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After starting the week on a down note, the selling is spilling into today’s session amid market jitters as the Federal Reserve kicks off its two-day bonanza on interest rates and the markets await greater clarity on trade deals. The tech-powered Nasdaq Composite is falling 1.2% this morning, while the Dow Jones Industrial Average is losing over 200 points. The broader market index, the S&P 500, is off nearly 1%. Most sectors of the economy are under pressure, including energy, with a 2% drop. Magnificent Seven stocks are mostly in the red, except for Apple (Nasdaq: AAPL) attempting to recoup recently lost ground.
Hedge fund tycoon Paul Tudor Jones told CNBC he expects the stock market to tumble to fresh lows no matter if the White House slashes tariffs on China imports from a triple-digit percentage to 50%.
After the closing bell yesterday, Ford (NYSE: F) confirmed tariff-related fears when it reported its Q1 results. The automaker warned it expects tariffs to cut into its profits by $1.5 billion in 2025 while following in the footsteps of industry peer General Motors (NYSE: GM) and withdrawing its future outlook.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: Down 283.64 (-0.69%)
Nasdaq Composite: Down 158.61 (-0.89%)
S&P 500: Down 40.18 (-0.71%)
Market Movers
Data tech firm Palantir Technologies (Nasdaq: PLTR) is losing 11% on the day. CEO Alex Karp had second thoughts about selling shares when the stock price ballooned. Separately, OpenAI has scrapped plans to become a for-profit organization. Elon Musk’s xAI has teamed up with Palantir alongside investment firm TWG to make an AI push in the financial services sector.
Lemonade (NYSE: LMND), an AI-driven life insurance provider, is up 4.2% today after beating quarterly revenue estimates despite operating at a loss.
Constellation Energy (Nasdaq: CEG) is rising 6.6% on the day, bucking the downward trend on the heels of its Q1 results.
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