Stock market today: S&P 500, Nasdaq, Dow rebound as investors brace for Trump’s tariff bazooka

Amazon (AMZN) stock was up more than 1% as the New York Times reported the tech giant has made a “last minute bid” for TikTok.

The New York Times citied three people familiar with the bid and added that “various parties who have been involved in the talks do not appear to be taking Amazon’s bid seriously.”

President Trump has previously said that a deal for ByteDance to sell the Chinese social media company to a US investor is expected to be completed by Saturday. Trump set the April 5 deadline back in January and has threatened to ban TikTok in the US if it’s not sold to an American buyer.

Tesla (TSLA) stock popped almost 3% on Wednesday, reversing earlier losses, as Politico reported that President Trump has told his inner circle Tesla CEO Elon Musk will leave his Department of Government Efficiency (DOGE) post “soon.”

Politico reported Musk’s shift away from the government efforts is expected “in the coming weeks.”

Tesla stock spiked on the news, despite falling as much as 4% in early trading as its first quarter delivery numbers fell short of Wall Street’s expectations. Wall Street analysts had been clamoring for Musk to shift his focus back to Tesla.

“Musk needs to stop this political firestorm and balance being CEO of Tesla with DOGE,” Wedbush analyst Dan Ives wrote after Tesla’s first quarter delivery flop on Wednesday. “The future is so bright but this is a full blown crisis Tesla is navigating now and its primarily self-inflected. We remain firmly bullish on the long-term Tesla story but Musk needs to get his act together or else unfortunately darker times are ahead for Tesla.”

Homebuilder stocks edged lower on Wednesday as concerns over President Trump’s big tariff announcement raised fears that higher construction costs could slow the housing recovery.

D.R. Horton, Inc. (DHI), the biggest US homebuilder, slid nearly 1% Wednesday morning, while Lennar (LEN) and PulteGroup (PHM) fell 0.7% and 0.4%, respectively.

Trump is scheduled to unveil his major tariff plan details at a Rose Garden address this afternoon.

Builders have been growing concerned about the impact of these tariffs, especially on materials from China, Canada, and Mexico. Morgan Stanley warns that tariffs could drive up the cost of fabricated metal products by as much as 49%. And other materials like electrical equipment and wood products could see significant price hikes too.

As a result, higher costs could mean expensive homes, smaller homes, and fewer homes being built. Economists at Morgan Stanley point out that this is significant because more buyers will start looking at existing homes if new homes get pricier or harder to find. With supply already tight, that could drive up prices in the resale market.

Morgan Stanley originally projected a 2% decline in home price appreciation for 2025, but with these new factors at play, they now expect it could be closer to a 5% increase.

Newsmax (NMAX) stock dropped 40% on Wednesday morning, after a massive post-IPO surge saw its price soar from $10 to $233.

Shares in the conservative news network spiked in recent days following its stock-market listing on Friday.

As the chart above shows, even with Wednesday’s losses, Newsmax stock has still gained more than 1,000% since its debut.

Meanwhile, CoreWeave (CRWV) stock soared more than 41% on Tuesday and as much as 11% on Wednesday as investors piled into the newly listed artificial intelligence stock.

The pay bump for leaving a job is at its lowest level since the labor market began recovering from the pandemic in 2020.

New data from ADP released on Wednesday showed wage growth for job changers fell to 6.5% in March, down from 6.8% the month prior. Meanwhile, pay growth for job stayers slipped to 4.5%, in line with its lowest level in more than three years.

The gap between the two pay growth numbers, which ADP refers to as the “pay premium” workers see when changing jobs, was just 1.9%. This was the lowest premium for job changer pay growth since ADP began tracking the data in November 2020.

ADP chief economist Nela Richardson told Yahoo Finance that this data is another sign that the labor market has cooled over the past few years and lost its “dynamism.”

“The US labor market is marked and characterized by dynamism,” Richardson said. “You want some kind of flow in and out. You want companies to attract workers by better opportunities. And what we’re seeing is basically firms are not laying off workers, and workers aren’t quitting, and we’re in this really stable but equilibrium, but not a very dynamic one.”

US stocks retreated on Wednesday as Wall Street braced for President Trump to reveal details of sweeping new tariffs that promise to profoundly shake up US trading relations worldwide.

The tech-heavy Nasdaq Composite (^IXIC) led the losses falling more than 1.4%, while the S&P 500 (^GSPC) slid 1%. The Dow Jones Industrial Average (^DJI) fell 0.8%, or more than 300 points. Tesla (TSLA) shares pulled back more than 5% after the EV maker’s first quarter deliveries came in weaker than expected.

