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Stock edged lower on Tuesday after economic indicators showed further softening ahead of President Donald Trump’s tariff announcement on Wednesday. The S&P 500 fell 0.6% as of 10:10 a.m, Nasdaq Composite slid 0.4% and the Dow Jones Industrial Average declined 1%.
The ISM manufacturing index fell by more than expected in March to 49.0 from 50.3 in February, with the new orders reading dropping to 45.2 from 48.6. A number under 50 indicates a contraction. The JOLTS job opening tally fell by more than expected in February, to 7.57 million. On the upside, construction spending rebounded by more than projected in February as weather improved.
Investors are listening for any hints about Trump’s unveiling of import taxes. The announcement will focus on “country-based” duties, Press Secretary Karoline Leavitt told reporters on Monday, and while the president still plans sectoral tariffs, they won’t be the focus of Wednesday’s event.
Trump said Sunday that he plans to start reciprocal tariffs with “all countries,” countering speculation he might limit the initial scope of his April 2 announcement, Bloomberg reported.
Be on the lookout for hoaxes — it’s April Fools Day.
Here are some stocks to watch today:
CoreWeave and NVidia
CoreWeave rebounded, rising 2.3% following Monday’s 7.3% decline in its second day of trading after its underwhelming IPO. The tepid market reception may be a sign that hype over AI is subsiding. Nvidia (NVDA+1.14%) fell about 0.8%.
Ford
Ford’s (F+3.08%) stock fell about 1.3% after it said that its first-quarter sales fell 1.3%. Sales of electric vehicles and hybrids gained 26% to a record.
PVH
PVH’s stock surged 17% after the owner of the Calvin Klein (PVH+1.84%) and Tommy Hilfiger brands projected that sales would be flat to slightly higher this fiscal year compared with last. The consensus analyst forecast had been for a decline, according to FactSet.
Tesla
Tesla (TSLA+4.60%) shares gained 1% after declining 1.7% on Monday. The company’s first-quarter sales, due Wednesday, will probably disappoint investors, analysts said, with some trimming their forecasts to below 400,000 units.
Xiaomi
Xiaomi’s (XIACF-5.33%) ADRs plunged 7.4% after the Chinese EV maker confirmed reports that one of its SU7 models had been involved in a crash on an expressway in China, Bloomberg reported. Local media said that three people died in the accident.
XPeng
XPeng’s (XPEV+1.85%) U.S.-traded shares gained 1.1% after the Chinese EV-maker said its deliveries surged 268% in March from a year earlier to 33,205 units. Quarterly sales jumped 331%.