Main US indexes slide; Nasdaq off most, down ~2%
Mar Chicago PMI 47.6 vs 44.5 estimate
Euro STOXX 600 index falls >1.5%
Dollar, bitcoin rise; gold up ~1%; crude up ~1.5%
US 10-Year Treasury yield falls to ~4.21%
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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
EarlyTrade03312025 https://tmsnrt.rs/3E30qmm
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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