Wall Street closed mixed on Monday, continuing to reel under the tariff war. Tech stocks rebounded slightly after sessions of overselling, with confusion around a tariff report dominating proceedings. Two of the three most widely followed indexes closed the session in the red, while one closed in the green.

How Did the Benchmarks Perform?

The Dow Jones Industrial Average (DJI) fell 0.9%, or 349.26 points, to close at 37,965.60. Twenty-two components of the 30-stock index ended in negative territory, while eight ended in positive.

The tech-heavy Nasdaq Composite gained 15.48 points, or 0.1%, to close at 15,603.26.

The S&P 500 lost 11.83 points, or 0.2%, to close at 5,062.25. Nine of the 11 broad sectors of the benchmark index closed in the red. The Real Estate Select Sector SPDR (XLRE), the Materials Select Sector SPDR (XLB) and the Utilities Select Sector SPDR (XLU) lost 2.4%, 1.6% and 1.5%, respectively, while the Technology Select Sector SPDR (XLK) recovered 0.6%.

The fear-gauge CBOE Volatility Index (VIX) increased 3.69% to 46.98. A total of 29.13 billion shares were traded on Monday, widely surpassing the last 20-session average of 17.13 billion. Decliners outnumbered advancers by a 4.45-to-1 ratio on the NYSE.

Report About a Tariff Pause Causes Confusion

Earlier on Monday, stocks rejoiced as reports emerged about the Trump White House considering a 90-day tariff pause. The discussion might have stemmed from Bill Ackman suggesting on Sunday that Trump should implement a "90-day time out." CNBC reported and quoted White House Economic Council Director Kevin Hassett saying that the U.S. President was considering the same for all countries except China. According to the report, after falling 20% below its record closing high, the S&P 500 briefly rallied more than 3%.

However, later in the session, the White House refuted this as fake news, and the markets slumped again. Tech stocks rebounded a bit from overselling, but all other sectors continued to fall. Real Estate and Utilities were particularly hit. Consequently, shares of Ferrovial SE FER and American Water Works Company, Inc. AWK slid 4.7% and 3.3%, respectively. AWK currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Oil Prices Continue to Fall After Plunging in the Last Session

On Monday, oil prices decreased 2% to an almost four-year low on concerns about the Trump administration's latest trade tariff policies and the possibility of a recession arising from it, which would in turn bring down the global demand for energy.

Brent crude fell $1.37, or 2.1%, to settle at $64.21/barrel, while WTI crude fell $1.29, or 2.1%, to settle at $60.70.

Economic Data

Per a report by the Federal Reserve, consumer credit for February decreased by $800 million against the consensus of a $15.5 billion increase. The number for January was revised down to an increase of $8.9 billion against the $18.1 billion previously reported.

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