Stock market today: Nasdaq, S&P 500 battle tariff jitters with brutal month, quarter set to end

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Updated Mon, Mar 31, 2025, 4:08 PM 2 min read

Markets wrapped up March on a woeful note after a rough month and quarter beset by Trump’s fast-evolving tariff policy. Last week was the fifth in six weeks that the Nasdaq Composite and S&P 500 ended the week in the red. The benchmark index is down over 4.5% to start the year while the Nasdaq has lost over 10%, finishing with their worst quarters since 2022.

Some of the biggest-name megacaps have led the decline. Nvidia (NVDA) fell Monday as it has neared a 20% loss so far this year, while Tesla (TSLA) has lost more than 35%.

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Stocks have sold off amid concerns about the economic impact of Trump’s trade offensive, as uncertainty about its scope dampens market appetite for risk. Investors are now bracing for the broadest set yet of US tariffs, set to be unveiled on April 2 — described as “Liberation Day” by the president.

Trump said he plans to target “all countries” with reciprocal tariffs from the start, dampening hopes for a more limited push. A report from The Washington Post this weekend suggested the president is pushing advisers to go even “bigger” in imposing the levies.

Meanwhile, markets are still keeping watch for signs of economic stress after stocks fell in the wake of a hotter-than-expected read on “core” PCE — the Federal Reserve’s preferred measure of inflation. The March jobs report due on Friday is the data highlight of the week, with updates on private payrolls and job openings also on the docket.

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Stocks trim losses, but all three major averages end quarter in red after brutal March

Stocks trimmed losses the last day of March off the session lows, but were still in red territory month-to-date, and year-to-date as President Trump pushes forward with his tariff plan.

The Nasdaq Composite (^IXIC) fell 0.1% to end the month down more than 5%. Year-to-date the tech heavy index is down more than 10% as growth stocks have been hit amid worries of sticky inflation as President Trump announced a series of tariffs since taking office, with more to come later this week.

The S&P 500 (^GSPC) recuperated from session losses on Monday, but year-to-date the index was down more than 4.5%, its worst quarterly performance since 2022.

The Dow Jones Industrial Average (^DJI) ended the session up 1%, but was about 2.75% month-to-date. Since the start of the year the blue-chip index is down the least out of the major averages, down more than 1

Investors await President Trump’s most sweeping tariff push yet. The President is expected to announce those levies at a Rose Garden event at the White House on Wednesday April 2.
Oil jumps to erase year-to-date losses on threat of Trump secondary tariffs, Iran sanctions

Oil jumped to erase all of its year-to-date losses and close out the quarter in the green as more tariff threats from the Trump administration stoked supply concerns.

West Texas Intermediate futures (CL=F) surged more than 3% to settle above $75 per barrel after President Trump threatened any country buying Russian oil with a 25% and possibly up to 50% tariff unless peace talks with Ukraine resume. The threat follows an announcement of secondary tariffs last week on imports from countries that buy oil from Venezuela.

Brent (BZ=F) futures gained more than 2% to settle above $74 per barrel.

The threat of using US force against Iran if Tehran doesn’t agree to an agreement over its nuclear program also sent oil prices higher.

“Traders are … taking most of the threats as negotiation tactics. Still, crude is reacting as if some supply tightening may occur,” said Dennis Kissler, senior vice president of trading at BOK Financial Securities.

Year to date, WTI is up more than 1%, while Brent is up nearly 1%.
Car dealer: ‘Afraid’ buyers are rushing to purchase cars ahead of tariffs

Yahoo Finance’s Pras Subramanian reports:

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Trending tickers on Monday

Newsmax (NMAX)

Newsmax occupied the top ticker slot on Yahoo Finance’s trending ticker page on Monday as the stock soared as much as 667% following its initial public offering on the New York Stock Exchange.

Shares of the conservative media company were trading north of $68 per share after selling for $10 apiece ahead of the IPO, which raised $75 million.

The stock was halted for volatility numerous times shortly after its debut.

Moderna (MRNA)

Shares of the vaccine maker dropped more than 8% on Monday 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.

Year to date, the stock is down more than 30%.

Celsius Holdings (CELH)

Celsius Holdings shares jumped more than 6% on Monday following an analyst upgrade at Truist from Hold to Buy. Analysts cited the beverage company’s acquisition of Alani Nu in February as a tailwind, saying it puts Celsius in a strong position in the women’s energy drink market.
Tesla stock falls amid investor concerns over Trump tariffs, Elon Musk’s government ties

Yahoo Finance’s Laura Bratton reports:

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Mr. Cooper stock rises after mortgage giant Rocket announces a $9.4 billion deal to buy the company

Mortgage giant Rocket Companies (RKT) announced Monday that it is acquiring its top competitor, Mr. Cooper Group Inc., in an all-stock deal valued at $9.4 billion.

