Market Highlights

Wall Street traders continued to navigate intense market swings amid a slew of tariff headlines, with stocks extending losses after almost wiping out their selloff. The S&P 500 dropped almost 1.5%, following a brief respite that was triggered by President Donald Trump’s confirmation that he’ll exempt Mexico from new 25% tariffs on any goods and services that fall under the North American trade agreement known as USMCA. The Nasdaq 100 fell 1.8%. The Dow Jones Industrial Average fell 0.8%. The dollar traded near session lows, while the peso rose. Treasury trading was fairly muted — in contrast to the extended plunge in Europe.

A late-session runup in US stocks capped another volatile day for global markets, a session that also featured extreme moves in European bonds and equities. Geopolitical news dominated sentiment once again, including a delay in the imposition of auto tariffs in Canada and Mexico by the White House.

Stocks dropped around the world as concerns about the impacts of a trade war on the global economy spurred a fight to short-term bonds, gold and haven currencies.

More tepid economic news and a pledge by Donald Trump to push through tariffs on top trading partners stressed Wall Street risk tolerances anew, sending bonds up and stocks to their biggest loss of the year

Stocks shook off another bout of volatility spurred by geopolitical anxiety and a White House shouting match to rally at the end of a jittery February.

A selloff in the stock market’s most-influential group drove the Nasdaq 100 to its lowest level since November as Nvidia Corp.’s results failed to revive the artificial-intelligence rally.

Nvidia’s bullish revenue forecast reignited the AI-driven rally, pushing the Nasdaq 100 ETF (QQQ) higher after hours, but its earnings fell slightly short of some expectations. Meanwhile, European equity futures declined after President Trump announced 25% tariffs on the EU, with additional levies on Mexico and Canada set to take effect in April. Nvidia shares fell in after-hours trading as investors, accustomed to exceptional results, found the earnings merely solid rather than spectacular.

Stocks got hit and bonds surged as another disappointing reading on the US consumer fueled concern about the health of the world’s largest economy. US consumer confidence fell the most since August 2021 on concerns about the outlook for the broader economy. The data followed recent disappointments on the retail, services and housing fronts. That’s prompted traders to boost their bets on Federal Reserve rate cuts this year even as inflation pressures seem to be intensifying.

A slide in most megacaps hit stocks in the finalstretch of US trading, with Wall Street gearing up for a pulse check from Nvidia Corp. on the artificial-intelligence technology that has powered the bull market.

Stocks had their worst day in two months after weaker-than-expected economic data and a surge in consumers’ long-run inflation views to the highest since 1995.