March S&P 500 E-Mini futures (ESH25) are down -0.04%, and March Nasdaq 100 E-Mini futures (NQH25) are up +0.54% this morning, pointing to a higher open on Wall Street after yesterday’s dramatic selloff, while investors await the latest reading on U.S. job openings.
In yesterday’s trading session, Wall Street’s three main equity benchmarks closed sharply lower, with the S&P 500, Dow, and Nasdaq 100 posting 5-3/4 month lows. The Magnificent Seven stocks sank, with Tesla (TSLA) tumbling over -15% to lead losers in the S&P 500 and Nvidia (NVDA) sliding more than -5% to lead losers in the Dow. Also, cryptocurrency-exposed stocks slumped after the price of Bitcoin dropped more than -8%, with MicroStrategy (MSTR) plunging over -16% to lead losers in the Nasdaq 100. In addition, Rocket Cos. (RKT) cratered more than -15% after agreeing to buy Redfin in a deal valued at $1.75 billion. On the bullish side, Regeneron Pharmaceuticals (REGN) climbed over +5% and was the top percentage gainer on the S&P 500 and Nasdaq 100 after announcing positive results from a late-stage trial of its Dupixent treatment.
“There are always multiple forces at work in the market, but right now, almost all of them are taking a back seat to tariffs. Until there’s more clarity on trade policy, traders and investors should anticipate continued volatility,” said Chris Larkin at E*Trade from Morgan Stanley.
Speculation is growing that U.S. President Donald Trump is prepared to endure economic and market hardship in pursuit of long-term goals involving tariffs and smaller government. President Trump said Sunday on the Fox News show “Sunday Morning Futures” that the U.S. economy was undergoing “a period of transition” and declined to rule out the possibility that his policies would cause a recession.
Meanwhile, investors are growing increasingly anxious due to whipsawing tariff policy, with 25% tariffs on U.S. imports of steel and aluminum set to take effect on Wednesday. The levies, imposed by President Trump in February, include imports from Canada and Mexico, both major foreign suppliers, and extend to finished metal products as well.
Market watchers are keenly awaiting the U.S. consumer inflation report for February, scheduled for release on Wednesday. The CPI is expected to ease slightly to +2.9% y/y from +3.0% y/y in January, while the core CPI is expected to ease to +3.2% y/y from +3.3% y/y in January. However, the data’s impact on U.S. rate-cut expectations might be limited due to increasing worries about the effects of Trump’s policies, particularly tariffs, on the economy.
U.S. rate futures have priced in a 95.0% probability of no rate change and a 5.0% chance of a 25 basis point rate cut at the upcoming monetary policy meeting.
Today, all eyes are focused on the U.S. JOLTs Job Openings figures, set to be released in a couple of hours. Economists, on average, forecast that the January JOLTs Job Openings will arrive at 7.650M, compared to the December figure of 7.600M.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.207%, down -0.14%.
The Euro Stoxx 50 Index is up +0.59% this morning, recouping some of the previous session’s losses, while investors evaluate whether increased public spending in the Eurozone may offset risks from a potential trade war with the U.S. Automobile stocks gained ground on Tuesday. Industrial stocks also advanced, continuing to benefit from Germany’s pledges to boost infrastructure and military investments. Meanwhile, the euro strengthened on Tuesday, buoyed by optimism that German lawmakers will reach an agreement on defense spending. Germany’s Greens have expressed readiness to negotiate with the prospective ruling coalition led by Chancellor-in-waiting Friedrich Merz over defense spending, aiming for an agreement by the end of this week. In corporate news, Redcare Pharmacy NV (RDC.D.DX) surged over +15% after reporting full-year results and issuing 2025 guidance.
The European economic data slate is empty on Tuesday.
Asian stock markets today settled mixed. China’s Shanghai Composite Index (SHCOMP) closed up +0.41%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.64%.