“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care,” Jay Bray, Mr. Cooper Group Chairman and CEO, said in the press release.

Mr. Cooper (COOP) stock rose as much as 17% on the news. Rocket stock fell as much as 9%.

The deal announcement reveals that the merged company will manage a loan portfolio of $2.1 trillion and serve nearly 10 million clients. Mr. Cooper shareholders will receive 11 Rocket shares for every share of Mr. Cooper stock they hold, reflecting a 35% premium.

This acquisition expands Rocket’s presence in the mortgage-servicing market and streamlines the homebuying process by eliminating friction and complexity. Rocket has recently embraced artificial intelligence to optimize this process.

The deal comes just weeks after RKT revealed it’s set to acquire digital real estate powerhouse Redfin (RDFN) in a $1.75 billion all-stock deal.

After the deal, Mr. Cooper CEO Jay Bray will become president and CEO of Rocket Mortgage, reporting to Varun Krishna, while Dan Gilbert will remain chairman of Rocket Companies.
AMD CEO Lisa Su: Demand for AI infrastructure is ‘immense’

Yahoo Finance’s Brian Sozzi reports:

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Dow turns positive, but tech still leads declines on Nasdaq, S&P 500

The Dow Jones Industrial Average (^DJI) turned positive on Monday as investors rotated out of tech and into Consumer Staples, Healthcare, and Energy stocks.

The blue-chip index rose 0.1% after spending most of the morning session in red territory. Tech firm IBM (IBM), biopharmaceutical company Amgen (AMGN), and Coca-Cola (KO) all rose roughly 2%.

Megacap tech led the broader market lower as the Nasdaq Composite (^IXIC) fell 1.7% after touching a six-month low. The S&P 500 (^GSPC) temporarily sank to its lowest level since September before paring losses to decline 0.7%.

AI chip giant Nvidia (NVDA), EV maker Tesla (TSLA), social media firm Meta (META), and e-commerce company Amazon (AMZN) all declined.

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Wall Street strategists continue to cut their stock market forecasts as Trump tariff fears become reality

Yahoo Finance’s Josh Schafer reports:

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Gold reaches new highs, on pace for its best quartelry performance in nearly 40 years

Gold futures (GC=F) pared gains after rising to a fresh record on Monday as growing fears of an escalating trade war prompted investors to flock to the safe-haven asset.

Futures traded at around $3,133 an ounce, easing back somewhat after surpassing $3,150 earlier as stocks faltered. But the yellow metal is still up more than 18% for the first quarter, on pace for its best year-to-date performance since 1986.

Meanwhile, spot gold touched more than $3,127 an ounce ahead of reciprocal tariffs expected to be announced by the Trump administration on Wednesday.

Data suggesting sticky inflation released last week has supported higher gold prices, while the S&P 500 and Nasdaq have plummeted.

Wall Street analysts have been upping their price target on the precious metal. Goldman Sachs now forecasts a year-end target of $3,300 per troy ounce, “reflecting upside surprises in ETF inflows and in continued strong central bank gold demand.”

Bank of America predicts the precious metal will reach $3,500 per ounce over the coming 18 months under the assumption that investments will increase 10% through more buying from China and central banks, along with investors purchasing physically backed ETFs.
Tech leads stocks lower as investors await next wave of Trump tariffs

Stocks fell sharply at the open on Monday as the broad US reciprocal tariffs expected later this week stoked concerns about risks of sticky inflation and an escalating trade war.

Tech stocks led the declines, with the Nasdaq Composite (^IXIC) falling 1.6%. The S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI), meanwhile, fell about 1% and 0.7%, respectively.

Nvidia (NVDA) led the tech sector lower in early trading after Trump said he won’t be granting any softer treatment to countries when the US introduces like-for-like tariffs.
Nvidia stock drops as tech leads markets lower after Trump backs broader reciprocal tariffs

Yahoo Finance’s Laura Bratton reports:

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Premarket movers: Tech stocks extend losses, Moderna tanks

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 surge as tariff countdown spurs risk-asset exodus

US Treasurys surged as global markets grew uneasy ahead of President Trump’s anticipated trade tariff announcements this week.

Bloomberg News reports:

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Goldman’s Kostin slashes his S&P 500 target again as tariffs loom

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:

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Tesla stock slides as headwinds build, techs falter

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:

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Good morning. Here’s what’s happening today.
Japan’s Nikkei 225 sinks into correction as tariff fears build

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:

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It’s looking like a week…

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.

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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 surpasses $3,100 for the first time

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.