Stocks were down sharply in mid-morning trading Monday, though well off of earlier lows, as investors await announcements on a new batch of tariffs the Trump administration has said it will implement this week.
The S&P 500 and tech-heavy Nasdaq Composite were down 0.7% and 1.8%, respectively, in recent trading, while the Dow Jones Industrial Average rose fractionally. Stocks plunged on Friday after a hotter-than-expected inflation reading and weak consumer sentiment data reinforced concerns about the health of the U.S. economy.
Major stock indexes, which are riding three-day losing streaks, are poised to finish March with steep losses, as selling has resumed after a brief recovery from a month-long selloff amid renewed concerns about the potential impact of tariffs. Entering the final trading session of the month, the Dow had lost 5.1%, while the S&P 500 and Nasdaq Composite were down 6.3% and 8.1%, respectively.
President Trump is due to unveil wide-ranging reciprocal tariffs on countries that charge levies on U.S. exports. The new tariffs are slated to go into effect on April 2, which the president refers to as “Liberation Day.”
The yield on the 10-year Treasury note, which tends to fall when concerns about the economy rise, was at 4.22% this morning, down from 4.26% at Friday’s close. The yield, which affects borrowing costs on all sorts of loans, fell as low as 4.18% earlier, near its lowest level of the month.
Mega-cap technology stocks, which have been especially volatile in recent weeks, were mostly lower on Monday. EV maker Tesla (TSLA) tumbled 6%, while chipmakers Nvidia (NVDA) and Broadcom (AVGO) declined about 4%. Amazon (AMZN) was down 3.5%, while Microsoft (MSFT), Alphabet (GOOG) and Meta Platforms (META) also lost ground. Apple (AAPL) inched higher.
Chip stocks remained broadly under pressure on Monday. The iShares Semiconductor ETF (SOXX) was down more than 2% recently after falling 3% on Friday. Marvell Technology (MRVL), Micron Technology (MU) and Arm Holdings (ARM) were all down about 4% this morning.
Among other noteworthy technology names, data analytics software provider Palantir (PLTR) and adtech company AppLovin (APP), two AI investor favorites that have been hit hard during the recent rout, fell 4% and 6%, respectively.
Airlines were also losing ground this morning as consumer discretionary stocks remained under pressure amid the broader economic concerns. United Airlines (UAL) shares were down more than 5%, while American Airlines (AAL) and Delta Air Lines (DAL) each dropped more than 3%.
Gold futures were up 1.3% a $3,155 an ounce, trading at record high levels, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 2.3% to $71.00, trading at their highest level of the month. Bitcoin was at $83,700, up from an earlier low of $81,300.
NYSE Opens Texas Exchange With Trump Media Listing
1 hr 13 min ago
The New York Stock Exchange (NYSE) has gone to Texas, and President Donald Trump’s company has gone with it.
The iconic equities trading operation owned by Intercontinental Exchange (ICE) announced it has opened NYSE Texas in Dallas with the first listing: Trump’s social media firm, Trump Media & Technology Group, or TMTG (DJT).
NYSE Texas is the first securities exchange to open in the Lone Star State, and NYSE Group President Lynn Martin said that the new offering “will allow companies to capitalize on the pro-business dynamics in Texas.”
NYSE noted that Texas is home to more NYSE-listed companies than any other state, representing more than $3.7 trillion in aggregate market value.
TMTG CEO Devin Nunes praised Texas’ climate for business and entrepreneurship, adding that this listing “alongside our plans to reincorporate in Florida, shows we’re part of a growing movement to take our business to states that value free enterprise and personal freedom.”
The stock will continue to be primarily listed on the New York-based NYSE, while being dually listed on NYSE Texas.
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Intercontinental Exchange shares hit an all-time high last week but lost ground today amid a broad selloff, as did those of Trump Media & Technology Group. Trump Media shares have lost more than half of their value since Trump’s inauguration in January.
Mr. Cooper Stock Soars as Rocket Buys Loan Servicer
2 hr 27 min ago
Shares of Mr. Cooper Group (COOP) jumped in early trading Monday on news that mortgage lending giant Rocket Companies (RKT) plans to acquire the loan servicer for $9.4 billion in stock.
Mr. Cooper shareholders would receive 11 shares of Rocket for each share of Mr. Cooper they currently own, valuing Mr. Cooper at about $143.33 per share, a premium of about 35% compared to its volume-weighted average price over the past 30 days through Friday.
The combined entity would have a loan servicing portfolio of over $2.1 trillion, and make up about one in six mortgages in the country, the companies said.
The deal marks Rocket’s second major acquisition this month, as it said it would acquire online real estate platform Redfin (RDFN) for $1.75 billion on March 10.
The deal is expected to close in the fourth quarter of this year, pending approval from Mr. Cooper shareholders and regulators. Bray would then become CEO of Rocket Mortgage and report to Varun Krishna, who would remain CEO of Rocket Companies.
Mr. Cooper shares were up 15% at around $120 in recent trading. Rocket Companies shares dropped 10%.
Watch These S&P 500 Chart Levels
3 hr 19 min ago
The S&P 500 (SPX) lost ground last week for the fifth time in six weeks amid uncertainty about the impact of tariffs and growing concerns the economy could be headed toward a recession.
After falling below the closely watched 200-day moving average, the S&P 500 formed a flag in the second half of March before breaking down below the pattern in Friday’s trading session, potentially paving the way for a continuation move lower.
It’s also worth pointing out that the relative strength index failed to climb back above the 50 threshold during the index’s recent upswing, signaling underlying weak buying momentum.
Investors should monitor crucial support levels on the S&P 500’s chart around 5,445 and 5,260, while also watching key resistance levels near 5,875 and 6,090.
Read the full technical analysis piece here.
Major Index Futures Sharply Lower
4 hr 11 min ago
Futures tied to the Dow Jones Industrial Average were down 0.7%.
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S&P 500 futures were off 1.1%.
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Nasdaq 100 futures dropped 1.5%.
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