Investors were nervous about US President Donald Trump’s tariff plans, which caused the S&P 500 to fall on Monday and enter correction territory.
However, the index recovered its losses from earlier in the day and was trading flat.
At the time of writing, the S&P 500 index was largely unchanged, while the Nasdaq Composite fell 1.3% from the previous close.
The Dow Jones Industrial Average rose 0.2%.
NVIDIA and Meta Platforms led the market lower, falling 4% and 1%, respectively. Tesla also experienced a 4% loss.
Tech stocks, spurred by rising artificial intelligence sentiment, have been unable to recapture last year’s meteoric rise.
“The weakness follows on from Friday’s session, which saw a significant sell-off,” David Morrison, senior market analyst at Trade Nation, said.
Coca-Cola and Walmart are two Dow components that saw gains as investors sought safety. Meanwhile, NVIDIA, an AI darling, has fallen more than 31% from its 52-week high.
Starting on Wednesday, which President Trump has referred to as “Liberation Day,” several tariffs previously announced by the Trump administration, including a 25% levy on all cars not manufactured in the United States, will take effect.
Additionally, the president is anticipated to reveal his strategy for reciprocal duties targeting nations that place tariffs on imports from the US on April 2.
Morrison said:
It’s a big week for labour market data, ending with Non-Farm Payrolls on Friday. But it will be tariff news that will dominate the headlines ahead of ‘Liberation Day’ on Wednesday.
The stock market’s positive trajectory in mid-March, with the S&P 500 recovering from a correction, reversed sharply on Monday.
Newsmax surges
Newsmax, the conservative cable news network, experienced a surge of over 500% in its stock price on its first day of trading on the New York Stock Exchange on Monday.
The stock, which was initially priced at $10 per share, opened at $14 and was last trading around $66 per share.
The company’s decision to go public, announced last September, comes at a time of uncertainty for the traditional cable news industry.
Newsmax, however, has seen a consistent rise in ratings following President Donald Trump’s re-election for a second term.
“I think there was a demand for more competition against Fox,” Newsmax CEO and founder Christopher Ruddy was quoted in a CNBC report.
I think it’s a pretty big achievement for a 10-year-old, new cable company.
Moderna tumbles
Moderna’s stock price fell 8% after Peter Marks, the FDA’s top vaccine regulator, resigned.
Marks cited “misinformation and lies” about immunization as the reason for his departure.
This has raised concerns about the Trump administration’s ability to quickly approve and promote essential vaccines, leading to investor uncertainty and a drop in Moderna’s stock price.
This is a significant concern given the ongoing COVID-19 pandemic and the critical role vaccines play in mitigating its spread.
Canada Goose slips
Canada Goose, the renowned Canadian outerwear company, experienced a significant drop in its share prices, plummeting by over 6% and reaching a new 52-week low.
This decline was triggered by Barclays’ decision to downgrade the stock from equal weight to underweight.
The Wall Street firm attributed this downgrade to a multitude of factors, including the prevailing global macro pressure, escalating competition within the outerwear industry, and the potential adverse effects of tariff exposure.
These concerns have raised significant doubts about the company’s prospects and its ability to navigate the challenging global economic landscape.
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