Stocks were lower in mid-afternoon trading Tuesday as investors anxiously awaited announcements on new tariffs the Trump administration has said will be implemented this week.
The Dow Jones Industrial Average and S&P 500 were down 0.7% and 0.4%, respectively, in recent trading, while the tech-heavy Nasdaq Composite slipped 0.1%, as the major indexes gave up earlier gains. Stocks were coming off a mixed performance on Monday, when the Dow and S&P 500 finished in positive territory after rebounding from steep losses early in the session.
The S&P 500 and Nasdaq Composite posted their worst monthly performance since 2022 in March as investor sentiment has been dented by uncertainty about the impact of tariffs and concerns about the health of the economy. President Trump has said the U.S. will impose wide-ranging reciprocal tariffs on trading partners on Wednesday. The lack of details about what will be announced has put markets on edge, amid fears that the trade measures will spark inflation and cause economic growth to slow.
Market participants were also digesting reports this morning on manufacturing activity and job openings that came in slightly weaker than economists had anticipated. The big data event of the week comes Friday, when the Labor Department is scheduled to release the March jobs report.
The yield on the 10-year Treasury, which has fallen in recent days as the economic concerns have grown, was at 4.15% recently, down from 4.25% at yesterday’s close. The yield, which affects borrowing costs on all sorts of loans, notably mortgages, is trading at its lowest level in nearly a month.
Johnson & Johnson (JNJ) shares were down more than 6%, leading Dow decliners, after a judge rejected a request to approve a proposal to settle tens of thousands of lawsuits that allege the company’s baby powder and other talc products cause cancer.
Airline stocks, which have lost ground lately amid concerns about travel demand trends, were also under pressure after Jefferies downgraded its ratings on Delta (DAL), American (AAL) and Southwest (LUV). Southwest was the biggest decliner in the S&P 500, with shares down more than 6%, while American and Delta each dropped about 4%.
Shares of the world’s largest technology companies were mixed on Tuesday. Tesla (TSLA), which lost more than a third of its value in the first quarter, was up more than 4% ahead of the scheduled release tomorrow of the EV maker’s March deliveries report. Alphabet (GOOG) and Microsoft (MSFT) rose about 1%, while Amazon (AMZN) and Meta Platforms (META) also gained ground. Chipmakers Nvidia (NVDA) and Broadcom (AVGO) were down slightly, as was Apple (AAPL).
Shares of Strategy (MSTR), formerly known as MicroStrategy and among the world’s largest holders of bitcoin, rose 2% as the digital currency rose. Bitcoin was trading at around $84,900 recently, up from an earlier low of $82,200.
Gold futures were little-changed at $3,150 an ounce, after hitting another record high this morning, while West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 0.5% to $71.10 per barrel.
NewsMax Continues to Soar in Second Day of Trading
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Newsmax (NMAX) stock surged again on Tuesday after skyrocketing Monday, its first day of trading.
Shares of the conservative news channel more than doubled to around $210 in intraday trading on Tuesday, putting the stock, which debuted on the New York Stock Exchange on Monday morning, 2,000% above its $10 IPO price.
Shares soared 735% from the IPO pricing Monday, the best first-day performance of any U.S. stock listing since an obscure Chinese garment manufacturer, Addentax Group (ATXG), debuted at $5 a share in August 2022 and skyrocketed 13,000% on its first day, according to Bloomberg.1
Addentax’s success in the U.S. market was short-lived—shares tumbled 95% in their second day of trading, and on Tuesday were trading for about 88 cents.2
Tuesday’s intraday price valued Newsmax at more than $27 billion, which would make it larger than nearly two-fifths of the S&P 500. It is, however, ineligible to enter the benchmark index, which requires companies to be profitable. Newsmax in 2024 booked a net loss of $72 million on $171 million in revenue.
Newsmax’s blockbuster debut flies in the face of recent IPO trends, which have mostly disappointed Wall Street. Nvidia-backed cloud computing company CoreWeave (CRWV) last week finished its first trading day at $40—its exact IPO price, which was itself below expectations. The stock then slumped in its second session Monday.
Investors were hoping for an IPO renaissance this quarter after several years of sluggish activity. Recent market turbulence, however, has complicated the IPO outlook—weighing on recent debuts like CoreWeave and liquefied natural gas producer Venture Global (VG).
Nonetheless, some companies are planning to brave the turmoil, including buy now, pay later giant Klarna, ticket reseller StubHub, and online trading platform eToro, all of which filed IPO paperwork last month.
Calvin Klein Parent Soars on Strong Results, Outlook, Buyback
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PVH (PVH) shares surged Tuesday, a day after the fashion apparel company posted better-than-expected results, issued a rosy outlook, and announced a stock buyback plan as its long-term strategy initiative paid dividends.
The owner of the Tommy Hilfiger and Calvin Klein brands reported fourth-quarter adjusted earnings per share (EPS) of $3.27 on revenue that declined 5% year-over-year to $2.37 billion. Both topped Visible Alpha forecasts.
Tommy Hilfiger revenue fell 5% to $1.28 billion, and Calvin Klein revenue was down 2% to $1.06 billion.
CEO Stefan Larsson said the performance was driven by demand for the two iconic clothing brands along with “our disciplined execution of our PVH+ Plan.” CFO Zac Coughlin added that during the year the company moved into the next level of the PVH+ Plan “to create value by increasing quality of sales and driving gross margin improvements and cost efficiencies to deliver significant cash flow from operations.” PVH launched the PVH+ Plan three years ago.
