“Claman Countdown” panelists Kenny Polcali and Simeon Highman will analyze how the market responds to tariffs in Canada and Mexico.
US stocks fell sharply on Monday before President Trump's 25% tariffs on Canada and Mexico were made public in the middle of the night.
Dow Jones Industrial fell nearly 700 points or 1.48%, while Nasdaq Composite lost 2.6% and S&P 500 1.7%.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| I: DJI | Dow Jones average | 43191.24 | -649.67 |
-1.48% |
| I:comp | Nasdaq Composite Index | 18350.191194 | -497.09 |
-2.64% |
| SP500 | S&P 500 | 5849.72 | -104.78 |
-1.76% |
Most active stocks included NVIDIA. NVIDIA lost 8%, Intel fell TSMC's rival Intel by 4% and Ford fell almost 2%.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| NVDA | Nvidia Corp. | 114.06 | -10.86 |
-8.69% |
| INTC | Intel Corp. | 22.74 | -0.99 |
-4.17% |
| f | Ford Motor Co. | 9.39 | -0.15 |
-1.57% |
Dow Jones Industrial Average
“There are no rooms left in Mexico or Canada. No, tariffs, you know, they're all set up. They'll come into effect tomorrow,” Trump said.
Canada's tariffs, Mexico kicks in on Tuesday
US President Donald Trump (R) shakes hands with Taiwan Semiconductor Manufacturing Company (TSMC) CEO CC Wei in the Roosevelt Room at the White House in Washington, DC on March 3, 2025 (Andrew Harnik / Getty Images / Getty Images)
“It would be very expensive for people to use this country. They can't expect to steal our money, steal our work, steal our factories, steal our business, take our business, take our business, we can't expect them to be punished.
Technology and energy inventory increased the pace of sales, while consumer staple food, healthcare and defensive play recorded fractional profits.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| xlk | Technology Select Sector SPDR ETF | 218.76 | -6.78 |
-3.01% |
| xle | Energy Selection Sector SPDR ETF | 87.84 | -3.17 |
-3.48% |
| XLP | Consumer Staples Select Sector SPDR ETF | 83.54 | +0.53 |
+0.64% |
| XLV | Healthcare Select Sector SPDR ETF | 149.60 | +0.62 |
+0.42% |
The 2010 Treasury yield fell to a three-month low of 4.2%.
In addition to tariffs, disappointing manufacturing data also rattles the market. ISM's new order index fell for the first time in six months, but the employment index has continued to shrink for eight of the last nine months.
The US economy may be staring at a slowdown. The Federal Reserve Bank of Atlanta's GDPNOW forecast measures growth expectations in real time, showing a 2.8% decline in the first quarter of 2025. Last week, consumer confidence showed its biggest decline in nearly four years.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| uso | US Petroleum Fund-USD ACC | 73.32 | -1.90 |
-2.53% |
| gld | SPDR Gold Shares Trust -USD ACC | 266.72 | +3.38 |
+1.28% |
Oil went above 2% per barrel at $68.28, while gold rose 1.85% to $2,901 per ounce.
Trump moves forward with crypto preparation plans
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In cryptocurrency, Bitcoin overturned previous profits after Trump announced plans for a crypto strategic protected area on Sunday. Prices fell below the record $106,734, below the $90,000 price.
