The S&P 500
clawed back earlier losses on Monday to end the session higher, as traders nervously looked ahead to President Donald Trump’s tariff plans.
The broad market index added 0.55% to close at 5,611.85. At one point, it fell as much as 1.65% and traded 10% below its record. The Nasdaq Composite
fell 0.14% and closed at 17,299.29. The Dow Jones Industrial Average
advanced 417.86 points, or 1%, to settle at 42,001.76.
Tech giant Nvidia
fell 1.2%, while Tesla
dropped 1.7%. Tech stocks have struggled to recapture their meteoric rise from last year that was spurred by rising artificial intelligence sentiment. AI darling Nvidia, for example, is now nearly 30% off of its 52-week high. Investors seeking safety pushed some Dow components like Coca-Cola
and Walmart
higher.
Trump said Sunday that his plan for “reciprocal tariffs” — expected to be unveiled Wednesday — will target “all countries,” rejecting the notion that the upcoming levies will be narrower and more targeted. In fact, The Wall Street Journal reported the president had in recent days pushed his advisors to get more aggressive when it comes to tariffs.
“We continue to trade with the backdrop of tariff uncertainty and a shroud of secrecy about what may come next,” said Jay Woods, chief global strategist at Freedom Capital Markets. ”As a result, investors sell first and wait. It has all the makings of a panic sell-off where a snap back rally on the horizon.”
Trump’s rhetoric as “liberation day” approaches has culminated in a renewed sense of worry that the tariffs will significantly slow the economy, and could perhaps even be a catalyst for a recession. Economists polled in the CNBC Rapid Update survey points to first-quarter economic expansion of just 0.3%, well below the 2.3% growth seen in the fourth quarter.
″[I]t’s time for reciprocity, and it’s time for a president to take historic change to do what’s right for the American people, and that’s going to take place on Wednesday,” White House press secretary Karoline Leavitt said Monday.
Source: https://www.cnbc.com/2025/03/30/stock-market-today-live-updates.html