financetom
Market
financetom
/
Market
/
US STOCKS-S&P 500, Dow decline after Trump's fresh tariffs on Canada
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US STOCKS-S&P 500, Dow decline after Trump's fresh tariffs on Canada
Mar 11, 2025 9:35 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

US job openings rise to 7.74 million in January

*

Delta Air Lines ( DAL ) lowers first-quarter forecast, shares fall

*

Kohl's slides on bleak annual sales forecast

*

Dow Transportation index touches seven-month low

*

Indexes: Dow slips 0.85%, S&P 500 off 0.37%, Nasdaq up

0.18%

(Updates to mid-session trading)

By Johann M Cherian and Pranav Kashyap

March 11 (Reuters) - The Dow and the benchmark S&P 500

fell in choppy trading on Tuesday after U.S. President Donald

Trump announced fresh tariffs on Canada, adding to investor

unease that his trade policies could trigger an economic

slowdown.

Trump doubled his planned tariffs on all imports of steel

and aluminum products from Canada to 50%, in response to the

province of Ontario's decision to place a 25% tariff on its

electricity exports to the United States.

He also threatened to "substantially increase" tariffs on

cars coming into the U.S. on April 2. Ford and General

Motors ( GM ), that have vast supply chains across North

America, fell around 3% each.

Global markets have been roiled ever since Trump sparked

back-and-forth tariff moves against major trading partners such

as Canada, Mexico and China. Analysts have warned that the

escalating trade tension could fan inflationary pressures and

potentially stall economic growth.

On Monday, the S&P 500 recorded its most significant one-day

drop since December 18, wiping out a staggering $4 trillion from

its recent peak. Meanwhile, the tech-heavy Nasdaq confirmed a

10% correction late last week.

"Every time we feel like we're getting a little bit of a

lift, we get a Trump update on more tariffs," said Dennis Dick,

a trader at Triple D Trading.

"International investors looking at all the political

uncertainty in the North American markets are saying let's

invest elsewhere."

At 11:46 a.m. ET the Dow Jones Industrial Average

fell 356.14 points, or 0.85%, to 41,555.57, the S&P 500

lost 21.02 points, or 0.37%, to 5,593.54 and the Nasdaq

Composite gained 31.77 points, or 0.18%, to 17,500.09.

Nine of the 11 S&P 500 subsectors fell, led by a 0.8% drop

in industrials. The S&P 500 equally weighted index

lost 1%.

Tariff uncertainty has also weighed on consumer sentiment,

with company executives increasingly flagging the impact it can

have on upcoming earnings.

Kohl's forecast a bigger-than-expected drop in

annual comparable sales, sending the retailer's shares down 23%.

Dick's Sporting Goods declined 5.9% after the

retailer forecast downbeat annual results.

Delta Air Lines ( DAL ) slid 7% after the carrier slashed

its first-quarter profit estimates by half.

American Airlines ( AAL ) also dropped 4.8% after the

carrier forecast a bigger-than-expected first-quarter loss,

sending the broader Dow transportation index down by

2.5%.

"(Tariff uncertainty) is creating a degree of paralysis

across the system," said David Russell, global head of market

strategy at TradeStation.

Trump will meet the chief executives of America's biggest

companies later in the day.

Meanwhile, a U.S. Labor Department report showed job

openings increased in January. A closely watched inflation

report is expected later in the week.

Interest rate futures point to the U.S. Federal Reserve

leaving borrowing costs unchanged at its meeting next week, but

traders are increasingly pricing in more interest rate cuts in

the second half of the year on expectations of slowing growth.

Aiding gains on the Nasdaq, megacaps such as Nvidia ( NVDA )

rose 3% and Amazon.com ( AMZN ) added 1.8%, while Tesla

added nearly 4.6% after the stock fell 15.4% in the previous

session.

Oracle dropped 3.7% after the cloud company missed

quarterly revenue estimates.

Citi became the latest brokerage to revise its stance on

U.S. stocks, downgrading its recommendation to "neutral".

Declining issues outnumbered advancers for a 1.43-to-1 ratio

on the NYSE and a 1.14-to-1 ratio on the Nasdaq.

The S&P 500 posted four new 52-week highs and 14 new lows,

while the Nasdaq Composite recorded 15 new highs and 267 new

lows.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US STOCKS-Futures tick up after Wall Street hits record highs
US STOCKS-Futures tick up after Wall Street hits record highs
Mar 22, 2024
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.) * Futures up: Dow 0.04%, S&P 0.11%, Nasdaq 0.18% March 22 (Reuters) - U.S. stock index futures inched higher on Friday, setting Wall Street on course for strong weekly gains as investors cheered the Federal Reserve sticking to its rate-easing...
US STOCKS-Futures edge higher after Wall Street scales record peak
US STOCKS-Futures edge higher after Wall Street scales record peak
Mar 22, 2024
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.) * Tesla slips on report co trims car production in China * FedEx ( FDX ) jumps on Q3 profit beat * Nike ( NKE ) falls after revenue forecast disappoints * Futures up: Dow 0.10%, S&P 0.11%, Nasdaq 0.07%...
SNAPSHOT-India stocks, rupee, swaps, call at 3:30 p.m. IST
SNAPSHOT-India stocks, rupee, swaps, call at 3:30 p.m. IST
Mar 22, 2024
MUMBAI, March 22 (Reuters) - STOCKS: The benchmark BSE Sensex rose 190.75 points, or 0.26%, to 72,831.94, while the broader NSE index gained 66.1 points, or 0.30%, to 22,078.05, as IT sector bellwether Accenture's revenue warning offset optimism around U.S. Federal Reserve rate cuts. RUPEE: The Indian rupee weakened 0.33% versus the U.S. dollar, and quoted at 83.43 per dollar,...
Futures tick up after Wall Street hits record highs
Futures tick up after Wall Street hits record highs
Mar 22, 2024
(Reuters) - U.S. stock index futures inched higher on Friday, setting Wall Street on course for strong weekly gains as investors cheered the Federal Reserve sticking to its rate-easing stance and awaited commentary from Chair Powell later in the day. All three main U.S. indexes hit fresh record closing highs in the previous session as chip stocks rallied after Micron...
Copyright 2023-2025 - www.financetom.com All Rights Reserved