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Any gains that the stock market was mustering earlier today have been erased after the “t” word emerged. President Trump’s administration has revealed tariffs on the auto industry, sending stocks like General Motors (NYSE: GM) down by nearly 3% while Ford (NYSE: F) is treading water. Tesla (Nasdaq: TSLA) is falling by a steep 5.5% on the day.
All three of the major stock market averages have turned lower. The Nasdaq Composite is faring the worst, with a 2% drop, following by a 1% decline in the S&P 500 and a fractional decline in the Dow Jones Industrial Average.
Consumer staple stocks are rare gainers today, with the sector trading higher by 1.2%. Beer stock Molson Coors (NYSE: TAP) is rising 2.9% on the day.
Here’s a look at where things stand as of mid-afternoon trading:
Dow Jones Industrial Average: Down 137.49 (-0.32%)
Nasdaq Composite: Down 356.75 (-1.94%)
S&P 500: Down 61.92 (-1.07%)
The stock market is little changed from earlier this morning, but the Nasdaq Composite has widened its declines to over 1%. Tesla (Nasdaq: TSLA) is a drag, falling 4% on the day, while AMD (Nasdaq: AMD) and Intel (Nasdaq: INTC) are down about 2% each. Mondelez International (Nasdaq: MDLZ) is gaining 1% as chocolate stocks tend to do when there is any discussion of a potential recession on the horizon.
Here’s a look at where things stand as of mid-morning trading:
Dow Jones Industrial Average: Up 134.44 (+0.32%)
Nasdaq Composite: Down 218.13 (-1.1%)
S&P 500: Down 21.95 (-0.38%)
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The markets are choosing to play it safe on the heels of a three-day winning streak, with the three major stock market averages mixed out of the gate. The Dow Jones Industrial Average is eking out small gains while the S&P 500 and Nasdaq Composite are slightly lower. Energy stocks are leading the gainers, rising 1.2% as a group and powered in part by a 2.2% rise in Schlumberger (NYSE: SLB | SLB Price Prediction). Technology stocks are down as a sector and are weighing on the Nasdaq Composite this morning. Let’s take a look at some of the individual movers.
GameStop (NYSE: GME) is soaring 10.5% this morning and is a bright spot in an otherwise lackluster market today. The company is being rewarded for embracing leading cryptocurrency bitcoin after management decided to follow in the footsteps of Michael Saylor and Elon Musk by adding BTC to the balance sheet.
Dollar Tree (Nasdaq: DLTR) is up nearly 4% after divesting Family Dollar in a cool $1 billion transaction to private equity firms. Investors cheered the deal as did analysts at Wall Street firm Evercore, who said that Family Dollar was holding Dollar Tree back. Dollar Tree is also getting a bump after reporting better-than-expected Q4 earnings.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 219.14 (+0.51%)
Nasdaq Composite: Down 71.07 (-0.41%)
S&P 500: Down 1.52 (-0.03%)
Cintas Corp (Nasdaq: CTAS) is up 8% just for reporting Q1 results that were in line with consensus estimates. Cintas stock is also rising after the company revealed it will no longer pursue uniform provider Unifirst (NYSE: UNF). Separately, Uniform company Cintas (Nasdaq: CTAS) is gaining nearly 10% on the heels of its fiscal Q1 earnings print.
Paychex (Nasdaq: PAYX) is gaining 5.6% this morning after reporting Q1 earnings that met expectations.
Cloud networking company Arista Networks (NYSE: ANET) is sinking nearly 6% this morning while networking giant Cisco (Nasdaq: CSCO) is gaining about 1%.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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