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Tue, Apr 1, 2025, 8:02 AM 2 min read
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US stocks were mixed in mid-morning trade on Tuesday as investors cautiously counted down to President Trump's highly anticipated "Liberation Day" rollout of sweeping new reciprocal tariffs.
The S&P 500 (^GSPC) climbed above 0.1%, recovering from session lows, while the Dow Jones Industrial Average (^DJI) fell about 0.2% while the tech-heavy Nasdaq Composite (^IXIC) climbed roughly 0.5%.
While the S&P 500 rebounded on Monday, it still ended a brutal March near its lows of the year. The broad benchmark wrapped up its worst first quarter in three years thanks to trade-war fears — though Wall Street sees more ingrained risks to stock performance.
SNP - Free Realtime Quote USD
As of 11:14:08 AM EDT. Market Open.
^GSPC ^IXIC ^DJI
Markets are still in the dark as to what Trump will announce when he unveils his plans for like-for-like tariffs on Wednesday afternoon. The president's multiple U-turns in tariff hints have kept investors turning in circles, with stocks jumping or sinking as prospects for more limited duties ebbed and rose.
The big question is whether the US will impose a blanket reciprocal tariff on all trading partners, or will tailor the rate levied to specific countries. What is pretty certain is the effective US tariff rate is likely to reach its highest level since at least the 1940s, analysts say — putting pressure on a US economy already grappling with slowing growth and stubborn inflation.
Read more: The latest on Trump's tariffs
On the economic front, job openings hovered near a four-year low in February as the labor market showed continued signs of slow cooling. The data comes as investors closely watch for any signs that economic growth may be slowing further.
Meanwhile, separate data out Tuesday showed activity in the manufacturing sector slipped into contraction last month while costs continued to surge as suppliers weigh the impact of President Trump's tariff policy.
LIVE 8 updates
US manufacturing slips into contraction as costs surge, pressured by Trump tariffs
Data out Tuesday showed activity in the manufacturing sector slipped into contraction and costs continued to surge as suppliers weighed the impact of President Trump's tariff policy.
The Institute for Supply Management's manufacturing PMI registered a reading of 49.0 in March, down from February's 50.3 reading and below the 49.5 economists polled by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate a contraction.
The prices paid index surged to 69.4, up from 62.4 the month prior and the highest reading since June 2022, reflecting companies' continuing cost increases. Economists had expected a reading of 64.6.
Meanwhile, another reading on manufacturing activity out Tuesday also raised concerns over Trump's tariff uncertainties. The final reading of S&P Global's manufacturing PMI hit 50.2 in March, down from a strong 52.7 in February.
Chris Williamson, chief business economist at S&P Global Market Intelligence, said in the release, "The strong start to the year for US manufacturers has faltered in March."
S&P said a "key concern" among manufacturers is the degree to which heightened uncertainty resulting from policy changes, notably tariffs, causes customers to cancel or delay spending, along with ripple effects from rising costs and deteriorating supply chains.
Job openings fall in February
Labor market data released Tuesday was weaker than expected as investors closely watch for any signs that economic growth may be slowing further.
New data from the Bureau of Labor Statistics showed 7.57 million jobs open at the end of February, a decrease from the 7.76 million seen in January. Job openings in February remained near a level last seen in early 2021.
The January figure was revised higher from the 7.74 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.66 million openings in February.
The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.4 million hires were made during the month, up slightly from the 5.39 million made during January. The hiring rate held flat at 3.4%. Also in Tuesday's report, the quits rate, a sign of confidence among workers, fell to 2%, down from 2.1% the month prior.
Both the hiring and quits rates are hovering near decade lows.
Stocks fall as investors brace for 'Liberation Day'
US stocks fell across the board on Tuesday, with all three major indexes retreating about 0.4% at the market open.
Investors are counting down to President Trump's tariff-fueled "Liberation Day," set for Wednesday, when sweeping new reciprocal tariffs will be announced.
DJI - Free Realtime Quote USD
As of 11:14:08 AM EDT. Market Open.
^DJI ^IXIC ^GSPC
RBC rates Microsoft stock as a top pick
RBC Capital Markets analyst Rishi Jaluria added Microsoft (MSFT) to his "Top Picks" list on Tuesday. Jaluria has an Outperform rating and $500 price target on the stock.
Yahoo Finance's Brian Sozzi reports:
Premarket trending tickers: Newsmax, J&J, Lucid, PVH
Newsmax (NMAX) shares rose 26% in premarket trading, continuing a searing rally for the stock as it heads into its second day of trading. The conservative media outlet's initial public offering (IPO) on Monday drew a wave of retail investors and the stock was repeatedly halted for volatility as it soared 735%.
Johnson & Johnson (JNJ) stock fell 3.6% after a US judge rejected the company's $10 billion proposal to resolve lawsuits linking baby powder and other talc products to ovarian cancer. It marked the third time Johnson & Johnson tried to avoid future claims through a bankruptcy strategy.
Lucid (LCID) shares were slightly higher in premarket trading after the company’s second product, the Gravity SUV, went on sale. Interim CEO Marc Winterhoff told Yahoo Finance’s Pras Subramanian that the EV maker is providing customers with an alternative to Tesla (TSLA), whose quarter was clouded by dampened demand, tariff concerns, and protests over CEO Elon Musk's role in government. Still, Tesla stock rose more than 1% despite falling sales in Europe.
PVH (PVH) stock jumped 15% after the Calvin Klein and Tommy Hilfiger owner reported a sales outlook of "modest growth" that beat Wall Street's expectations. Solid holiday sales helped stabilize the business, though executives noted it's still contending with a tougher consumer backdrop.
Good morning. Here's what's happening today.
The key risks that drove the S&P 500's worst first quarter in 3 years aren't going away
Yahoo Finance's Josh Schafer reports:
SNP - Free Realtime Quote USD
As of 11:14:08 AM EDT. Market Open.
Gold hits ATH in fourth consecutive day of record highs
Gold (GC=F) has continued a record run after setting a new high for the fourth day in a row on Tuesday. Concerns over the economic impact of President Donald Trump's tariffs due on April 2 have pushed demand for safe-haven assets.
Reuters reports:
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