Stocks drop due to tariff anxiety and economic concerns, impacting consumer confidence and economic growth.

From Nasdaq

March 10, 2025 01:01:01 PM:

Stock indexes are down, with the S&P 500 and Nasdaq 100 hitting 5-1/2 month lows due to concerns over tariffs and federal workforce cuts impacting consumer confidence and economic growth. President Trump’s comments on tariff policies also added to the pressure. Magnificent Seven stock losses are weighing on the market.

US tariffs causing fears of a global trade war, impacting economic growth and corporate earnings. President Trump imposed tariffs on Canadian, Mexican, and Chinese goods but granted exemptions. Weak demand in China’s economy is another negative factor. Bitcoin price dropped over 7% due to disappointment in Trump’s order on creating a strategic Bitcoin reserve.

Market attention on upcoming US CPI report and trade policies. Overseas stock markets mixed with Euro Stoxx 50 down -1.31%. Interest rates up, European bond yields lower. German industrial production up, but exports down. ECB warns of inflation risks. US stock movers include Tesla, Nvidia, Apple, Amazon, and Microsoft all down.

Travel and cruise line stocks lower due to economic concerns. Cryptocurrency stocks falling with Bitcoin price drop. Rocket Cos. down after Redfin acquisition deal. Dexcom receives FDA warning. Emerson Electric down after Barclays downgrade. ServiceNow down after Moveworks acquisition. Defensive food and beverage stocks climbing.

Defense stocks rising on increased defense spending expectations. Paycom Software and Cognizant Technology Solutions up on upgrades. CME Group up after upgrade. Earnings reports include Oracle Corp, Seaport Entertainment Group Inc, Standardaero Inc, and Vail Resorts Inc.

Read more at Nasdaq: Stocks Drop on Tariff Anxiety and Economic Concerns