The S&P 500 fell on Monday as investors became nervous over US President Donald Trump’s tariff plans.
The index was flat, but it had recovered from its earlier losses.
The S&P 500 was mostly unchanged at the time this article was written, but the Nasdaq Composite had fallen 1.3% since the previous closing.
Dow Jones Industrial Average rose by 0.2%.
NVIDIA, Meta Platforms, and other companies led the decline in market prices, with respective drops of 4% and 1.0%. Tesla suffered a loss of 4%.
The tech stocks have not been able to surpass the meteoric growth of last year, despite growing sentiment about artificial intelligence.
David Morrison said that the weakness was a continuation of Friday’s session which had seen a major sell-off.
Investors sought out safety, and Coca-Cola & Walmart saw their shares rise. NVIDIA – a darling of the AI world – has dropped more than 31% since its 52 week high.
On Wednesday, President Trump’s “Liberation Day”, several tariffs announced previously by the Trump Administration, including a 25 percent levy for all vehicles not made in the United States will go into effect.
On April 2, the President is expected to announce his plan for reciprocal tariffs targeting countries that impose duties on US imports.
Morrison:
The week is a busy one for data on the labour market, and it ends with Friday’s Non-Farm payrolls. The headlines will focus on tariff news ahead of Wednesday’s ‘Liberation Day.’
On Monday, the stock market reversed its positive trend from mid-March when S&P 500 recovered after a slight correction.
Newsmax surges
Newsmax, a conservative cable network, saw its share price increase by over 500% on its opening day at the New York Stock Exchange.
Stocks that were initially valued at $10 each opened at $14, and last traded at around $66.60 per share.
In a period of uncertainly for traditional cable news, the company announced its decision to become public last September.
Newsmax has, on the other hand, seen its ratings rise steadily since President Donald Trump was reelected for a second time.
In a CNBC article, Christopher Ruddy, Newsmax’s CEO and founder was quoted as saying: “I believe there was demand for more competitiveness against Fox.”
It’s an impressive achievement for a cable company that is only 10 years old.
Moderna tumbles
Moderna stock fell by 8% following Peter Marks’ resignation as FDA’s chief vaccine regulator.
Marks’ departure was attributed to “misinformation” and “lies” regarding immunization.
Investors are now concerned about Trump’s ability and willingness to promote and approve essential vaccines. Moderna stock has dropped as a result.
It is important to be aware of this issue, given the COVID-19 Pandemic that continues and the crucial role that vaccines have in preventing its spread.
Canada Goose slips
Canada Goose’s share price plummeted by more than 6%, reaching a 52-week record low.
The decline in the share price was caused by Barclays downgrading it from an equal weight stock to underweight.
Wall Street firm attributes this downgrade due to many factors including global macro-pressure, increased competition in the outerwear sector, and potential negative effects from tariff exposure.
The company has been questioned about its prospects, and the ability to cope with the global economic environment.
The post S&P 500 recovers losses as March volatility ends; Newsmax surges and Moderna tanks could be updated as new information unfolds.
