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The markets haven’t moved much since our last update, with all three of the major stock market indices remaining in the red. Hefty auto tariffs are the culprit, sending auto giant General Motors (NYSE: GM) spiraling by 7% on the day. Most sectors of the economy are getting dragged lower, with the exception of consumer staples and consumer discretionary stocks, both of which are fractionally higher.
GameStop (NYSE: GME) is erasing yesterday’s gains, shaving off nearly 25% of its value today. Apparently investors weren’t fond of its plans to issue debt to bankroll its bitcoin purchases.
With today’s 2% gains, Tesla’s (Nasdaq: TSLA) market cap has now surpassed Taiwan Semi (NYSE: TSM) in the rankings to recapture the No. 9 spot.
Here’s a look at where things stand as of mid-afternoon trading:
Dow Jones Industrial Average: Down 185.39 (-0.44%)
Nasdaq Composite: Down 65.18 (-0.32%)
S&P 500: Down 15.81 (-0.28%)
The markets have stemmed their losses and appear to be trying to turn positive. Stocks have been under pressure in response to President Trump’s decision to stick 25% tariffs on autos not made in the U.S.A. General Motors (NYSE: GM) is taking the brunt of the selling, falling 7% at last check, while Ford (NYSE: F) has widened its losses to nearly 4%.
Here’s a look at where things stand as of mid-morning trading:
Dow Jones Industrial Average: Down 1.62 (-0.01%)
Nasdaq Composite: Down 26.64 (-0.13)
S&P 500: Down 2.02 (-0.04%)
We’ll check back in a little later to see if the markets were able to turn it around.
Live coverage has ended. The full story is below.
The markets remain under pressure and fixated on the latest auto tariffs. All three of the major stock market averages – the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 – started out of the gate in the red today. President Trump is sticking to his commitment to a 25% tariff on autos not made in the U.S., pressuring the sector and catapulting the price of gold higher to almost revisiting record levels of over $3,050 per ounce. In a sector overview, consumer staple stocks are faring the best with fractional gains while technology is at the bottom of the heap today.
Gold miners Newmont Mining (NYSE: NEM | NEM Price Prediction) and Barrick Gold (NYSE: GOLD) are up 1% and 0.50%, respectively.
Auto stocks General Motors (NYSE: GM), Stellantis (NYSE: STLA) are down sharply, while Ford (NYSE: F) stock has just widened its declines to 3%.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 165.64 (-0.43%)
Nasdaq Composite: Down 103.37 (-0.57%)
S&P 500: Down 27.32 (-0.53%)
Tesla (Nasdaq: TSLA) shares are rising 2.8% on the day, bucking the downward trend in the sector despite what Elon Musk has described as a “significant” effect on the company from the auto tariffs. Chinese automaker Nio (NYSE: NIO) is falling 5% in early morning trading.
O’Reilly Auto (Nasdaq: ORLY) is bucking the downward trend, rising over 2% and setting a new all-time high in this environment. AutoZone (NYSE: AZO) shares are up 2% this morning, inching closer to 52-week high levels.
Cybersecurity stock Palo Alto Networks (Nasdaq: PANW) is falling 3% on the day after inking a partnership deal with the National Hockey League (NHL).
Semiconductor stock Marvell Technology (Nasdaq: MRVL) is falling 2% on the day and is nearing 52-week low levels. The CEO has recently been buying up shares.
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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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