Stock indexes drop due to global trade tensions and tariffs
From Nasdaq: 2025-03-04 13:56:24
- Stock indexes are sharply lower today, with the S&P 500 and Nasdaq 100 hitting 4-month lows, and the Dow Jones at a 7-week low due to global trade tensions and new US tariffs.
- Canada responds with counter-tariffs on US products, China announces tariffs on US agricultural goods. Market focus on President Trump’s address and upcoming economic reports.
- Overseas markets are mixed, Euro Stoxx 50 drops, Chinese markets recover. Interest rates on T-notes climb to 4-1/2 month highs. European bond yields move lower.
- Tech stocks like Meta Platforms and Amazon drop, while Tesla falls -6%. Bank stocks under pressure, energy producers slump. Cruise line operators and travel stocks also take a hit.
- Defensive food producers and consumer durables rise amid market selloff. Best Buy forecasts lower EPS, Illumina banned from China sales, Okta reports strong revenue, Walgreens sees gains.
- ON Holding up after positive Q4 results, Labcorp Holdings rises after Citigroup upgrade. Earnings reports scheduled for AutoZone, Best Buy, and others on 3/4.
Read more at Nasdaq: Stocks Extend Losses as Global Trade Tensions Escalate