The Dow Jones Industrial Average and other major stock indexes dropped Monday amid the threat of more tariffs from President Donald Trump, set to go into effect this week. Early losers included Nvidia, Palantir Technologies and Tesla, as each threatened to end the first quarter with heavy losses.
Early Monday, the Dow Jones Industrial Average traded down nearly 1%, around 400 points. The S&P 500 was down 1.5%. And the tech-heavy Nasdaq composite sold off 2.4%.
The 10-year Treasury yield ticked lower to 4.2% early Monday. And oil prices edged higher, as West Texas Intermediate futures traded near $69.50 per barrel.
Heading into the final trading session of the first quarter, the Dow Jones Industrial Average is down 2.3% for the period, per Dow Jones Market Data. The S&P 500 is off 5.1%. And the Nasdaq has declined 10.3%.
Among exchange traded funds, the Invesco QQQ Trust was down 2.4%, while the SPDR S&P 500 ETF lost 1.4% after the open.
In stocks, Nvidia tumbled 5% in Monday's trading, falling below its early March lows. Nvidia stock had fallen another 1.6% Friday, extending a losing streak to four sessions.
Palantir plunged 7.5% Monday, threatening to make it five straight down sessions. It broke below its 50-day line last week.
Tesla stock tumbled by more than 6.5% in morning action Monday. Shares of the Elon Musk-led company are more than 46% off their record high of 488.54, reached on Dec. 18. Tesla stock lost 3.5% Friday after finding resistance at its 200-day line last week.
Tesla deliveries for the first quarter should be released on Wednesday. The electric-vehicle giant also plans to post first-quarter production figures as well as the amount of energy storage it has deployed.
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Stock Market Today: Trump Tariffs, Jobs Report Loom
On April 2, President Trump is set to unveil "reciprocal" tariffs. The "Liberation Day" tariffs target other countries' duties and other trade barriers on U.S. goods. White House officials signaled on Sunday morning talk shows that Trump has yet to make a final decision about the size and shape of the coming tariffs.
But the Wall Street Journal reported Sunday that Trump is considering higher tariffs on a broader set of countries.
Meanwhile, 25% auto tariffs, announced by Trump on March 26, come into effect April 3. Further, Trump's one-month suspension of 25% tariffs on many Canadian and Mexican goods is set to end in early April.
Along with the imminent Trump tariffs, Friday's March jobs report is the other main weekly economic highlight.
Economists think the unemployment rate ticked up to 4.2% in March, as employers added 125,000 payroll positions, including 120,000 in the private sector. Gains below 100,000 could pressure the Fed to act. Institute for Supply Management surveys on manufacturing and services, on Tuesday and Thursday, will provide the first broad look at economic conditions in March.
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Dow Jones Tumbles 715 Points
On Friday, blue chips on the Dow Jones Industrial Average plunged 715 points, or 1.7%, falling back below its long-term 200-day moving average. The S&P 500 declined 2%, while the Nasdaq composite sold off 2.7%.
Following the sharp losses, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Heico, Tradeweb Markets, Bowhead Specialty and Life Time.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Travelers.
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 Stocks: Travelers Just Below Buy Point
Dow Jones component and insurance giant Travelers is tracing a flat base that has a 269.56 buy point, according to MarketSurge chart analysis. And shares are just below their 263.08 handle entry, as they added 1% Monday.
Outside the Dow, Tradeweb Markets is trading towards the top of the buy range above a cup-with-handle's 140.48 entry following a recent breakout move. Shares ticked lower Monday.
Recent IBD Stock Of The Day Heico is just below a 270.37 entry in a cup with handle, as shares moved 1.4% lower Monday.
IBD Leaderboard stock Life Time is trying to halt its recent decline at the 50-day line, a key level to watch. A short cup with handle offers a 32.85 buy point. Its relative strength line hit a new high last week. And Life Time stock was down 2.9% Monday.
Finally, ride-hailing giant Uber is attempting to find support at the 50-day line as a cup with handle takes shape. The official buy point is 82.10 with an early entry at 77.58. Uber stock fell 2% in Monday's trading.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Monday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Life Time | 32.85 | Cup with handle | |
| Travelers | 269.56 | Flat base | |
| Heico | 270.37 | Cup with handle | |
| Tradeweb Markets | 140.48 | Cup with handle |
Source: IBD Data as of March 31
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are back near their recent lows following heavy selling pressure last week. Dow Jones component Amazon gave up its 200-day line during Friday's sell-off. And Amazon stock fell another 3.9% early Monday.
Apple, which remains off its recent lows, stayed below its 200-day moving average. Apple stock rose 0.1% in morning trades Monday.
Finally, software giant Microsoft lost 2.5% Monday. Shares are reaching new 52-week lows.
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.
