The Dow Jones Industrial Average was the weakest of the major stock indexes Tuesday, as investors grew more wary about the quickly approaching tariff deadline. Stocks were unsettled in the afternoon. Meanwhile, Tesla ended a losing streak while new issue Newsmax surged higher on the stock market today.
Investors were bracing for President Donald Trump's "Liberation Day," coming Wednesday, as tariffs on some imported goods are set to take effect at midnight Thursday. In addition, 25% auto tariffs go into effect Thursday and Trump's one-month suspension of 25% tariffs on many Canadian and Mexican goods is set to end in coming days.
Stock Market Index Moves: Dow Jones Closes Below 42,000
The Nasdaq composite improved in the final hour of trading and increased its gain to 0.9% to 17,449, as the tech-heavy index ended a four-day losing streak. Nasdaq stocks climbed well above the 17,000 level after testing that threshold Monday. At one point, the composite hit 17,506.
Stocks on the S&P 500 reversed higher with a 0.4% gain Tuesday to 5,633. And the index remained firmly above the 5,500 level after briefly undercutting it during intraday action Monday.
The Dow Jones blue chip index showed choppy action on the stock market today. The Dow trimmed losses to less than 0.1%, or less than 12 points, and closed just below the 42,000 level. At one point, the Dow sank as much as 1.1%.
All three major indexes are below their 200-day moving averages while the Dow sits closest to its 200-day line. Also, small caps ended the day uneventful, with the Russell 2000 closing nearly unchanged.
Volume was lower on the Nasdaq and the New York Stock Exchange compared with the same time Monday, in preliminary numbers. On the Nasdaq exchange, falling stocks slightly edged out rising issues, while on the NYSE, gainers topped losers by nearly 7-to-5.
The benchmark 10-year Treasury bond yield fell 9 basis points to 4.15% in the final hour of Tuesday's session. And oil prices inched lower to around $71.20 a barrel.
Stock Market Today: IPO Newsmax Explodes, CoreWeave Jumps
Newsmax surged 179% Tuesday, one day after investors catapulted shares of the initial public offering by more than 700%. The conservative cable news network's stock ended Tuesday's session at 233, in volume of 10.9 million shares.
Shares started trading Monday on the New York Stock Exchange with an IPO price of $10 per share and ended at 83.51 with volume at 6.7 million shares.
Meanwhile, recent IPO CoreWeave jumped 41.8% higher in its third day of trading. The artificial intelligence infrastructure player began trading on the Nasdaq Friday at 40 with 37.5 million shares offered. Shares fell Monday, then started trading at 39 a share Tuesday and ended the day at 52.57.
Stock Market Today: Biotech Name Slides
Axsome Therapeutics tumbled as much as 8% on news its experimental depression treatment drug, Sunosi, showed mixed results. Intraday, shares fell to as low as 107, just a few points above a choppy base that showed a 105 entry. The stock finished the day at 111.67, off 4.2%, in volume that jumped 91% above its 50-day average.
The drug didn't show notable improvement in all patients when treated for major depressive disorder. But it showed promise in patients with excessive daytime sleepiness. The same drug had a disappointing report last week when the company announced mixed results for its use in adults with attention deficit hyperactivity disorder, or ADHD.
The biopharmaceutical stock undercut its 50-day line in heavy volume and triggered a sell signal. Shares have given back nearly all gains after hitting the 20%-to-25% profit zone of a consolidation with a 105 proper buy point.
1:58 p.m. ET
Tesla Higher, Nvidia Wavers
Tesla increased its gain to 6% as it looked to end a two-day losing streak. The electric vehicle stock retook its 21-day exponential moving average Tuesday, but remains below its 50- and 200-day lines. Tesla is set to report first-quarter deliveries Wednesday with disappointing numbers expected.
Nvidiaalso climbed off morning lows, bumped up 0.4% then reversed lower 0.4% as it looks to end a five-day losing streak.
But Palantir Technologies didn't join the tech recovery and retreated 0.9%. Shares are on pace for six straight days of losses and the stock sits below its 50-day line.
Outside of Big Tech names, IBD 50 component TechnipFMC notched a gain of more than 1% as it builds the right side of a cup base with a 33.45 buy point.
The entry is also its all-time high set on Jan. 10. Its relative strength line reached a 52-week high as shown by the blue dot on the MarketSurge chart. TechnipFMC provides products and services for onshore and offshore operations in the oil-and-gas industry.
12:30 p.m. ET
Airline Names Descend
Airline stocks were slammed on the stock market today after Jefferies downgraded several industry players. Delta Air Lines slid nearly 4% after the investment bank downgraded the stock to hold from buy and slashed its price target to 46 from 85. Shares hold a weak 23 IBD Relative Strength Rating and a 35 Composite Rating. Delta stock has plunged around 31% so far this year.
Similarly, American Airlines skidded nearly 3% after a downgrade to hold from buy with a target price cut to 12 from 20. American stock has suffered more than Delta with 41% year-to-date loss and its 17 RS Rating.
Rounding out the trifecta was Southwest Airlines. It dropped 5.5% following an updated rating of underperform from hold and a price target of 28 from 30.
Southwest's chart has held up better than its rivals. It currently sits in what usually would be an early-stage cup-with-handle base with a 35.24 buy point. Investors should be cautious of breakouts and new buys during the current market correction and have risk management rules in place.
10:44 a.m. ET
Economic Data: Jobs, Manufacturing Data
In economic news, the March Institute for Supply Management's Manufacturing Index dipped to 49. That fell short of the 49.6 projected and was lower than the 50.3 reading in February. A reading below 50 indicates contraction whereas a number above 50 shows expansion.
The Labor Department's February Job Openings and Labor Turnover Survey showed 7.568 million open positions vs. the 7.6 million forecast. That was lower than January's 7.74 million.
Further, the final March Purchasing Managers' Manufacturing Index fell to 50.2 and lagged February's 52.7 reading. Still, it came in ahead of the 49.8 expected. The index measures the private sector economy by tracking changes in production, new orders, employment and prices across manufacturing industries.
Vertical Violations: Why You Should Recognize This Bear Market Indicator
Calvin Klein Parent Spikes
PVH soared more than 16% in enormous volume after the apparel maker topped fourth-quarter earnings and sales estimates. The Calvin Klein and Tommy Hilfiger brand owner also gave a full-year 2025 profit outlook that was above views. It also announced it intends to enter into a $500 million share repurchase program.
PVH stock has lost around 29% so far this year. It holds a dismal 9 IBD Relative Strength Rating.
Shake Shack advanced 1.2% after Loop Capital upgraded the restaurant stock to buy from hold and set a price target of 127. Shares have sorely underperformed and are down 31% so far this year.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
