Nasdaq mitigates losses
The Nasdaq Composite was able to see smaller losses than the other two major averages in Tuesday’s session as some tech names notched notable gains.
Nvidia and Alphabet each gained more than 2%. Outside of megacap tech, Super Micro Computer popped nearly 10%.
To be sure, not all tech names were rising and the index was still down about 0.3% in afternoon trading. Notably, Meta Platforms and Tesla slid more than 3% and 4%, respectively.
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Nasdaq Composite vs. S&P 500, 1-day
An empty shopping cart is stranded outside a Best Buy store in Westbury, New York, U.S., November 29, 2024.
Shannon Stapleton | Reuters
These are the stocks moving the most in midday trading:
- Best Buy — The consumer electronics retail stock plunged 14% after CEO Corie Barry warned of higher prices for U.S. consumers on the back of President Donald Trump’s new China and Mexico tariffs.
- Walgreens Boots Alliance — The pharmacy retail chain popped 7% after The Wall Street Journal reported that it was nearing a deal to go private, citing people familiar with the matter.
- Tesla — The electric vehicle stock fell 4% after data from the China Passenger Car Association revealed that Tesla’s sales of vehicles made in China dropped nearly 50% in February year over year.
Read the full list of stocks moving here.
— Lisa Kailai Han
A broad sell-off pushed the S&P 500 to sharp declines on Tuesday as an emerging trade war rattled investors.
All 11 S&P 500 sectors traded down shortly after 12 p.m. ET. Around four-fifths of S&P 500 stocks were in the red.
Best Buy was the index’s worst performer, falling more than 15% after CEO Corie Barry said price increases were “highly likely” as a result of President Donald Trump’s tariffs. Royal Caribbean and KKR were also among the worst performers, sliding more than 7% each.
With this week’s decline of around 3%, the broad index was down nearly 2% on the year.
— Alex Harring
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This popular Canadian ETF is on track for its worst day of 2025.
Specifically, the EWW was on track for its worst day since Dec. 30, when it fell 2.71%, while the EWC was pacing toward its worst day since Dec. 18, when it sank 2.8%.
— Jesse Pound, Adrian van Hauwermeiren
Citi is seen on the floor of the New York Stock Exchange on March 3, 2025.
NYSE
Financial stocks in the S&P 500 on Tuesday were poised to notch their biggest one-day loss since 2023’s regional banking crisis.
The sector tumbled 3.8% in late morning trading, making it the worst performer of the 11 that comprise the broad index. If that holds through session close, it would mark the sector’s worst day since March 9, 2023. That was during the week that Silicon Valley Bank collapsed, which sparked a panic among investors in regional banks.
KKR and Citigroup led the sector down with declines of more than 9% and 8%, respectively. Bank of America followed with a drop of nearly 7.5%.
Both the SPDR S&P Regional Banking ETF (KRE) and SPDR S&P Banking ETF (KBE) slid more than 4% in Tuesday’s session.
— Alex Harring
The S&P 500 Consumer Staples is one of the few bright spots during Tuesday’s continued downturn, hovering just above flat while the remaining ten sectors traded in the red and the broader market sank more than 1.5%.
Boosting the consumer staples sector is Walgreens, which popped 6.3% on news that the drugstore chain is nearing a deal with private equity firm Sycamore Partners to be taken private for roughly $10 billion. The parties are aiming to complete the deal as soon as Thursday, according to a Wall Street Journal report.
Food companies General Mills, Hershey, Mondelez and PepsiCo each jumped more than 2%. Household and consumer products makers Proctor & Gamble and Colgate-Palmolive also each traded roughly 2% higher.
— Pia Singh
A Citibank corporate logo hangs on the side of a building in front of the CN Tower on July 31, 2023, in Toronto, Canada.
Gary Hershorn | Corbis News | Getty Images
President Donald Trump on Tuesday falsely claimed that U.S. banks are not able do business in the Canada after the U.S. issued a 25% on imports from that country.
“Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn’t it?” the President wrote on Truth Social.
To be sure, while Canada’s banking sector is tightly regulated, American banks are allowed to operate there.
— Lisa Kailai Han
The four largest lenders in the U.S., also known as the money center banks, suffered sharp losses Tuesday.
Citigroup tumbled as much as 8% Tuesday, Wells Fargo dropped as much as 6.8%, Bank of America slumped 6.5% and JPMorgan retreated 5.2%.
All four have now fallen more than 10% from their recent 52-week highs, meaning the stocks are now in a correction, according to conventional wisdom on Wall Street. Declines of 20% or more are regarded as marking a bear market.
