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Intel ( INTC ) up after report of Nvidia ( NVDA ), Broadcom ( AVGO ) collaboration

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Tesla up after Morgan Stanley reinstates stock as 'top

pick'

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Crypto stocks surge after Trump hints at new bitcoin

reserve

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ISM manufacturing PMI at 50.3 in February

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Indexes: Dow down 0.07%, S&P 500 down 0.38%, Nasdaq down

0.78%

(Updates for market open)

By Johann M Cherian and Sukriti Gupta

March 3 (Reuters) - Wall Street's main stock indexes

declined on Monday, reversing premarket gains after data showed

that new orders at U.S. factories fell in February, suggesting

concerns that President Donald Trump's tariffs could pressure

production.

An ISM survey showed manufacturing was steady in February,

but a measure tracking forward-looking new orders contracted to

48.6 last month from 55.1 in January.

At 10:18 a.m. ET the Dow Jones Industrial Average

fell 31.77 points, or 0.07%, to 43,809.67, the S&P 500

lost 22.52 points, or 0.38%, to 5,931.98 and the Nasdaq

Composite lost 145.65 points, or 0.78%, to 18,700.59.

Technology led declines among the S&P 500's 11

sectors with a 1.5% drop, dragged down by a 5% fall in chip

giant Nvidia ( NVDA ).

Cyclical stocks such as industrials and energy

dipped 0.1% and 0.5%, respectively, after the data.

Recent reports of softening consumer demand have spurred

fears of a slowdown as markets prepare for higher inflation once

Donald Trump administration's tariff policies take full effect.

Wall Street's main indexes logged their first monthly

decline of 2025 in February, during which the Nasdaq also came

close to a 10% drop from its all-time high due to fears of a

rise in inflation induced by Trump's tariffs and other factors.

Trump's Tuesday deadline will end the one-month pause on 25%

tariffs he imposed on imports from Canada and Mexico.

However, Commerce Secretary Howard Lutnick's comments on

Sunday sparked expectations that the levels of the duties might

be lower than the threatened tariffs.

"Most of Wall Street still believes that the tariffs are

rhetoric rather than reality," said Sam Stovall, chief

investment strategist at CFRA Research."

"The purpose of the tariff by the administration is to make

changes with the trading partners, not to end trade with

(them)."

The Federal Reserve has left interest rates on hold since

December in anticipation of sticky inflation, but this week's

economic data, could change the institution's outlook.

Investors will also focus on other crucial data on services

activity and employment, lined up through the week.

Traders have dialed up bets on the Fed's 2025 monetary

policy easing cycle to at least two 25 basis points worth of

interest rate cuts by December, according to data compiled by

LSEG.

Trump has also threatened that an extra 10% duty on imports

from China will also take effect on Tuesday, against which a

report said Beijing is likely to retaliate with counter-measures

on agricultural imports from the U.S.

U.S-listed shares of Chinese companies fell following the

report on Beijing's expected moves, with Nio and JD.com

off about 4.7% and 2.6%, respectively.

Tesla rose 0.7% after Morgan Stanley reinstated the

stock as 'top pick' among U.S. autos.

Crypto stocks such as MicroStrategy ( MSTR ) jumped 4%,

Coinbase rose 2.5% after Trump announced a proposed

reserve of digital assets.

Chipmaker Intel rose 2% after a report that chip

designers Nvidia ( NVDA ) and Broadcom ( AVGO ) were running

manufacturing tests with the company.

Advancing issues outnumbered decliners by a 1.49-to-1 ratio

on the NYSE, and declining issues outnumbered advancers by a

1.24-to-1 ratio on the Nasdaq.

The S&P 500 posted 54 new 52-week highs and five new lows,

while the Nasdaq Composite recorded 39 new highs and 143 new

lows.

(Reporting by Johann M Cherian and Sukriti Gupta in Bengaluru;

Editing by Shinjini Ganguli)