The Dow Jones Industrial Average and other major stock indexes traded sharply lower Monday, as Wall Street reacted to President Donald Trump's imposed tariffs on Canada, Mexico and China, prompting those countries to respond with their own tariffs. Meanwhile, Nvidia and Tesla were big losers on the stock market today,
After the opening bell, the Dow Jones Industrial Average tumbled 1.4%, or 600 points, while the S&P 500 dropped 1.7%. The tech-heavy Nasdaq composite plunged 2.1% in morning trades.
The 10-year Treasury yield ticked lower to 4.52% early Monday. And oil prices rose, with West Texas Intermediate futures trading around $74.65 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 2%, as the SPDR S&P 500 ETF fell 1.6% after the open.
Nvidia tumbled 3.7% Friday, still trading wildly following last week's plunge. Shares of the Dow component closed below their long-term 200-day moving average, and remain sharply below the 50-day line. The artificial intelligence giant sold off 5.3% in early trading Monday, opening at new recent lows.
And Tesla stock skidded 6% in morning action Monday. On Friday, the Elon Musk-led company moved up 1.1% to find support at the 50-day line. But Monday's early losses place that support area in serious doubt.
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President Trump signed an executive order Saturday imposing 25% tariffs on Canada and Mexico and raising tariffs on Chinese goods by 10%. The U.S. set a 10% tariff on Canadian energy, with the lower rate an implicit acknowledgement that the new duties can lead to higher prices. The tariffs are due to be enacted on Tuesday.
In response, Canada said it will impose 25% tariffs on roughly $107 billion worth of U.S. goods, including electric vehicles. Mexico also said it will retaliate, while China promised "corresponding countermeasures."
A huge week for economic data is on tap, with the spotlight on Friday's jobs report. Ahead of that report, the Job Openings and Labor Turnover Survey is out Tuesday, and the ADP employment report arrives on Wednesday.
In stocks, Saia and Tyson Foods were earnings movers Monday morning. Saia stock climbed nearly 3%, while shares of Tyson Foods edged lower in morning trading.
Notably, NXP Semiconductor and Palantir Technologies will report after the close.
Big earnings reports for the first week of February include tech giants Amazon.com and Alphabet, along with Amgen, Pfizer and Eli Lilly.
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Stock Market Today: Dow Jones Reverses Lower
On Friday, the Dow Jones Industrial Average fell just short of reaching a record high before reversing 0.8% lower. The S&P 500 moved down 0.5%, and the Nasdaq lost 0.3%.
Among the best companies to watch in the current stock market are Netflix, Royal Caribbean, Shopify and Spotify.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Microsoft and Walmart.
Meta and Walmart are featured in this Stocks Near A Buy Zone column.
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: Walmart Breaks Out
Dow Jones retail giant Walmart broke out past a flat base's 96.18 buy point last week and is buy range, according to MarketSurge pattern recognition. Shares rose 0.3% Monday.
Outside the Dow Jones index, streaming giant Netflix is in a buy zone past a 941.75 entry in a flat base following recent gains. Shares lost 0.1% Monday.
Cruise operator Royal Caribbean soared on earnings last week, breaking out past a 258.79 flat-base entry. The stock moved down 1.3% Monday morning, holding above the buy point.
Shopify continues to hold above a 115.37 double-bottom entry despite a 2% fall Friday when it attempted to clear an alternative buy point at 120.72. Shopify shares declined 3.6% Monday.
Finally, Spotify continues to hold out of buy range past a flat base's 506.47 entry amid big gains in recent weeks. Shares dropped 0.9% Monday morning.
Shopify is on IBD Leaderboard, while Royal Caribbean is on SwingTrader.
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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 |
|---|---|---|---|
| Netflix | 941.75 | Flat base | |
| Walmart | 96.18 | Flat base | |
| Spotify | 506.47 | Flat base | |
| Meta Platforms | 602.95 | Flat base |
Source: IBD Data as of Jan. 28
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which is in buy range above a 233 entry in a flat base. That's a new buying opportunity for the e-commerce giant. It declined 0.5% in morning action Monday after hitting a new high last week.
Apple shares reversed from big gains to fall 0.7% Friday following the company's earnings results. Shares sold off 2.6% Monday.
Finally, software giant Microsoft moved 0.6% lower Monday. Shares plunged below their 50-day line last week after the company's earnings results.
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.
