Stocks extended their midday losses, turning dramatically lower before the close as investors eyed President Donald's Trump's 25% tariffs on Canada and Mexico, which go into effect tomorrow. Concerns about a trade war fueled today's selloff, which deepened amid crushed hopes of a last-minute deal between the countries.
Today's dismal price action marks a sour start to March, following weekly and monthly losses for all three major benchmarks to close out February. The Dow finished the day down 649 points, the S&P 500 marked its worst daily percentage drop since Dec. 18, and the Nasdaq saw a triple-digit loss of its own.
Continue reading for more on today's market, including:
- Will earnings provide Target stock with momentum?
- Options bulls are still buying up Tesla stock.
- Plus, latest EV delivery numbers; 2 notable stock upgrades today; and 3 chip stocks to watch.
5 Things to Know Today
- President Trump announced Taiwan Semiconductor Manufacturing (TSM) will invest $100 billion in chip-making facilities in the U.S. (The Wall Street Journal)
- Countering the U.S., Egypt drew up its own proposal for Gaza, including interim control by Arab, Muslim, and Western states, and no role for Hamas. (MarketWatch)
- China EV stocks report strong February deliveries.
- SNDK and MOSboth earned analyst bull notes today.
- Nvidia and Broadcom run manufacturing tests with Intel.
Bullion Rebounds Amid Selloff
Oil futures slid today following monthly and weekly losses, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) said it would boost output starting in April. The most active April-dated West Texas Intermediate (WTI) crude shed $1.39, or 2%, to settle at $68.37 a barrel.
Gold prices rebounded today as investors rushed to the safe-haven asset. U.S. gold futures settled 1.9% higher at $2,902.30.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
