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Stocks fell on Monday after the Wall Street Journal reported that President Donald Trump has pushed his team to be more aggressive on tariffs in recent days. The S&P 500 fell 1.3%, the Nasdaq Composite 2.2%, and the Dow Jones Industrial Average 0.6% as of 9:54 a.m. EDT.
Shares of the Magnificent 7 mostly extended their declines. The losses were 6.4% for Tesla (TSLA+3.99%), 5% for Nvidia (NVDA+0.83%), 4% for Amazon (AMZN+0.83%), 3.4% for Meta (META+1.48%), 2.7% for Microsoft (MSFT+1.61%), and 2.2% for Google parent Alphabet (GOOGL+1.28%). Apple (AAPL+0.06%) was little changed. Automakers were mixed, with Stellantis (STLA-1.29%) dropping 1.9%, General Motors (GM+0.31%) off just 0.2% and Ford (F-1.35%) gaining 0.6%.
Advisers have considered instituting tariffs of up to 20% on almost all U.S. trading partners, the Journal said, adding that Trump has pushed to levy import taxes on goods from all countries with which the U.S. has a trade deficit. The possibility of so-called “reciprocal” tariffs remains on the table, it added. He’s due to make a major announcement on tariffs on Wednesday.
Goldman Sachs (GS+0.14%) economists increased their forecast odds of a recession over the next 12 months from 20% to 35%. The Chicago Business Barometer PMI for March unexpectedly increased to 47.6 from 45.5 in February. The consensus estimate had been for 44.1. A reading under 50 indicates contraction.
Here are some stocks to watch today.
Bank of China
The Bank of China’s (BACHY-2.69%) ADRs jumped 7.8% after the lender disclosed a planned sale of new shares to Chinese government entities to boost Tier 1 equity capital. China Construction Bank (CICHY+0.31%), the Bank of Communications (BCMXY0.00%), and the Postal Savings Bank of China also disclosed similar stock sales.
Coinbase, MicroStrategy, and Robinhood
Coinbase (COIN+0.87%) slid 4% as Bitcoin declined, the WSJ reported. Other crypto-sensitive shares fell, including Robinhood (HOOD+1.02%), by 5.1%, and MicroStrategy (MSTR+4.70%), by 4.6%.
Moderna
Moderna (MRNA-3.42%) stock plunged 12% after the Food and Drug Administration’s top vaccine official, Dr. Peter Marks, resigned and told the acting commissioner that Health and Human Services Secretary Robert F. Kennedy, Jr. is seeking subservient confirmation of his misinformation and lies,” according to the Associated Press.
U.S. Bancorp
U.S. Bancorp (USB-1.15%) Vice Chair Terry Dolan, the lender’s chief administration officer, may have died on Sunday afternoon after the plane he was believed to be piloting crashed near Minneapolis. The stock fell about 0.7%.
Warner Bros. Discovery
Warner Brothers Discovery CEO David Zaslav has started meeting candidates who could replace film studio heads Michael De Luca and Pamela Abdy, Bloomberg reported, citing people familiar. The talks are early and no final decision has been made on the two executives’ futures. The stock fell 1.% Monday morning.