Wall Street Today: Nasdaq, S&P 500 and DJIA All Fall as Trade-War Jitters Continue to Roil Markets

Jerry Kronenberg joined discussion · Mar 12 04:19

The $Nasdaq Composite Index (.IXIC.US)$, $S&P 500 Index (.SPX.US)$ and $Dow Jones Industrial Average (.DJI.US)$ all fell Tuesday as Wall Street added to Monday's big sell-off amid on-again/off-again U.S-Canadian tariff news.

The DJIA led the way lower, shedding 478.23 points (1.1%) to a 41,433.67 close after giving up 2% on Monday.

The S&P 500 likewise lost 42.49 ticks (0.8%) following Monday's 2.7% decline, while the Nasdaq Comp gave back 32.22 points (0.2%) to end Tuesday at 17,436.1 after seeing a 4% sell-off the day before.

MACRO

Stocks fell amid continued trade tensions between the United States and Canada, with President Trump announcing plans early in the day to double tariffs on Canadian steel and aluminum to 50% from a recently imposed 25%.

The move came after Ontario Premier Doug Ford vowed to impose a retaliatory 25% fee on electricity that his province sells to Michigan, Minnesota and New York.

However, Ford later said he'd hold off on the tax and instead meet Thursday in Washington with U.S. Commerce Secretary Howard Lutnick to discuss trade issues.

Asked whether that meant the United States would scale its tariffs on Canadian aluminum and steel back to 25%, Trump told a reporter: "I'll let you know," according to published reports. Trump trade adviser Peter Navarro later told CNBC that the president planned to hold off on the higher tariffs.

Wall Street has generally panned the trade war between the United States and Canada, Mexico and China that has emerged in recent weeks after Trump announced plans to impose some tariffs on all three nations' goods.

The three countries have responded with retaliatory tariffs of their own on certain American items, although the United States, Canada and Mexico have delayed actually imposing some of the levies while they negotiate compromises.

Still, the trade turmoil has helped send stocks falling, with the S&P 500 off some 8.8% since peaking at 6,147.43 intraday on Feb. 19.

Investors have also generally sold off riskier stocks and other speculative assets like $Bitcoin (BTC.CC)$, although BTC rebounded 5.6% Tuesday from Monday's four-month low to trade at $83,386.70 shortly before 4 p.m. ET.

MOOVERS

Stocks making significant percentage moves higher on Tuesday included:

-- $Paymentus Holdings (PAY.US)$, up 24.6% on Q4 earnings and revenue beats and above-consensus forward guidance.

-- $NIO Inc (NIO.US)$, which gained 17.1% on word the company has improved its supply-chain management and controlled costs.

-- $XPeng (XPEV.US)$, better by 14.8% after the EV maker announced plans to make flying cars and humanoid robots.

-- $Reddit (RDDT.US)$, which added 14.4% after Loop Capital lauded the stock, saying a 50%+ drop in Reddit's share price over the past month has created a buying opportunity.

Conversely, stocks falling significantly in percentage terms included:

-- $Kohl's Corp (KSS.US)$, which shed 24.1% to a multi-year low after the retailer announced poorly received forward guidance.

-- $Asana (ASAN.US)$, down 24.2% after co-founder and CEO Dustin Moskovitz announced his retirement. ASAN also issued fiscal Q1 guidance that came in below what analysts had been expecting.

-- $Teradyne (TER.US)$, off 17.1% after warning of "short-term volatility" for the company, mainly in its semiconductor-testing business. TER cited potential tariffs as one of the issues that it could face.

Word from the herd: Mooers, what are you watching?

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Agent Smith 404 : The narrative MUST hold! The big money wants the fall to continue. You're not shaking me out, Jerry.

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151318250 : Yes, nothing to do with 'trade wars' or Trump or Elon, but the deep state wanted a cause to crush the markets like last time with releasing their bio-weapon virus. Just look at the news everywhere, their good old tactics to program people's mind with key words like Trump - tariff - Elon - recession.

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Chak : How much dollar how much is NASDAQ fall man?

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74421962 151318250 :

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