The company sees full-year adjusted EPS of $12.40 to $12.75, and revenue to be “flat to increase slightly from 2024.” The Visible Alpha estimates were for adjusted EPS of $11.47 and revenue down about 0.7%.
PVH also said that it planned to enter into $500 million worth of accelerated share repurchase agreements with one or more dealers.
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The stock was up 18% in recent trading. Despite today’s gains, shares of PVH are down about 45% over the past 12 months, including 28% lower since the start of 2025.
Airline Stocks Fall After Jefferies Downgrades
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Airline stocks slumped Tuesday after Jefferies analysts lowered their ratings for three of the four major U.S. carriers, writing “consumer sentiment continues to disappoint.”
The broker dropped American Airlines (AAL) and Delta Air Lines (DAL) to “hold” from “buy,” and Southwest (LUV) down to “underperform.”
The downgrades come after Delta, Southwest, and American each lowered their projections for the first quarter of the year, citing an uncertain macroeconomic environment, along with extreme weather. Jefferies expects the airlines to cut their full-year projections as well, with uncertainty “swelling” around the impact of tariffs expected to take effect this week.
United Airlines (UAL) is the lone U.S. carrier with a “buy” rating from Jeffieres, given its “[opportunity] beyond 2025” and a strategy that “remains at the forefront of the industry.”
However, United isn’t immune from macro trends. In 2024, all four major airlines reported a higher cost per available seat mile than passenger revenue per available seat mile, meaning they’re effectively losing money transporting passengers. The companies are still profitable, but it’s due in part to the growth of lucrative co-branded credit cards, such as United’s relationship with JPMorgan Chase (JPM).
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Southwest shares were down more than 4% recently, while American and Delta each declined about 3%. United shares fell more than 2%.
Delta and United shares are down about 30% so far this year, while American has slumped 40% over the period. Southwest is off about 4% in 2025
Watch These Coinbase Levels After 20% Drop in March
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Coinbase (COIN) shares were little changed early Tuesday, after wrapping up a volatile month in which the stock lost one-fifth of its value.
Shares of the largest U.S.-based crypto brokerage have fallen sharply since registering a three-year high in early December. The decline closely correlates with a steep fall in trading volumes on the exchange since that time amid a significant retracement in bitcoin’s price, prompting concerns that lower transaction fees could crimp the company’s revenue.
Coinbase shares have lost about half their value from their December peak, tracking a broad sell-off in leading cryptocurrencies and technology stocks over worries that tariffs could slow economic growth and reignite inflation.
Coinbase shares have retreated within a descending broadening formation since last November, with the 50-day moving average (MA) poised to cross below the 200-day MA to form an ominous death cross, a chart pattern that signals lower prices.
More recently, the stock has fallen toward the formation’s lower trendline, though volume generally declined throughout most of March, indicating a waning trading interest in the shares.
Investors should watch major support levels on the Coinbase chart around $146 and $115, while also monitoring key resistance levels near $206 and $264.
The stock was down 0.1% at around $172 in recent trading.
Read the full technical analysis piece here.
More S&P 500 Companies are Giving Downbeat Outlooks
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The outlook for big companies’ first-quarter earnings could be a bit dim, a new analysis suggests.
Of the 107 S&P 500 companies to offer first-quarter guidance, 68 have given negative outlooks, according to a FactSet analysis released Monday. (FactSet defines negative guidance as a number, or midpoint of a range, that comes in lower than the Street’s consensus before the guidance was issued.) That’s above the five- and 10-year averages, FactSet said.
The number of companies offering positive guidance, meanwhile, is below the five- and 10-year averages, according to FactSet.
Investors are watching for clues regarding to the ongoing performance of big companies amid emerging concern about the path forward for stocks. Goldman Sachs analysts recently upped their estimated odds of a recession, citing shrinking corporate confidence and slowing economic growth.
As a whole, the S&P 500 reported fourth-quarter earnings growth of about 18%, according to FactSet. A bit more than three-quarters of the companies beat earnings estimates for the quarter, in line with the five-year average.
The benchmark S&P 500 finished Monday slightly higher, though it ended March down nearly 6% to mark its worst month since 2022.
Moderna Levels to Watch After Stock Sinks to 5-Year Low
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Moderna (MRNA) shares were little changed in premarket trading after sinking to a five-year low on Monday following news that the Food and Drug Administration’s top vaccine official, Peter Marks, has resigned.
Marks, who helped oversee the development of COVID-19 vaccines, said he would leave his role by the end of this week, citing conflicts with Health and Human Services Secretary Robert F. Kennedy Jr.
Moderna shares have lost nearly a third of their value since the start of the year through Monday’s close and trade 95% below their August 2021 Covid vaccine-driven record high. The stock, which fell 9% to lead S&P 500 decliners, yesterday, was up 0.1% at $28.40 before the opening bell Tuesday.
Since an upswing ran into selling pressure at the 200-week moving average last May, Moderna shares have remained in a steep downtrend. It’s also worth pointing out that the relative strength index (RSI) has remained below the 50 threshold since July last year, indicating strong downward momentum in the stock’s price.
However, in a small win for the bulls, the shares closed well above their session low in Monday’s trading session to form a hammer, a bullish candlestick pattern with a small body and long wick that signals a shift from selling to buying pressure.
Investors should eye key support levels near $23 and $13, while also watching important resistance levels near $36 and $68.
Read the full technical analysis piece here.
Futures Point to Lower Open for Major Indexes
6 hr 44 min ago
Futures tied to the Dow Jones Industrial Average were down 0.5%.
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S&P 500 futures were off 0.4%.
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Nasdaq 100 futures also dropped 0.4%.
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