Nasdaq, S&P 500 battle tariff jitters with brutal month, quarter set to end.
US stocks pared losses on Monday, though growth equities resumed their recent sell-off as trade-war worries mounted in the run-up to President Trump’s tariff bonanza later in the week.
The tech-heavy Nasdaq Composite (^IXIC) was down 0.7%, while the S&P 500 (^GSPC) temporarily sank to its lowest level since September before turning into green territory. The broad-based index was on track for its worst quarter since 2022. The Dow Jones Industrial Average (^DJI) erased early morning losses to gain 0.7%.
Some of the biggest-name megacaps declined. Nvidia (NVDA) was down nearly 3%, while Tesla (TSLA) lost over 2%. Meta (META) and Amazon (AMZN) also declined.
Markets are set to wrap up March on a woeful note after a rough month and quarter beset by Trump’s fast-evolving tariff policy. Last week was the fifth in six weeks that the S&P 500 and Nasdaq Composite ended the week in the red. This March is shaping up to be the worst for both indexes since the advent of the pandemic in 2020. The benchmark index is down over 5% to start the year, while the Nasdaq has lost over 10%.
Stocks have sold off amid concerns about the economic impact of Trump’s trade offensive, as uncertainty about its scope dampens market appetite for risk. Investors are now bracing for the broadest set yet of US tariffs, set to be unveiled on April 2 — described as “Liberation Day” by the president.
Trump said he plans to target “all countries” with reciprocal tariffs from the start, dampening hopes for a more limited push. A report from The Washington Post this weekend suggested the president is pushing advisers to go even “bigger” in imposing the levies.
Meanwhile, markets are still keeping watch for signs of economic stress after stocks fell in the wake of a hotter-than-expected read on “core” PCE — the Federal Reserve’s preferred measure of inflation. The March jobs report due on Friday is the data highlight of the week, with updates on private payrolls and job openings also on the docket.