At Tuesday’s lows, Citigroup was down about 18.3% from its mid-February 52-week high; Wells Fargo was off 12.1% from its early February high; Bank of America had fallen 11.9% and JPMorgan 11.8% from their recent highs.
— Scott Schnipper
The Dow‘s drop on Tuesday threatened to take away the last of its advance this year.
The blue-chip index dropped about 1.5% in the session. With the loss, the 30-stock average traded around flat on the year and at points turned red for 2025.
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The Dow in 2025
Stocks are consistently selling off as Tuesday’s trading session begins. And semiconductor stocks — which have been the market’s darling over the past year — are breaking out to near multiyear relative lows, according to BTIG chief market technician Jonathan Krinsky.
“Barring another late day reversal like we saw on Friday, today will be the seventh day in the last eight sessions where SPX closed below its open. The slope of the SPX’s 50 DMA has now inflected lower, another sign of medium-term trend deterioration. We continue to see near-term downside risk to the 200 DMA (5723), and today’s action only emboldens that view,” Krinsky said. “Perhaps most importantly, semis in both cap-weighted and equally-weighted terms are at or near multi-year relative lows.”
The VanEck Semiconductor ETF (SMH) which tracks the performance of the 25 largest and most liquid US exchange-listed companies, is essentially flat year-over-year, Krinsky noted.
“SMH has made zero net progress over the last year. A breakdown at this point would leave much of the buyers over the last year underwater, creating significant overhead resistance,” he added.
The equal-weight SPDR S&P Semiconductor ETF (XSD) versus the equal-weight Invesco S&P 500 Equal Weight ETF (RSP) is also close to breakdown. “So it’s more than just an NVDA story,” he said.
— Pia Singh
Stocks kicked off Tuesday’s trading session in the red.
The Dow and S&P 500 each slipped 0.8% shortly after 9:30 a.m. ET. The Nasdaq Composite dropped 1.1%.
— Alex Harring
Check out the companies making headlines before the bell:
- Stellantis, Ford Motor, General Motors — Shares of automakers dropped after the American Automotive Policy Council — a lobbying group that represents all three — issued a statement Monday saying the Trump administration should exempt from the tariff increase companies that comply with the 2020 United States-Mexico-Canada Agreement signed during Trump’s first term. GM and Ford slipped 1% and 0.6%, respectively, while Stellantis slumped 3.4%.
- Nvidia — Shares fell an additional 3%, extending the chipmaker’s nearly 9% decline Monday after President Donald Trump enacted tariffs on Canada and Mexico starting Tuesday. Investors remain concerned about how tariffs and greater export restrictions will affect Nvidia’s business in China. After Monday’s sell-off, Nvidia was worth $2.79 trillion and its shares were trading at the same price they were last September.
- Tesla — Shares were down 3% premarket after data from the China Passenger Car Association showed the EV company’s sales of vehicles made in China dropped nearly 50% in February from the same period a year ago. Overall, Tesla sold more than 30,000 of these vehicles — the fewest in more than two years.
For the full list, read here.
— Pia Singh
A cryptocurrency ATM in Hong Kong, Nov. 6, 2024.
Lam Yik | Bloomberg | Getty Images
The price of bitcoin failed to recover the $85,000 level — where it traded before President Donald Trump’s announcement of a U.S. crypto reserve sent it soaring — after a sell-off driven by tariff concerns knocked it down.
Bitcoin was last lower by 2% on Tuesday at $83,508.78, according to Coin Metrics, and off its all-time high by 23%.
Coinbase and Robinhood fell 2% and 4%, respectively, in premarket trading. Strategy, formerly known as MicroStrategy, lost 4%.
Investors and analysts warn that economic uncertainty could keep its hold on bitcoin throughout March, with the crypto industry absent a specific catalyst. After reaching its record in January, it posted its worst month since 2022 in February.
For more, read our full story here.
— Tanaya Macheel
A trader works on the floor at the New York Stock Exchange on Feb. 24, 2025.
Brendan Mcdermid | Reuters
Wall Street’s so-called fear gauge, the CBOE Volatility Index (VIX), shot up as President Donald Trump’s tariffs took effect.
The index rose more than 1 point on Tuesday, the first day with Trump’s 25% levies on Mexico and Canada in action. The VIX saw its biggest one-day spike of 2025 on Monday, jumping more than 3 points after Trump reaffirmed plans for the long-awaited import taxes to go forward, which hampered hopes of a last-minute deal.
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The VIX in 2025
Nvidia continued sliding before the bell on Tuesday, placing downward pressure on the stock market.
