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U.S. STOCKS GYRATE, END RED, AS TRADE TENSIONS ESCALATE

Wall Street's main indexes ended down on Tuesday, in the wake of big swings, as trade tensions escalated following U.S. President Donald Trump's new tariffs on Canada, Mexico and China.

The 25% tariffs on imports from Mexico and Canada, along with doubled duties on Chinese goods, took effect on Tuesday. China and Canada retaliated while Mexican President Claudia Sheinbaum vowed to respond likewise, without giving details.

Early in the session, the Nasdaq composite .IXIC fell into correction territory. Indeed, the tech-laden index was off as much as 11% from its record closing high.

However, in the wake of the S&P 500 index .SPX nearing support at its 200-day moving average, buyers emerged and a reversal took hold.

The composite, which was off more than 2% at one point then turned green. However, with a last hour slide, it closed off about 0.4%. The S&P 500, which was down as much as 2%, recovered to around flat, before finishing off around 1.2%. The Dow .DJI, which was also down as much as 2%, finished down about 1.6%.

At 4 PM EST, the Dow ended down 5.54% from its record close, the S&P 500 finished off 5.96% from its record close, and the Nasdaq ended down 9.36% from its record finish.

The small-cap Russell 2000 .RUT is now down 14.87% from its record close.

FANGs .NYFANG, chips .SOX, and gold stocks .HUI ended modestly green, while bank stocks .SPXBK, .KRX were among the biggest casualties in the sell off.

In any event, investors are now gearing up for President Donald Trump's speech before Congress on Tuesday night.

ADP February national employment data is due before Wednesday's opening bell. Expectations call for 140k private jobs vs a 183k print last month.

Here is Tuesday's closing snapshot:

(Terence Gabriel)

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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:

TECH DOWN, BUT NOT OUT, SAYS BMO - CLICK HERE

BANKS AMONG BIGGEST CASUALTIES IN SELL OFF - CLICK HERE

SHELTER FROM THE TARIFF STORM - CLICK HERE

NASDAQ IN CORRECTION TERRITORY AS TRADE WAR FEARS MOUNT - CLICK HERE

EURO ZONE ECONOMIC WOES WILL PROMPT ECB RATE CUTS, MORGAN STANLEY SAYS - CLICK HERE

BENCHMARK TREASURY YIELD ON A 6-WEEK LOSING STREAK - CLICK HERE

"EITHER WAY, THE EU CONSUMER PAYS" - CLICK HERE

SWISS BULLS CHARGE ON DEFENSIVE PLAYS - CLICK HERE

IS THE EURO STRENGTH A SIGN OF 'ASSERTIVENESS'? - CLICK HERE

VOLATILITY POPS, STOXX DROPS - CLICK HERE

BEFORE THE BELL: TARIFF WOES, DEFENCE POINTS HIGHER - CLICK HERE

NEW TRUMP TARIFFS TAKE EFFECT, EU ALSO IN CROSSHAIRS - CLICK HERE