China’s Shanghai Composite Index reversed earlier losses and closed higher today. Consumer and defense stocks led the gains on Tuesday. Investors shrugged off the general risk-off mood stemming from the U.S. equities sell-off and bought domestic stocks amid expectations that the government would introduce further measures to stimulate the economy. So far, Chinese leaders have laid out plans to enhance technological innovation and ramp up spending to stimulate consumption and drive economic growth. Meanwhile, Citigroup strategists upgraded China stocks to Overweight, stating the country remains attractive even after the recent rally. Also, Goldman Sachs wrote in a note that “sentiment towards the Chinese economy has continued to improve,” even as Trump raised tariffs on China. The bank has advanced its estimated AI boost to China’s GDP growth, now expecting an impact beginning in 2026. In other news, the Wall Street Journal reported that China and the U.S. are planning to host a “birthday summit” between Presidents Xi Jinping and Donald Trump in June in the U.S. In corporate news, Xpeng surged over +9% in Hong Kong after the state media Securities Times reported that the company views humanoid robots as a long-term project and is contemplating significant investments up to 100 billion yuan ($13.80 billion).
Japan’s Nikkei 225 Stock Index closed lower today, tracking Wall Street’s sharp losses overnight. Brokerage and electronics stocks led the declines on Tuesday. The benchmark index initially dropped to its lowest since September 17th, but then recovered most of the losses by the close as U.S. stock futures rose. Government data released on Tuesday showed that Japan’s economy expanded at a slower pace than initially estimated in the fourth quarter, weighed by weaker consumption, signaling unwelcome fragility amid a worsening trade outlook. However, that marked a third consecutive quarter of growth, reinforcing expectations that the Bank of Japan will continue to raise interest rates. Separately, data showed that Japanese annual household spending rose much less than expected in January, yet it still represented the second consecutive month of growth. Meanwhile, Japan’s economy minister, Ryosei Akazawa, stated at a press conference on Tuesday that the nation’s economy is anticipated to remain on a moderate recovery trajectory, supported by wage growth, despite uncertainties abroad. Japan’s largest labor union group is set to release preliminary results for annual wage negotiations on Friday. The Japanese Trade Union Confederation, known as Rengo, representing around 7 million members, said last week that its member unions are aiming for an average wage hike of 6.09%, the biggest request in three decades. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +3.04% to 29.14.
The Japanese GDP has been reported at +0.6% q/q in the fourth quarter, weaker than expectations of +0.7% q/q.
The Japanese January Household Spending came in at -4.5% m/m and +0.8% y/y, weaker than expectations of -1.9% m/m and +3.7% y/y.
Pre-Market U.S. Stock Movers
Tesla (TSLA) climbed more than +4% in pre-market trading after U.S. President Donald Trump expressed support for Elon Musk, calling him “a truly great American” in a Truth Social post, and stated he would buy a “brand new Tesla.”
Vail Resorts (MTN) gained over +2% in pre-market trading after the ski-resort operator reported better-than-expected FQ2 EPS.
Oracle (ORCL) fell over -2% in pre-market trading after the IT giant posted downbeat FQ3 results and gave a disappointing FQ4 forecast.
Asana (ASAN) plummeted more than -27% in pre-market trading after the company issued below-consensus Q1 revenue guidance and said its CEO and co-founder, Dustin Moskovitz, would retire.
Delta Air Lines (DAL) tumbled over -11% in pre-market trading after the airline company cut its Q1 guidance.
You can see more pre-market stock movers here
Today’s U.S. Earnings Spotlight: Tuesday - March 11th
Ferguson (FERG), Viking Holdings (VIK), Dick’s Sporting Goods (DKS), Caseys (CASY), Ciena Corp (CIEN), Legend Bio (LEGN), Korn Ferry (KFY), United Natural Foods (UNFI), Cadre Holdings (CDRE), Kohl’s Corp (KSS), Eve Holding (EVEX), First Watch Restaurant (FWRG), Pursuit Attractions Hospitality (PRSU), Endeavour Silver (EXK), Vitesse Energy (VTS), Westrock Coffee (WEST), Loandepot (LDI), Bioventus (BVS), Stitch Fix (SFIX), Global Indemnity (GBLI), Zevra Therapeutics (ZVRA), SIGA Tech (SIGA), Groupon (GRPN), Brainsway (BWAY), Heritage Insurance (HRTG), Concrete Pumping A (BBCP), Bowman Consulting Group (BWMN), European Wax Center (EWCZ), Holley (HLLY), Natures Sunshine (NATR), Voyager Therapeutics Inc (VYGR), Zynex (ZYXI), Superior Uniform (SGC), Energy Vault Holdings (NRGV), Avino Silver Gold (ASM), Gauzy (GAUZ), RumbleON (RMBL), Champions Oncology (CSBR), EW Scripps A (SSP), Curiositystream (CURI), SuRo Capital Corp (SSSS), Core Molding (CMT), Ultralife (ULBI).
