By Joe Woelfel

Stocks fell sharply Monday after President Donald Trump said he couldn't rule out a recession as the U.S. economy goes through a "period of transition." Tech stocks were the leading decliners as the stock market's fear gauge spiked to begin the week.

These stocks were moving Monday:

Tesla declined 11% to $234.10. Shares have fallen for seven straight weeks, ever since CEO Elon Musk joined the Trump administration as part of the Department of Government Efficiency. The stock has declined about 38% since Donald Trump's inauguration on Jan. 20. Wedbush analyst Dan Ives wrote Thursday that investors will have to look past Musk-related issues. He rates the shares a Buy and has a price target of $550 on the stock.

Redfin soared 69% to $9.85 after agreeing to be purchased by Rocket Cos. in a deal that values the real estate listing site at $1.75 billion. Rocket will acquire Redfin for $12.50 a share in the all-stock transaction. The deal is expected to close in the second or third quarter. Rocket fell 15%.

DoorDash was down 1% after the online food-delivery company was added to the S&P 500. The stock had traded higher earlier in the session. It will join home goods company Williams-Sonoma, World Wrestling Entertainment owner TKO Group Holdings, and natural gas producer Expand Energy in the index. The changes announced Friday by S&P Dow Jones Indices will take effect before the start of trading on March 24.

Williams-Sonoma fell 1.4%, TKO Group fell 0.8%, and Expand Energy was up 2.2%. The four companies added to the S&P 500 will replace BorgWarner, Teleflex, Celanese, and FMC.

Nvidia fell 4.2% to $107.99 after closing Friday up 1.9%. Coming into Monday, shares of the leading maker of artificial-intelligence chips have dropped 16% in 2025. Worries over economic growth and uncertainties about Trump's trade policies overshadowed news that Nvidia provided support for the building of Foxconn's own large language model with reasoning capabilities.

MicroStrategy fell 13%, Coinbase Global fell 11%, and Robinhood Markets was down 14% as the crypto-linked stocks followed Bitcoin lower on disappointment over Trump's executive order to create a strategic Bitcoin reserve for the United States. The reserve will be capitalized using Bitcoin obtained through criminal and civil forfeiture proceedings, rather than government buying.

Robinhood, meanwhile, will pay nearly $30 million in restitution and fines for allegedly violating "numerous" rules, brokerage industry self-regulatory organization Finra said late Friday.

AppLovin declined 8.7% on Monday to $246.93. Citi analyst Jason Bazinet noted that AppLovin shares have "come under significant pressure on the heels of a few bearish reports." But he maintained a Buy rating on the shares and a price target of $600.

U.S.-listed shares of Novo Nordisk fell 8.1% after data were positive on the company's experimental weight-loss drug, CagriSema, but missed the company's earlier expectations.

ServiceNow fell 6.4%. The automation-software company agreed to buy Moveworks, an artificial-intelligence start-up, for $2.85 billion.

Earnings reports are expected after the closing bell Monday from Oracle, and Vail Resorts.

Oracle was falling 4.4% ahead of fiscal third-quarter earnings from the enterprise software company. The stock has declined 6.9% this year.

Reports are expected later in the week from Adobe, Lennar, Ferguson Enterprises, Viking Holdings, Dick's Sporting Goods, Ciena, Kohl's, UiPath, SentinelOne, American Eagle Outfitters, DocuSign, Ulta Beauty, Dollar General, Rubrik, D-Wave Quantum, and Li Auto.

Write to Joe Woelfel at joseph.woelfel@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

March 10, 2025 12:28 ET (16:28 GMT)

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