U.S. stocks fell on Tuesday, adding to the biggest selloff in months, as investors worried about the impact of the latest tariff threats on the global economy.

Market Snapshot

The Dow Jones Industrial Average fell 478.23 points, or 1.14%, to 41,433.48, the S&P 500 lost 42.49 points, or 0.76%, to 5,572.07 and the Nasdaq Composite lost 32.23 points, or 0.18%, to 17,436.10.

Market Movers

Tesla Motors rose 3.8%. The electric-vehicle giant fell 15% on Monday as investors considered the possibility of a recession and a Wall Street analyst cut his forecast for the company's first-quarter deliveries. Tesla has dropped 42% this year, with disappointing sales data and investors' belief that Chief Executive Elon Musk's role in the Trump administration means he isn't focused on the car company. In an interview Monday on Fox Business, Musk said he was running his businesses " with great difficulty."

Palantir Technologies Inc. dropped 10% on Monday to $76.38 and ended the session up just 1% this year. Coming into Tuesday, the data-analytics company had declined 37% since its record close of $124.62 in mid-February. It was up 2.2% on Tuesday.

NVIDIA rose 1.7%. The leading maker of artificial-intelligence chips fell 5.1% on Monday and widened its losses in 2025 to 20%. The decline marks the stock's worst start to a year since 2022.

Oracle reported fiscal third-quarter adjusted earnings and revenue that missed analysts' estimates,. The enterprise software company said it signed cloud agreements with several major tech companies, including OpenAI, Meta Platforms and Nvidia, that would help drive a 15% increase in overall revenue in the fiscal year beginning in June. Shares closed down 3.1%.

Chinese ETFs and ADRs jumped on Tuesday. Hesai Group rose 50%, NIO Inc. rose 17%, XPeng Inc. rose 15%, Li Auto rose 7%, Alibaba rose 5%, and PDD Holdings Inc rose 2%.

Delta Air Lines dropped 7.2% after slashing its estimates of first-quarter earnings and revenue, citing weaker demand. "The outlook has been impacted by the recent reduction in consumer and corporate confidence caused by increased macro uncertainty, driving softness in domestic demand," Delta said in a filing. The company reduced its first-quarter adjusted earnings forecast to 30 cents to 50 cents a share from previous guidance of 70 cents to $1 a share, and said it expects revenue to increase 3% to 4%, down from its prior outlook of an increase of 7% to 9%.

Fellow carrier American Airlines also reduced first-quarter guidance, saying it was seeing softness in the domestic leisure segment. The stock fell 8.3%. United Continental dropped 2%.

Southwest Airlines, meanwhile, jumped 8.3%. The company also lowered its outlook but the discount carrier said it would begin charging passengers to check bags in a plan to drive revenue growth.

Teradyne was the worst-performing stock Tuesday in the S&P 500, down 17%, after the company said it sees "short-term volatility," mainly in its semiconductor-testing business. Earlier, it had forecast "improving conditions" in 2025. The company cited uncertainties in trade and tariffs in its update.

Asana, Inc. plunged 24% after CEO Dustin Moskovitz announced he was retiring. Also hitting the stock was that the work management software company said it expects fiscal first-quarter revenue of $184.5 million to $186.5 million, below analysts expectations of $191 million. The company's outlook for revenue in the current fiscal year also missed expectations. Moskovitz co-founded the company 17 years ago.

Apple was down 2.9% after falling 4.9% on Monday. The previous day's decline marked its widest one-day percentage drop since Sept. 29, 2022, when the iPhone maker fell 4.9%, according to Dow Jones Market Data. Citi analysts expect Apple to sell 232 million iPhones in calendar 2025, up 2% from the prior year but down from an earlier estimate of 5%. The analysts cited a delay in the rollout of an update to the company's Siri assistant for the reduced forecast.

Verizon fell 6.6% after the telecommunications company said at a conference that it has "been a challenging quarter from a competitive intensity standpoint." Verizon anticipates first-quarter postpaid phone gross additions to be flat to slightly down from the prior-year period.

Kohl's declined 24% after the retailer issued disappointing fiscal-year guidance. Kohl's said it anticipates net sales to decrease 5% to 7% and earnings in the range of 10 cents to 60 cents a share, while analysts had forecast $1.22.

Nucor rose 2.5%, U.S. Steel gained 5.5%, and Alcoa was up 3.2% after Trump said the steel and aluminum tariffs would go into effect Wednesday after Canada retaliated to earlier tariffs with higher levies on electricity being sent to the U.S. Ontario Premier Doug Ford later said he would suspend the surcharge and meet with U.S. Commerce Secretary Howard Lutnick on Thursday.

Market News

Nvidia Decline Is a “Buying Opportunity,” as Wells Fargo Says GTC “Can't Come Fast Enough”

The sharp decline in NVIDIA shares in recent weeks is a "buying opportunity," Wells Fargo said on Tuesday, ahead of the company's annual GTC event.

Over the past five years, Nvidia shares have outperformed the Philadelphia Semiconductor Index by an average of 7 percentage points and 2.4 percentage points during the week of GTC and 2 weeks after GTC, analyst Aaron Rakers wrote in a note to clients. The average return has been 6.4% and 4.5%, respectively, Rakers added, noting that shares are currently trading at roughly a 35% discount to the median earnings multiple over the past three years.

Rakers, who has an Overweight rating and $185 price target on Nvidia, is expecting five topics to be discussed at the event, including co-package optics, for which he said "there is a lot of investor focus" on where Nvidia stands.

Palantir Teases Upcoming March 13 Announcement on X

Palantir Technologies Inc. posted a 15-second teaser on X today which points to some type of significant announcement on Thursday, March 13.

The teaser starts with a series of symbols around the number 6. The symbols include the Palantir logo, a four-pointed star, its AIP logo and an hourglass. It then transitions to a clock starting at five and is headed towards an encircled six. It features images of a sunrise or sunset, another of possibly a rising or setting planet, and what appears to be a view of traveling at light speed through space.

One commenter said the six could be a reference to Palantir holding a sixth AIPCon. On Thursday, Sept. 12, 2024, Palantir held its fifth AIPCon, which was livestreamed. It featured multiple companies and agencies presenting work they were doing with Palantir's artificial intelligence software platform.