The Dow Jones Industrial Average and other major stock indexes traded lower Tuesday with President Donald Trump's tariffs going into effect, while Canada and China retaliated by levying their own duties.
Nvidia slashed heavy losses, while Tesla sold off in morning action.
Early Tuesday, the Dow Jones Industrial Average traded down 1.2%, or more than 500 points, while the S&P 500 lost 1%. The tech-heavy Nasdaq composite declined 0.8% in early morning trades.
The 10-year Treasury yield ticked lower to 4.14% early Tuesday. And oil prices declined, as West Texas Intermediate futures traded around $67.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 0.7%, while the SPDR S&P 500 ETF fell 0.8% after the open.
Nvidia plunged nearly 9% Monday, taking out its Feb. 3 low and closing at its lowest level since Sept. 18. Shares are sharply below their 50-day and 200-day moving averages after testing those levels last week. Nvidia stock cut losses to 0.5% in morning trading.
Meanwhile, Tesla skidded nearly 3% Monday, erasing most of Friday's gains and closing at the 200-day line. That's Tesla stock's last-ditch support level. Tesla stock sold off another 5.5% in morning trading on Tuesday as sales of the company's China-made vehicles dropped more than 49% in February from a year ago to 30,688 cars.
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Trump Tariffs, Earnings Movers
President Trump's 25% tariffs on goods from Canada and Mexico went into effect Tuesday. Canada countered with plans to impose 25% tariffs on nearly $100 billion of U.S. imports, while China retaliated with additional tariffs of up to 15% on some U.S. products.
And early Monday, Mexico's President Sheinbaum said she plans to announce retaliatory tariffs against the U.S. on Sunday.
In stocks, big earnings movers were AutoZone, Best Buy, On, GitLab, Okta and Target.
AutoZone shares were down 3.5% in early trading, while Best Buy stock dropped 10%. Shares of On rallied more than 6%, as GitLab stock tumbled 2%. Finally, Okta soared more than 13%, as Target stock fell around 4% in early morning action.
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Stock Market Today: Dow Jones Sells Off
On Monday, the Dow Jones Industrial Average sold off 1.5%, or 649 points, while the S&P 500 lost 1.8% and the Nasdaq tumbled 2.6%.
Among the best companies to watch in the current stock market are Booking, Tradeweb Markets, Uber Technologies and Wells Fargo.
Along with Apple and Nvidia, Dow Jones components making notable moves Monday were Amazon.com, Microsoft and Goldman Sachs.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Goldman Sachs Below Buy Point
Dow Jones component Goldman Sachs is trying to find support around a flat base's 612.73 buy point, according to MarketSurge pattern recognition. Shares were down 0.7% in morning action Tuesday.
Outside the Dow, IBD Leaderboard name Wells Fargo gave up a cup base's 78.13 buy point during Monday's drop. Wells Fargo stock lost another 0.8% early Tuesday.
Travel site Booking is building a cup with handle that has a 5,282 buy point. Shares gained 0.7% Tuesday.
Tradeweb Markets is tracing a flat base that has a 141.69 entry and, so far, firm support at its 50-day line. Shares took out an early entry at 134.85, the high on Feb. 21, Friday. Shares sank 0.8% Tuesday.
Finally, Uber has a handle entry at 82.10 following a recent pullback. The stock was Thursday's IBD Stock Of The Day. Uber stock declined 1.6% Tuesday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Booking | 5,282 | Cup with handle | |
| Goldman Sachs | 612.73 | Flat base | |
| Wells Fargo | 78.13 | Cup base | |
| 40.90 | Cup with handle |
Source: IBD Data as of Feb. 28
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks have been under concerted pressure as investors rotate out into fresh sectors or defensive names. Dow Jones component Amazon triggered a sell signal after falling below a 233 buy point in recent weeks. Amazon fell 2.6% early Tuesday, heading closer to the 200-day line.
Apple, which declined 1.6% Monday, is back below its 50-day line. Shares are building the right side of a new base that offers a 260.10 entry. Apple stock ticked up in morning trades Tuesday.
Finally, software giant Microsoft moved down 1.5% Tuesday. Shares are sharply below their 50-day line and at their lowest level since early August.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
