S&P Springs off 6-Mo. Low
March 31,2025 04:35 pm EST
The S&P 500 clawed back earlier losses on Monday to end the session higher, as traders nervously looked ahead to President Donald Trump's tariff plans.
The Dow Jones Industrials leaped 417.86 points, or 1%, to 42,001.76
The broader index recovered 30.91 points to 5,611.85.
The NASDAQ lost 23.7 points to 17,299.29
Tech giants Nvidia lost 3% and Meta Platforms fell 1%. Tesla also lost 3%. Tech stocks have struggled to recapture their meteoric rise from last year that was spurred by rising artificial intelligence sentiment. AI darling Nvidia, for example, is now more than 30% off its 52-week high. Investors seeking safety were pushing some Dow components like Coca-Cola and Walmart higher.
Monday marks the final day of what has been a tumultuous month and quarter for Wall Street. The S&P 500 dipped into correction territory in March after hitting a record in February.
The S&P 500 is down 6.3% for the month, on pace for its biggest one-month slide since September 2022, when it dropped 9.3%. The NASDAQ has lost 8% in March, while the Dow has fallen 5%.
For the quarter, the S&P 500 was down 5%. That puts it on pace to snap a five-quarter winning streak.
The NASDAQ has lost 10.9% this quarter, which would mark its biggest quarterly pullback since a 22.4% plunge in the second quarter of 2022. The Dow has shed 1.6% in the first three months of 2025.
A slew of tariffs previously announced by the Trump administration will go into effect on Wednesday — what Trump has called “Liberation Day” — including a 25% levy on “all cars that are not made in the United States.”
The president is also expected to announce his plan for reciprocal duties aimed at countries that impose tariffs on U.S. imports.
Trump did little to assuage fears over the weekend, with The Wall Street Journal reporting Sunday that the president had in recent days pushed his advisors to get more aggressive when it comes to tariffs. In a Saturday interview with NBC News, Trump said he couldn't care less” if foreign automakers raise their prices due to these new tariffs.
Prices for the 10-year Treasury rocketed, hiking yields to 4.22% from Friday's 4.26%. Treasury prices and yields move in opposite directions.
Oil prices restrengthened $2.09 to $71.45 U.S. a barrel.
Prices for gold leaped $42.00 to $3,156.30 U.S.
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