Traders work on the floor of the New York Stock Exchange on March 26, 2025.
NYSE
The S&P 500 clawed back earlier losses on Monday to end the session higher, as traders nervously looked ahead to President Donald Trump's tariff plans.
The broad market index added 0.55% to close at 5,611.85. At one point, it fell as much as 1.65% and traded 10% below its record. The Nasdaq Composite fell 0.14% and closed at 17,299.29. The Dow Jones Industrial Average advanced 417.86 points, or 1%, to settle at 42,001.76.
Tech giant Nvidia fell 1.2%, while Tesla dropped 1.7%. Tech stocks have struggled to recapture their meteoric rise from last year that was spurred by rising artificial intelligence sentiment. AI darling Nvidia, for example, is now nearly 30% off of its 52-week high. Investors seeking safety pushed some Dow components like Coca-Cola and Walmart higher.
Trump said Sunday that his plan for "reciprocal tariffs" — expected to be unveiled Wednesday — will target "all countries," rejecting the notion that the upcoming levies will be narrower and more targeted. In fact, The Wall Street Journal reported the president had in recent days pushed his advisors to get more aggressive when it comes to tariffs.
"We continue to trade with the backdrop of tariff uncertainty and a shroud of secrecy about what may come next," said Jay Woods, chief global strategist at Freedom Capital Markets. "As a result, investors sell first and wait. It has all the makings of a panic sell-off where a snap back rally on the horizon."
Trump's rhetoric as "liberation day" approaches has culminated in a renewed sense of worry that the tariffs will significantly slow the economy, and could perhaps even be a catalyst for a recession. Economists polled in the CNBC Rapid Update survey points to first-quarter economic expansion of just 0.3%, well below the 2.3% growth seen in the fourth quarter.
"[I]t's time for reciprocity, and it's time for a president to take historic change to do what's right for the American people, and that's going to take place on Wednesday," White House press secretary Karoline Leavitt said Monday.
The S&P 500 regained ground on Monday after reaching a six-month low earlier in the session.
The broad market S&P 500 is nearly 9% below a record set in February. It also hit its lowest level since September on Monday. The tech-heavy Nasdaq also reached levels not seen since September and is 14% below its all-time high set in December.
Monday marks the final day of what has been a tumultuous month and quarter for Wall Street. The S&P 500 dipped into correction territory in March after hitting a record in February.
The S&P 500 fell 5.8% for the month, posting its biggest monthly slide since December 2022. The Nasdaq lost 8.2% in March, while the Dow has fallen 4.2%.
For the quarter, the S&P 500 was down 4.6%, snapping a five-quarter win streak. The Nasdaq lost 10.4% in the quarter, which would mark its biggest quarterly pullback since a 22.4% plunge in the second quarter of 2022. The Dow shed 1.3% in the first three months of 2025.