Tesla (TSLA) stock sank nearly 5% in premarket trading after the electric vehicle maker’s first quarter deliveries fell well short of expectations.

Tesla said it delivered 336,681 vehicles in the first quarter, falling short of consensus estimates compiled by Bloomberg for 390,343. Meanwhile, the company’s production also underwhelmed. Tesla produced 362,615 vehicles in the quarter, below Wall Street’s expectations for 412,148.

Read more here.

Rivian stock (RIVN) dropped over 3% in premarket trading after its electric vehicle deliveries declined sharply year over year.

Rivian reported that it delivered 8,640 vehicles in the quarter ended March 31, above estimates for 8,200. However, deliveries were far below the 13,588 figure reported a year ago.

According to Reuters, Rivian CFO Claire McDonough said during the company’s last earnings call that vehicle deliveries would be lower this year due to soft demand, partially due to the impact of fires in Los Angeles.

Investors are also keenly awaiting quarterly delivery data from Tesla (TSLA), which is expected around 9 a.m. ET.

Read more here.

New data revealed that private-sector hiring increased more than expected in March, after a downbeat report the month prior.

On Wednesday, fresh data from ADP showed the private sector added 155,000 jobs in March, above economists expectations for 120,000 — and significantly higher than the 85,000 added in February. February’s number of job additions was revised up from a prior reading of 77,000.

“Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors,” ADP chief economist Nela Richardson said in the release.

BlackBerry stock (BB) tanked 10% premarket after the smartphone-turned-software company forecast a revenue decline for the full financial year.

The company forecast revenue to be between $504 million and $534 million. Last year, it reported $534.9 million in revenue. For the quarter, BlackBerry reported earnings per share of $0.03 and revenue of $141.7 million, both beating Wall Street estimates.

A large part of the weakness in its outlook seemed to come from its cybersecurity unit, where BlackBerry sees lower spending from corporates and government on security software.

Yahoo Finance’s Hamza Shaban reports:

Read more here.

Stock futures losses picked up a little over an hour before the market open as traders await President Trump’s tariff announcement later today.

S&P 500 futures (ES=F) fell 0.6%, Dow Jones Industrial Average futures (YM=F) slid about 0.6%, contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.8%, and small-cap-heavy Russell 2000 futures (RTY=F) declined about 1%

Trump is expected to reveal his reciprocal tariff plan at an event at the Rose Garden at 4 p.m. ET.

He has kept many options open, with 20% “blanket” tariffs serving as the latest consideration. In any case, reciprocal tariffs are expected to dramatically reshape the US’s trade relationships in a way that economists have warned may create deep economic consequences.

Headwinds keep gathering for Tesla (TSLA), whose shares fell 2.6% before the bell, pointing to another retreat for the struggling stock.

The EV maker is expected to report a decline in vehicle deliveries when it posts its first quarter numbers on Wednesday. While on average Wall Street analysts anticipate a drop of 3.7%, some are predicting a slide of 12%, per Reuters.

The gloom comes after Tesla registrations in key European countries tumbled again in March, another sign of faltering sales in a key market. That slide, alongside sales pullbacks in China and the US, portend a difficult first quarter for the company, Yahoo Finance’s Pras Subramanian reports.

Tesla’s stock sank 36% in the first quarter — its worst quarterly performance in over two years — as public backlash against CEO Elon Musk’s political activities and ebbing demand for the EV maker’s aging lineup weighed on the shares.

Rising competition is playing a part too. On Wednesday, Chinese rival BYD (BYDDY, 1211.HK) posted a 39% surge in pure-EV sales in the first quarter.

Meanwhile, pushback against Tesla is building on other fronts. Sweden’s largest insurer, Folksam, said on Wednesday it has sold its entire stake in the company over concerns about its stance on workers’ rights.

Newsmax (NMAX) shares took a breather from their massive post-IPO rally on Wednesday, falling around 25% in premarket trading.

The pullback follows a 180% gain for the stock on Tuesday, which built on an eye-popping 735% surge on Monday on the heels of the conservative news outlet’s public market debut.

Newsmax raised $75 million in its IPO Friday, with shares priced at $10, Yahoo Finance’s Laura Bratton reports. The outlet’s rapid ascent in its first two days of trading pushed its market cap to $20.8 billion Tuesday afternoon, with shares ending the trading session at $234.