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S&P 500, NASDAQ HIT FRESH LOWS, THEN BOUNCE

U.S. stock indexes are sliding, and yields are declining, early on Monday as investors avoid risky assets on mounting concerns that the Trump administration's upcoming announcement of extensive tariff plans could hurt the global economy.

The S&P 500 index .SPX and the Nasdaq composite .IXIC have now both taken out their mid-March lows. With this, the SPX is now off just over 10% from its February 19 record close, while the Nasdaq is down about 16% from its December 16 record close. The Dow .DJI is down about 8% from its December 4 record finish.

A majority of S&P 500 sectors are red with consumer discretionary .SPLRCD, off 2.3%, taking the biggest hit. This with Mag 7 MAGS.K and FANG names .NYFANG being hit especially hard.

Staples .SPLRCS, up 1%, is posting the biggest rise.

Of note, with its early low of 5,488.73, the SPX essentially tested weekly Cloud support which resides around 5,485. The index has since bounced back over 5,520.

Here is a snapshot of where markets stood around 10:00 a.m. ET:

(Terence Gabriel)

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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:

S&P 500 INDEX MID-MARCH LOWS AT RISK - CLICK HERE

DON'T BUY THE WALL STREET DIP - CITI - CLICK HERE

TRUMP THREAT ON RUSSIA OIL CANNOT BE DISMISSED - UBS CIO - CLICK HERE

HAVEN HUNT - CLICK HERE

AUTO STOCKS: TARIFF RISKS 'NOT FULLY PRICED IN' - CLICK HERE

STOXX SLIDES 1%, MINERS AND AUTOS DRAG - CLICK HERE

EUROPE BEFORE THE BELL: FUTURES SIGNAL PAIN AHEAD - CLICK HERE

RISK ASSETS TRAMPLED AS TRUMP TOUTS TARIFFS FOR ALL - CLICK HERE

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)