here:
- US tech stocks are extending Friday’s heavy losses in premarket trading today. Here’s a look at how trending tickers on the Yahoo Finance platform are faring:
- In other tech names, Palantir (PLTR) sank about 7% while Robinhood (HOOD) fell over 6% in sympathy with other crypto-related stocks.
- Moderna (MRNA) stock also incurred heavy premarket losses on Monday, dropping more than 10% after the FDA ousted Dr. Peter Marks, its top vaccine official. The stock has been under pressure as reports circulate that the Department of Health and Human Services is considering pulling its funding to develop a bird flu vaccine.
- US Treasurys surged as global markets grew uneasy ahead of President Trump’s anticipated trade tariff announcements this week.
- Bloomberg News reports:
- Read more here.
- Goldman Sachs’s chief economist David Kostin has lowered his year-end target for the S&P 500 (^GSPC) target for the second time in March, joining other Wall Street forecasters in raising the alarm over tariffs.
- Bloomberg reports:
- Read more here.
- Tesla (TSLA) shares dropped 4%, signaling building losses for the EV maker as techs led stocks on Wall Street lower ahead of the bell.
- But the stock faced headwinds of its own after a “Tesla Takedown” weekend of public protests against the company and its CEO Elon Musk.
- Musk himself has acknowledged the impact of his leadership of the DOGE effort to cut federal spending on his role at Tesla.
- “It’s costing me a lot to be in this job,” Musk said at a town hall event in Wisconsin, per Bloomberg. “What they’re trying to do is put massive pressure on me — and Tesla I guess — to you know — I don’t know — stop doing this,” he said.
- The stock has fallen almost 35% this year so far amid rising competition from car makers in China and Europe, and as once-loyal Tesla owners trade in their models at record levels.
- Investors are now bracing for a drop in Tesla’s Q1 deliveries when updated numbers arrive on Wednesday, thanks in part to the backlash.
- Reuters reports:
- Read more here.
- Japanese stocks got a bruising on Monday amid growing nervousness about Trump’s big tariff announcement.
- The Nikkei 225 (^N225) index in Tokyo led the Asia sell-off, which was reflected in Europe and the US premarket as investors fled riskier assets.
- Bloomberg reports:
- Read more here.
- Overseas markets are being blasted by Trump tariff worries today. Momentum names such as Nvidia (NVDA) and Tesla (TSLA) are getting slammed premarket. And US markets are taking it on the chin in premarket trading.
- It’s shaping up to be a week, as si would say.
- To that end, Goldman’s chief US equity strategist David Kostin cut his three-month and 12-month return forecasts for the S&P 500 (^GSPC) by 5% and 6%, respectively. That would put the S&P 500 at 5,300 in three months, and 5,900 in 12 months.
- “Slowing growth and rising uncertainty warrant a higher equity risk premium and lower valuation multiples for equities,” Kostin said.
- The team at HSBC is out this morning with a warning that the sell-off in stocks is likely to persist.
- Meanwhile, Kostin’s counterpart on the economics team at Goldman — Jan Hatzius — on Monday lifted his recession probability estimate to 35%, from 20% previously.
- Gold (GC=F) prices pushed above $3,100 for the first time on Monday, marking the third consecutive day the commodity has touched record highs. The price keeps pushing up as tariff worries and geopolitical tensions lead investors toward safe-haven assets.
- Reuters reports:
- Read more here.