The megacap tech giant dropped more than 2% in premarket trading. The stock has tumbled more than 12% over the last week, bringing its 2025 loss to around 15%.
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Nvidia, 1-day
The Target logo is displayed near the store entrance on November 20, 2024 in Austin, Texas.
Brandon Bell | Getty Images
Target reported fourth-quarter results that beat expectations, but the stock was about flat as the company also warned of softness in its February sales. The company earned $2.41 per share on revenue of $30.92 billion. Analysts polled by LSEG expected a profit of $2.26 per share on revenue of $30.82 billion.
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TGT flat after earnings
Visitors look at the Tesla electric Cybertruck on display in a shopping mall on February 27, 2024 in Wuhan, Hubei Province, China.
Wang He | Getty Images
Tesla shares were down 3% in the premarket after data from the China Passenger Car Association showed the company’s sales of vehicles made in China dropped nearly 50% in February year on year. Overall, the company sold more than 30,000 of these vehicles — the lowest level in more than two years.
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TSLA falls
European stock markets were broadly lower Tuesday morning, with knock-on global effects expected after the U.S. slapped 25% tariffs on Canada and Mexico and raised duties on China.
The regional Stoxx 600 index was 0.82% lower at 8:45 a.m. London time, with Stoxx autos down 2.77%. Utilities and food and beverage stocks were rare bright spots, up 0.74% and 0.64%, respectively.
Germany’s DAX dropped 1.5%, France’s CAC 40 was nearly 1% lower, while the U.K.’s FTSE 100 fell 0.66%.
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Stoxx 600 index.
Japanese stocks led declines in Asia-Pacific markets, after U.S. President Donald Trump made it clear that tariffs on Mexico and Canada would go into effect as planned.
The benchmark Nikkei 225 index plunged 1.20% to end the day at 37,331.18, while the broader Topix index lost 0.71% to close at 2,710.18.
South Korea’s Kospi index ended the day 0.15% lower at 2,528.92, while the small-cap Kosdaq retreated 0.81% to 737.90.
Hong Kong’s Hang Seng index was Hong Kong’s Hang Seng index was down 0.16% in its last hour of trade.
Investors kept a watch on Chinese stocks as the mainland kicks off its annual parliamentary gathering, known as the “Two Sessions.” Mainland China’s CSI 300 index ended the day flat at 3,885.22.
Australia’s S&P/ASX 200 ended the day 0.58% lower at 8,198.10.
Indian’s benchmark Nifty 50 was trading down 0.28%, while the BSE Sensex index lost 0.27% as at 1.15 p.m. local time.
— Amala Balakrishner
CoreWeave CEO Michael Intrator appears on CNBC on July 17, 2024.
CNBC
CoreWeave, which provides cloud-based Nvidia graphics processing units to companies such as Meta and Microsoft, filed to go public on the Nasdaq on Monday afternoon.
The company chose “CRWV” as its new ticker symbol. CoreWeave quickly rose in popularity after OpenAI’s release of ChatGPT. Since then, the company has been increasing its focus on artificial intelligence and graphics rendering to meet demand.
Last year, CoreWeave generated $1.92 billion in revenue, 62% of which came from Microsoft.
CoreWeave’s initial public offering debut comes amid a broad market sell-off. On Monday, Nvidia fell nearly 9%, shedding $265 billion in market capitalization, after President Donald Trump confirmed tariffs on goods from Canada and Mexico would officially take effect on Tuesday.
— Jordan Novet, Lisa Kailai Han
These are the stocks moving the most in after-hours trading:
- GitLab — The software stock popped 4% after GitLab reported it had earned an adjusted 33 cents per share in the fourth quarter, higher than the 23 cents analysts polled by LSEG had expected. GitLab’s revenue of $211 million also exceeded the forecast $206 million.
- Okta — The cloud software stock soared 15% after posting fourth-quarter results that surprised to the upside. Okta earned 78 cents per share, excluding items, on revenue of $682 million, while analysts had penciled in 74 cents per share and $670 million in revenue, according to LSEG.
- AST SpaceMobile — Shares added 2% after the satellite manufacturer reported a narrower fourth-quarter loss than expected. In its last quarter, AST lost 18 cents per share, while analysts had expected a loss of 19 cents, according to FactSet. However, the company’s $1.9 million in revenue disappointed the consensus forecast of $2.4 million.
— Lisa Kailai Han
Stock futures traded above the flatline Monday night.
Dow futures rose close to 0.2% shortly after 6 p.m. ET, as did futures linked to the S&P 500 and Nasdaq 100.
— Lisa Kailai Han
