The stock market's rebound fell apart in the final half-hour of trading Tuesday, leaving the main index with another day of substantial losses.
The Dow Jones Industrial Average was the day's worst performing main index, down nearly 1.6%. The Nasdaq composite closed 0.4% lower. The index, which was down more than 2% in morning trading, failed to close back above its 200-day moving average.
The S&P 500 lost 1.2% but found support at its 200-day average. The Russell 2000 fell 1.1%, closing about the middle of the day's price range.
Volume rose on both the Nasdaq and the New York Stock Exchange, according to preliminary data. Declining stocks topped advancers by 5-to-2 on the NYSE and by about 9-to-7 on the Nasdaq, according to FactSet.
As planned, 25% tariffs on Canada and Mexico imports took effect at midnight. Also, China's 10% tariff has now doubled to 20%. China and Canada are responding with their own tariffs, and Mexico is looking to impose its retaliatory duties over the weekend. President Donald Trump Tuesday afternoon threatened to escalate the tariff war, a move that appeared to motivate sellers.
The Cboe Market Volatility index, also known as the VIX, jumped to the highest level since Dec. 20. It was above 24 late Tuesday.
The 10-year Treasury yield rose three basis points to 4.209%.
Stock Market Today: Big Banks Slide
Dow Jones name Goldman Sachs reduced its loss to 2% but earlier triggered the 7% loss rule from the 612.73 buy point of a flat base. The investment banking and wealth management firm looks to reduce its workforce by 3% to 5%. Its staff reduction will focus on its excessive number of vice presidents.
Fellow Dow Jones name JPMorgan Chase ceded 3% and violated its 50-day line. Shares have fallen around 12% from its Feb. 19 high after breaking out of a cup-with-handle base with a 245.69 entry.
Dow Jones component Nvidia reversed higher around 4% late Tuesday afternoon, after sinking more than 3% earlier in the session. But the gain is only a portion of Monday's 8.7% drop and the stock is also below its 200-day line. Its Relative Strength Rating dropped to 47 from 86 one week ago.
2:03 p.m. ET
Gorilla Tech Surges
Bucking the day's losing trend was Gorilla Technology Group with its nearly 18% rally. The stock bolted on news the company landed a $1.8 billion deal to modernize Thailand's electricity and power infrastructure.
Gorilla Technology provides artificial intelligence technology that helps build "smart cities," cybersecurity solutions and provides data analytics. The IBD MarketSurge Growth 250 stock revisited a level not seen since July 2023. Shares have doubled so far this year.
Another bright spot appeared as several IBD 50 names rebounded on the stock market today.
ACM Research popped 5.1% as it looks to end a three-day losing streak. China-based biopharma stock Zai Lab jumped 6.1% as it forms a cup-without-handle base with a 36.60 buy point.
China-based online broker Futu Holdings rebounded 4.3% after three straight days of losses.
12:20 p.m. ET
Best Buy, Robinhood Feel Pain
SoundHound AI plunged more than 8% on news it will file its annual report late with the U.S. Securities and Exchange Commission. Shares have lost around 54% so far this year and dropped 64% from their record high reached Dec. 26. SoundHound makes artificial-intelligence-based voice technology used by the automotive, restaurant and hospitality industries.
Best Buy cratered nearly 15% in huge volume and knifed through its 50-day line, according to MarketSurge chart analysis. The plunge came after the electronics and appliance retailer topped fiscal fourth-quarter profit and sales projections but gave a fiscal 2026 earnings outlook that disappointed.
Best Buy stock is on track for its largest decrease since March 12, 2020, when it fell 15.25%, according to Dow Jones. Best Buy was the biggest loser on the S&P 500 Tuesday.
IBD 50 name Dave stumbled more than 10% in heavy trading, despite the mobile banking app operator's better-than-expected earnings and revenue for the fourth quarter. The fintech company also provided a full-year 2025 sales outlook that topped forecasts, but shares still got punished. The stock fell deeper below its 50-day line.
Another IBD 50 component, Robinhood Markets, tanked around 7.5% and is 9% below its 50-day line. Robinhood stock has fallen with the recent drop in bitcoin prices as the online brokerage app offers cryptocurrency trading.
10:58 a.m. ET
Big Tech Stock Movers: Meta Platforms, Tesla See More Red
Among the stocks that got hit was Palantir Technologies, which skidded more than 2% and burrowed deeper below its 50-day line.
Tesla also gave back more than 6% and is back below its 200-day line. Its relative strength line has been trending sharply downward since late December.
Meta Platforms slid more than 4% and undercut its 50-day line on the stock market today. Meta has given back around 15% after reaching a high of 740.91 following a 20-day winning streak.
Market Whipsaws Lower; Trump Speech Looms
Stock Market Today: Okta Bolts Higher After Earnings
Okta surged more than 19% in heavy volume following the company's January-ended quarterly results, late Monday. Okta topped both profit and sales estimates and gave a fiscal 2026 outlook that was above views. The identity and security software developer's profit increased 24% on 13% sales growth.
The stock breached the 100 price level — which has been an area of resistance — and retook its 50-day line. Okta stock has a mediocre 60 Relative Strength Rating and is around 10% below its 52-week high.
Sea Ltd. added more than 3% on the stock market today. The Singapore-based e-commerce platform operator reported better-than-expected earnings and revenue for the fourth quarter. Its sales growth accelerated to 37% from 31% and two quarters of 23% increases. Shares are now extended from a cup-base buy zone with a 119.47 buy point.
On Holding jumped nearly 3% after the Swiss running shoe company topped fourth-quarter profit and sales projections.
Be sure to read IBD's The Big Picture column for Investor's Business Daily's current market analysis.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
