U.S. Stocks Tumble After President Trump Confirms North American Tariffs - Minute Briefing
Trump said 25% import taxes on goods from Canada and Mexico will go into effect on Tuesday. Plus: investors turned to gold, silver and copper amid concerns about unstable markets. And Kroger stock fell after its CEO resigned amid an investigation into his personal conduct. Danny Lewis hosts.
Sign up for the WSJ's free What's News newsletter.
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Danny Lewis: Here's your closing bell brief for Monday, March 3rd. I'm Danny Lewis for the Wall Street Journal. U.S. stocks tumbled after President Trump confirmed that he would impose 25% tariffs on imports from Canada and Mexico. The Dow Jones Industrial Average fell 650 points to close at 43,191. The S&P 500 lost 105 points, and the Nasdaq gave up 497 points. The tariffs on Canada and Mexico are slated to start tomorrow. Trump dashed investors' hopes for a last-minute reprieve hours ahead of the deadline, telling reporters that there was "no room left for negotiations". Trump has said he also plans to increase import taxes on goods from China by another 10% on top of the 10% duties he imposed in February and other tariffs already in place. Meanwhile, new data released this morning showed supply costs for U.S. manufacturers jumped the last month as Trump's tariff threats raised the specter of higher inflation. The Institute for Supply Management says the Purchasing Managers' Index ticked down more than expected from 50.9 in January to 50.3, but it remained above the 50 point mark, which separates growth from contraction. And investors looking for a haven amid uncertain markets rushed to put money in metals. Gold futures rose 1.9%, silver gained 2.6% and copper added 1.4%. Also, shares of supermarket chain Kroger fell 3% after its CEO resigned following a board investigation and his personal conduct. The company said Rodney McMullen's conduct was not related to its business, but was inconsistent with its ethics policy. McMullen couldn't be reached for comment. We'll have a lot more coverage of the day's news on the WSJ's What's News Podcast? You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
37 minutes ago
- Business Insider
‘Time to Take a Pause,' Says Investor About Nvidia Stock
Nvidia (NASDAQ:NVDA) stock has roared back to life over the past two months, following a decidedly uncharacteristic drop earlier in the year. Shares have now climbed roughly 50% since hitting a post-Liberation Day low, driven by easing trade tensions, strong AI demand, and another impressive earnings report last month. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter That rebound comes despite several headwinds earlier in the year. The U.S.-China trade spat and fears of a broader pullback in AI-related capital expenditures had weighed heavily on investor sentiment. In particular, a targeted export restriction from the Trump administration on Nvidia's H20 GPUs resulted in a $4.5 billion hit during the last quarter. Still, it is hard to argue with Nvidia's stellar performance during Q1 Fiscal 2026, during which the company delivered record revenues of $44 billion, a year-over-year surge of 69%. The all-important data center segment grew at an even faster clip of 73%. While acknowledging the healthy earnings and NVDA's recovering share price, investor Johnny Zhang is not convinced that all the geopolitical hiccups are in the rearview mirror. 'I believe the 2H 2025 could bring more uncertainty, as the lagging effects of Trump's tariff policy and any setbacks on potential deals with China could create new volatility in the market,' explains the investor. Those concerns are not just theoretical. Zhang points to the unresolved H20 issue, stemming from U.S. export restrictions, as a key example. Nvidia is now expected to take an $8 billion inventory write-off as a result, and its margins are likely to decline further on a sequential basis. More broadly, the company has acknowledged it could forfeit access to a $50 billion total addressable market in China if those restrictions remain in place. Moreover, while Zhang believes that Nvidia will be able to navigate any economic slowdowns, the investor thinks there is a high possibility that the impact of the Trump tariffs will be felt during the latter part of the year. Against that backdrop, Zhang emphasizes that the recent rally in Nvidia's stock may not be sustainable without renewed visibility. He notes that further upside will hinge largely on AI spending trends in 2026, an outlook he calls 'highly uncertain.' In short, while Nvidia's fundamentals remain strong, its near-term growth path is anything but guaranteed. 'Chasing the stock's rally from here seems less compelling to me,' concludes Zhang, who gives NVDA a Hold (i.e. Neutral) rating. (To watch Zhang's track record, click here) Wall Street has a decidedly rosier view of NVDA. With 35 Buy, 4 Hold, and 1 Sell recommendations, NVDA continues to enjoy a Strong Buy consensus rating. Its 12-month average price target of $172.36 implies an upside north of 20%. (See )
CNBC
40 minutes ago
- CNBC
CNBC Daily Open: 'Good reports' from U.S.-China talks could push S&P 500 to new high, analysts say
