By Joe Woelfel, Mackenzie Tatananni, and Connor Smith

Stocks fell Monday but came off sharp lows after President Donald Trump's month-long delay to tariffs on Mexico.

These stocks made moves:

Tesla was down 5.2%. The electric-vehicle maker assembles all its vehicles for the U.S. market in the country but about 15% of the parts in a Model Y sold in the U.S. come from Mexico. Some come from Canada as well though how much is harder to determine. Fellow EV maker Rivian Automotive fell 1.4%.

Shares of the traditional car manufacturers also fell but rebounded slightly after the Mexico tariff news. Millions of cars sold in the U.S. each year are assembled in Canada or Mexico. Tariffs mean higher costs for the companies and potential supply-chain issues. General Motors was down 3.2%, Ford Motor declined 1.7%, and Jeep maker Stellantis slumped 3.9%. Auto supplier Aptiv fell 2.8%.

Semiconductor companies with heavy exposure to China traded lower. Trump announced over the weekend the U.S. would be imposing 10% tariffs on China imports. Nvidia fell 2.8%, Broadcom fell 1.6%, and Applied Materials slipped 0.9%.

Constellation Brands, the distributor of imported Mexican lager like Corona and Modelo Especial, was down 3.5% at $174.41. Analysts at Piper Sandler downgraded shares of the company to Neutral from Overweight, and slashed their target on the price to $200 from $245.

Shares of domestic steel makers were mixed after trading higher earlier in the session. Steel Dynamics fell 0.2%, Nucor rose 2.2%, and Cleveland-Cliffs fell 5%. Tariffs would likely raise prices for foreign steel and boost pricing power for the U.S. companies.

Idexx Laboratories jumped 11%. The veterinary technology-and-testing company reported better-than-expected adjusted earnings in the fourth quarter as revenue rose to $954.3 million from $901.6 million a year earlier.

Tyson Foods rose 2.2%. The meat producer topped Wall Street's fiscal first-quarter analysts' expectations for earnings and revenue on strength in its chicken business.

Palantir Technologies rose 1.5% ahead of its latest quarterly earnings report, which was due out after the market close.

Earnings reports are expected later in the week from Alphabet, Amazon.com, Advanced Micro Devices, Walt Disney, Qualcomm, Merck, Pfizer, Eli Lilly, Arm Holdings, PepsiCo, Toyota, Amgen, Spotify Technology, Ferrari, PayPal, Novo Nordisk, Alibaba, Uber Technologies, MicroStrategy, Philip Morris International, Honeywell, Bristol Myers, ConocoPhillips, Cloudflare, Take-Two Interactive Software, and Fortinet.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 03, 2025 17:11 ET (22:11 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.