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U.S. Stocks Move Sharply Lower On Tariff Concerns

After showing a lack of direction early in the session, stocks moved sharply lower over the course of the trading day on Monday. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq plunging to a four-month closing low.

The major averages climbed off their worst levels going into the close but remained firmly negative. The Nasdaq dove 497.09 points or 2.6 percent to 18,350.19, the S&P 500 tumbled 104.78 points or 1.8 percent to 5,849.72 and the Dow slumped 649.67 points or 1.5 percent to 43,191.24.

The substantial weakness that emerged on Wall Street came amid concerns about the economic impact of President Donald Trump’s proposed tariffs.

During an appearance on Fox News over the weekend, Commerce Secretary Howard Lutnick described the proposed 25 percent tariffs on imports from Mexico and Canada as “fluid” but said the additional 10 percent tariff on imports from China is “set.”

Trump later clarified that the 25 percent tariffs on imports from Mexico and Canada will take effect tomorrow and reciprocal tariffs on other U.S. trade partners will be imposed on April 2nd.

On the U.S. economic front, the Institute for Supply Management released a report showing its reading on U.S. manufacturing activity edged slightly lower in February but still indicated growth in the sector for the second straight month.

The ISM said its manufacturing PMI slipped to 50.3 in February after rising to 50.9 in January, although a reading above 50 still indicates growth. Economists had expected the index to dip to 50.5.

The report also said the prices index surged to 62.4 in February from 54.9 in January, reflecting the largest month-over-month increase since January 2024.

“Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery stoppages and manufacturing inventory impacts,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

He added, “Although tariffs do not go into force until mid-March, spot commodity prices have already risen about 20 percent.”

A separate report released by the Commerce Department showed construction spending in the U.S. unexpectedly edged modestly lower in the month of January.

Sector News

Computer hardware stocks extended the sharp pullback seen over the past couple weeks, dragging the NYSE Arca Computer Hardware Index down by 4.2 percent to its lowest closing level in a month.

A steep drop by the crude oil also weighed on oil producer stocks, as reflected by the 4.1 percent nosedive by the NYSE Arca Oil Index. The index ended the session at a two-month closing low.

Semiconductor stocks also moved sharply lower over the course of the session, resulting in a 4.0 percent slump by the Philadelphia Semiconductor Index.

Networking, airline and retail stocks also saw considerable weakness on the day, moving lower along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index shot up by 1.7 percent, while Hong Kong’s Hang Seng Index rose by 0.3 percent.

The major European markets also showed strong moves to the upside on the day. While the German DAX Index surged by 2.6 percent, the French CAC 40 Index jumped by 1.1 percent and the U.K.’s FTSE 100 Index climbed by 0.7 percent.

In the bond market, treasuries moved higher, extending a recent upward trend. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 5.1 basis points to a nearly three-month closing low of 4.180 percent.

Looking Ahead

Amid a lack of major U.S. economic data, trading on Tuesday is likely to be driven by reaction to the latest news about Trump’s tariffs on Mexico and Canada.

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Yes, that’s a cartoon of me. Louis Rukeyser had us dressed up in ‘elf’ costumes on the screen broadcast each week. I’ve dated myself. That occurred for me between 1988-1996. Lou didn’t like any bearish comments, so myself and other elves got dumped in 1996.

WHO IS MARK LEIBOVIT?

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com. He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.

COME ON, DAD. IT’S TIME TO EAT

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