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Stocks fell as President Donald Trump escalated the trade war by vowing to impose 200% tariffs on wine and other alcohol from the EU. The American depositary receipts (ADRs) of LVMH (LVMUY-1.24%), Remy Cointreau (REMYY-4.04%), and Pernod Ricard fell on the news.
This may have overwhelmed good price and jobs numbers, as new reports showed wholesale inflation slowed more than expected in February and that both new and continuing unemployment claims last week were lower than the consensus estimates.
The Dow Jones Industrial Average was down about 65 points, or 0.2%, as of 10:30 a.m. in New York, with the S&P 500 falling by a similar percentage. The Nasdaq Composite slid about 0.7%. All three have narrowed earlier declines. Tesla (TSLA-5.43%) shares fell about 3.3%.
Here are some stocks to watch today:
Adobe
Adobe shares (ADBE-13.12%) plunged 11% after the software firm gave a mixed outlook on its current quarter — with the forecast for earnings per share slightly trailing the consensus estimate — despite beating expectations for the three months ending Feb. 28.
Dollar General
Dollar General (DG+4.78%) stock gained 7% after the discount retailer projected comparable sales — revenue excluding new outlets — would rise as much 2.2% this year, compared with the consensus estimate of 1.8%, according to FactSet.
Intel
Intel (INTC+15.06%) stock jumped 16% after the chipmaker said tech executive and former board member Lip-Bu Tan will be the company’s new CEO, effective March 18.
SentinelOne
SentinelOne (S-2.90%) stock declined 3.5% after the cybersecurity company’s projection for fiscal first-quarter revenue missed expectations. Executives told analysts that it plans to stop selling “Deception” products that came with its Attivo purchase, Investors Business Daily reported.
TSMC
Taiwan Semiconductor Manufacturing Co. shares fell 2.7% after the stock dropped 2.3% in trading in Taipei on Thursday. The chip foundry has declined almost 10% over the past 12 sessions as foreign investors unloaded shares, Bloomberg News reported, citing exchange data.