U.S. stocks fell amid ongoing trade tensions and concerns about possible tariff relief measures
U.S. stocks extended declines as markets reacted to ongoing tariff tensions and relief measures. As the day ended in New York, the S&P 500 and Nasdaq $NDAQ 100 slid 1.7% and 2.6%, respectively, while the Dow Jones Industrial Average dropped 0.9%, or 427 points.
Meanwhile, weekly initial jobless claims dropped by 21,000 to 221,000 for the week ending March 1, better than expected, down from the previous week’s unrevised 242,000.
Continuing claims, however, climbed to their highest level since January, nearing a three-year peak. This suggests that unemployed people face greater difficulty finding new jobs, and overall hiring remains subdued.
Here are stocks to watch today:
Kroger (KR) shares rebounded about 2% after yesterday’s decline. The grocery chain had delivered a mixed fourth-quarter report and offered a cautious outlook for the current fiscal year. CEO Rodney McMullen resigned earlier this week, forfeiting over $11 million amid a probe into his personal conduct.
Macy’s (M) stock fell after the department store chain reported mixed earnings and issued a weak outlook for the current quarter. The stock rebounded in lagte morning to trade slightly higher.
Marvell Technology’s (MRVL) shares plunged about 19% after the semiconductor company’s earnings guidance didn’t impress investors.
MongoDB $MDB’s (MDB) shares plunged 26% after the database software issued weaker-than-expected earnings guidance.
ON Semiconductor (ON) fell more than 5% after Allegro MicroSystems called “inadequate” ON’s unsolicited acquisition offer of $35.10 a share in cash. Meanwhile, Allegro (ALGM) gained 5%.
Starbucks $SBUX shares dropped 5.5% after the company laid off workers yesterday. The CEO told corporate employees to work harder and take responsibility for the coffee giant’s financial health.
—With reporting by Josh Fellman
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