Trade negotiators from the U.S. and China have met in London, and talks are expected to continue Tuesday, a source familiar with the situation told CNBC's Megan Casella. It seems that coaxing China to relax its rare earths export curbs is at the top of America's agenda, according to a CNBC interview with U.S. National Economic Council Director Kevin Hassett. If China's actions late last week — when it seemingly gave Western automakers concessions regarding those minerals — are any indication, Beijing could be willing to accede to the request. The world's second-biggest economy would demand reciprocity. On June 2, Beijing bristled at Washington's tighter grip on exports of chip design software to China. It's a good thing, then, that Washington also appears to be in a conciliatory mood. "Our expectation is that … immediately after the handshake, any export controls from the U.S. will be eased," Hassett said on CNBC's "Squawk Box." Indeed, Trump has reportedly authorized Treasury Secretary Scott Bessent's team to lift those curbs, according to The Wall Street Journal, and has described receiving "good reports" from the U.S. contingent. If the U.S.-China talks go well, there's a chance the S&P 500, only around 2% off its February high as of Tuesday morning Singapore time, could reach a new peak, noted the JPMorgan trading desk. That'd be something to cheer, of course. But it's slightly disappointing that the S&P could have continued scaling heights from February, or at least broken its closing high much earlier in the year, if not for truculent trade policy from the White House — which, as is evident from the meeting between U.S. and China, governments are still trying to undo. U.S.-China talks set to go into Day 2U.S. President Donald Trump's top trade officials met Chinese counterparts in London on Monday for talks aimed at resolving their trade dispute — particularly with regard to mineral exports. Discussions are set to continue Tuesday. Late last week, in an apparent olive branch, China seemed to offer U.S. and European auto giants something of a reprieve regarding its exports of rare earth elements. Markets inch up globallyU.S. stocks edged up Monday. The S&P 500 added 0.09%, the Dow Jones Industrial Average was mostly flat, and the Nasdaq Composite rose 0.31%. Asia-Pacific markets rose Tuesday. South Korea's Kospi index was up 0.38% at 1:30 p.m. Singapore time. Analysts from Macquarie Group say they think the country's stock market will rally and enter a bull market on the back of "expansionary fiscal policy" from the new government. A new 'Liquid Glass' look for Apple's iOSApple held its annual Worldwide Developers Conference keynote on Monday. At the event, the company announced a redesign to its iOS system called "Liquid Glass," a virtual glass look that was inspired by the Vision Pro and the most significant redesign of its operating system since 2013. Investors were underwhelmed by the announcements — which lacked developments on the AI front — and sent shares down 1.2%. UK in a 'Goldilocks' moment: Nvidia CEO "The U.K. is in a Goldilocks circumstance," Nvidia CEO Jensen Huang said Monday on a panel with British Prime Minister Keir Starmer and Investment Minister Poppy Gustafsson. "You can't do machine learning without a machine — and so the ability to build these AI supercomputers here in the U.K. will naturally attract more startups," Huang said, though he added that the country lacks homegrown AI infrastructure. [PRO] New record for S&P soon?The S&P 500 ticked higher on Monday and continues to chip away at the gap to a new record high. The broad-based index is just 2% below its record close set in February. Several events in the days ahead could prove to be the catalyst that vaults it over the top, according to the JPMorgan trading desk. China's homegrown coffee giants are brewing up a U.S. expansion Chinese beverage chains are redefining coffee culture in the country — and now they're trying to win over customers in the U.S. and beyond. Luckin Coffee, China's largest coffee chain, has expanded aggressively in China and overtaken Starbucks on the mainland, with more than twice as many outlets. After venturing into Singapore, Hong Kong and Malaysia, Luckin is set to take its biggest leap yet with plans to open a branch in lower Manhattan. "New York is probably culturally the best testing ground for an international brand to expand into, especially a Chinese one," said Bernstein senior analyst Danilo Gargiulo, citing the city's diversity and large base of young consumers. "But it's also the most saturated, one of the most competitive markets."
Yahoo
2 hours ago
- Yahoo
Wise Full Year 2025 Earnings: EPS Beats Expectations
Revenue: UK£1.65b (up 17% from FY 2024). Net income: UK£416.7m (up 18% from FY 2024). Profit margin: 25% (in line with FY 2024). EPS: UK£0.40 (up from UK£0.34 in FY 2024). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% decline forecast for the Diversified Financial industry in the United Kingdom. Performance of the British Diversified Financial industry. The company's shares are up 2.1% from a week ago. While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Wise's balance sheet and an in-depth analysis of the company's financial position. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
