US close: Mass sell-off sends S&P 500, Nasdaq to six-month lows
By Benjamin Chiou
Date: Monday 10 Mar 2025
(Sharecast News) - US stocks tumbled on Monday with the banking and tech sectors bearing the brunt of a mass sell-off on the back of fears about the economic outlook after Donald Trump refused to rule out a recession this year.
The Dow dropped 2.1% to finish at 41,911.71; the S&P 500 sank 2.7% to 5,614.56; while the Nasdaq plummeted 4% to 17,468.32 in its worst daily performance since 2022. This was the S&P 500's and Nasdaq's lowest finishes since mid-September.
"The US market sell-off is starting to look ugly," said Dan Coatsworth, investment analyst at AJ Bell, citing investor concerns about a trade war, geopolitics and the uncertain economic outlook.
Stocks dropped from the jump after Donald Trump avoided answering a question about the possibility of a recession due to newly implemented White House tariffs. "I hate to predict things like that. There is a period of transition because what we're doing is very big," he said in an interview with Fox News on Sunday.
Markets were volatile last week after Trump suspended newly imposed tariffs on Mexico and Canada, adding uncertainty to trade policies worldwide. Meanwhile economists have also voiced concerns that increased deportations, government layoffs and rising inflationary pressures could weaken the labour market in the coming months.
Over the past month alone, the Dow, S&P 500 and Nasdaq have fallen 5.8%, 7.5% and 11.4%, respectively.
"Four months ago, Donald Trump was seen as the market's saviour, promising lower taxes and less stringent regulation. Now his actions represent the harbinger of doom. The R word is back on everyone's lips as people ponder if trade tariffs will backfire and lead to recession rather than US economic prosperity," Coatsworth said.
While the macro docket was empty on Monday, market participants were looking ahead to February's consumer price index report on Wednesday and the producer price index on Thursday.
Market movers
Economic bellwethers in the banking sector were among the day's worst performers, with JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Morgan Stanley and Goldman Sachs all under pressure.
Tech stocks on the whole were out of favour, with chip giant Nvidia among the heaviest fallers as it continues its recent downward trend. The stock has now fallen by around a fifth over the past month alone.
Heavyweights Apple, Amazon, Microsoft, Broadcom and Intel were also registering steep losses. Other high-growth tech stocks that helped equity markets to their recent records were also suffering, such as MicroStrategy and Palantir.
Electric car maker Tesla was also falling sharply, dropping nearly 16% as the company continues to feel the heat from an ongoing backlash against controversial founder Elon Musk, along with renewed concerns about a slowdown in the EV sector. The stock has now erased all of its gains made since Trump entered the White House, having now plunged more than 50% since hitting a record high in December.
DoorDash finished in the red but outperformed wider markets after it was reported that the takeout logistics provider would join the S&P 500 in a couple of weeks' time. In contrast, crypto exchange Coinbase was left out of the inclusion, with the stock falling nearly 18% as sentiment was hammered by a big drop in the price of bitcoin.
Dow Jones - Risers
Verizon Communications Inc. (VZ) $46.49 0.93%
3M Co. (MMM) $148.02 0.90%
Chevron Corp. (CVX) $157.57 0.79%
Amgen Inc. (AMGN) $327.36 0.77%
Merck & Co. Inc. (MRK) $95.23 0.61%
Johnson & Johnson (JNJ) $167.66 0.61%
Procter & Gamble Co. (PG) $176.26 0.18%
Coca-Cola Co. (KO) $71.45 0.03%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $531.66 -5.00%
Apple Inc. (AAPL) $227.48 -4.85%
American Express Co. (AXP) $261.32 -4.35%
Walmart Inc. (WMT) $87.82 -4.25%
JP Morgan Chase & Co. (JPM) $232.22 -4.15%
Boeing Co. (BA) $148.15 -3.91%
Salesforce.Com Inc. (CRM) $272.90 -3.53%
Intel Corp. (INTC) $19.93 -3.44%
Microsoft Corp. (MSFT) $380.16 -3.34%
Cisco Systems Inc. (CSCO) $62.06 -2.94%
S&P 500 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $744.83 5.27%
AES Corp. (AES) $11.78 4.71%
NextEra Energy Inc. (NEE) $76.16 4.57%
Harley-Davidson Inc. (HOG) $27.14 4.02%
Advance Auto Parts (AAP) $36.58 3.42%
DaVita Inc (DVA) $151.90 3.32%
Bristol-Myers Squibb (BMY) $63.11 3.31%
CME Group Inc. (CME) $262.28 3.03%
Consolidated Edison Inc. (ED) $106.66 2.91%
Coty Inc. Class A (COTY) $6.03 2.91%
S&P 500 - Fallers
Microchip Technology Inc. (MCHP) $53.45 -10.57%
VF Corp. (VFC) $17.45 -9.04%
Alaska Air Group Inc. (ALK) $55.34 -8.53%
Foot Locker Inc. (FL) $16.93 -7.98%
Carnival Corp. (CCL) $19.08 -7.56%
CenturyLink Inc. (LUMN) $4.97 -6.98%
Arista Networks Inc. (ANET) $77.56 -6.96%
Brighthouse Financial, Inc. (BHF) $50.48 -6.88%
Intuitive Surgical Inc. (ISRG) $482.61 -6.88%
Bath & Body Works, Inc. (BBWI) $30.44 -6.62%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $744.83 5.27%
Vertex Pharmaceuticals Inc. (VRTX) $500.01 2.40%
O'Reilly Automotive Inc. (ORLY) $1,346.58 2.09%
Hologic Inc. (HOLX) $65.62 1.67%
Idexx Laboratories Inc. (IDXX) $436.48 1.48%
Monster Beverage Corp (MNST) $55.77 1.27%
Henry Schein Inc. (HSIC) $75.45 1.15%
Cognizant Technology Solutions Corp. (CTSH) $84.00 0.93%
Amgen Inc. (AMGN) $327.36 0.77%
Paychex Inc. (PAYX) $154.52 0.68%
Nasdaq 100 - Fallers
Tesla Inc (TSLA) $222.15 -15.43%
Qvc Group Inc Series A (QVCGA) $0.25 -11.10%
Microchip Technology Inc. (MCHP) $53.45 -10.57%
Intuitive Surgical Inc. (ISRG) $482.61 -6.88%
Asml Holdings N.V. (ASML) $683.11 -6.71%
Lam Research Corp. (LRCX) $73.81 -6.58%
Micron Technology Inc. (MU) $87.08 -6.33%
Align Technology Inc. (ALGN) $163.39 -5.96%
Broadcom Inc. (AVGO) $184.45 -5.39%
Nvidia Corp. (NVDA) $106.98 -5.07%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN