Stock Market Today: Dow Set to Open Down, S&P 500 Up; Trump Tariff Fears; MicroStrategy, Coinbase, AMD, More Movers

It’s a new month, but the stock market is facing the same headwinds.

The major indexes relinquished earlier gains after the Institute for Supply Management’s Purchasing Mangers Index slipped to a reading of 50.3 in February, below economists’ expectations at 50.5, according to FactSet. The new orders index fell to 48.6 from 55.1 in January. The prices index jumped to 62.4, up from 54.9 in January.

The S&P 500 was down 0.1%. The Nasdaq Composite fell 0.3%. Both indexes began the day higher. The Dow briefly turned lower but was back up 23 points around 10:30 a.m. ET.

The 10-year Treasury yield dropped to 4.19%.

For a market worried about tariffs that have yet to be implemented, the survey showed signs of President Donald Trump’s first wave of moves on trade raising prices.

“Demand eased, production stabilized, and destaffing continued as panelists’ companies experience the first operational shock of the new administration’s tariff policy,” said survey chair Timothy Fiore. “Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery stoppages and manufacturing inventory impacts.” Fiore said tariffs that go into force in mid-March have already raised spot commodity prices by about 20%.

The CBOE Volatility Index spiked 6.2% Monday and was at 20.85; a reading north of 20 is a sign of heightened volatility in markets.

Wall Street has been jittery about the economy in recent weeks. Signs of cracks in consumer sentiment and worries about slowing growth sent the major indexes tumbling for much of February.