Stocks give up early gains after poor U.S. manufacturing numbers

Quartz
03-04
Photo: Justin Sullivan (Getty Images)

U.S. stocks changed direction and erased early gains after the ISM manufacturing index came in lower than expected at 50.3, as new orders contracted and the price measure surged. Investors are also cautious ahead of planned tariffs on Mexico and Canada scheduled to come into effect on Tuesday.

The S&P 500, Nasdaq Composite and Dow Jones Industrial indexes were all slightly lower as of 11:10 a.m. ET. The shares of automakers, among the companies most-affected by the tariffs, nonetheless increased. Ford (F), which has plants in both Ontario and Mexico, gained 1.7%.

“We believe investors view the aluminum and steel U.S. import tariffs as probable, manageable, potentially favorable for domestic industries, with a precedent set in 2018 when such tariffs lasted only a year,” RBC analysts wrote last week. “We expect the tariffs’ influence on ‘Detroit 3' automakers to be delayed due to supply contracts and hedging.”

Tesla’s (TSLA) stock gained in New York trading to about $297 after Morgan Stanley (MS) analyst Adam Jonas restored Elon Musk’s EV-maker as a “top pick” among U.S. auto stocks, setting a price target of $430 per share.

Intel (INTC) advanced after Reuters reportedthat Nvidia (NVDA) and and Broadcom (AVGO) are evaluating the chipmaker’s processes, a sign that they are considering awarding it manufacturing contracts. Nvidia and Broadcom fell, as did the U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSM) (TSMC). Broadcom is scheduled to report earnings after-market on Thursday.

Cryptocurrency-related companies and Bitcoin holders, including Coinbase (COIN), Strategy, and Robinhood (HOOD), gained following Trump’s announcement of a strategic crypto reserve encompassing Bitcoin and other cryptocurrencies.

Kroger (KR) stock fell morning after CEO Rodney McMullen resigned following an investigation into his personal conduct. The grocery chain unveils its earnings report on Thursday.

Las Vegas Sands (LVS)’ stock was a top gainer after the casino operator completed a debt restructuring involving its Marina Bay Sands liabilities.

For the latest news, Facebook, Twitter and Instagram.

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10