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Stock market today: Dow sinks 900 points, Nasdaq plunges 4% in worst day since 2022
Rian Howlett and Ines Ferré
Updated 1 min read
In This Article:
US stocks plunged on Monday as investors processed growing concerns about the health of the US economy after President Trump and his top economic officials acknowledged the possibility of a potential rough patch.
The Dow Jones Industrial Average (^DJI) fell nearly 900 points, or over 2%, while the benchmark S&P 500 (^GSPC) dropped around 2.7% after the index posted its worst week since September.
The tech-heavy Nasdaq Composite (^IXIC) fell 4% in its worst day since 2022, as the "Magnificent Seven" stocks led the sell-off. Tesla's (TSLA) rout continued, plunging 15% and officially wiping out the gains it had made in the wake of Trump's election win. Nvidia (NVDA), Apple (AAPL), Google parent Alphabet (GOOG), and Meta (META) all each lost more than 4%.
All three major indexes built on losses of more than 2% last week as the Nasdaq plummeted deeper into correction territory.
DJI - Delayed Quote • USD
41,953.32
-
(-0.03%)
At close: March 20 at 5:04:57 PM EDT
^DJI ^IXIC ^GSPC
March's market struggles continue to be fueled by worries over the health of the US economy. Those concerns have become wrapped up in Trump's ongoing trade salvo, as tariff negotiations between the US, Mexico, and Canada dominate the headlines. In a Sunday interview on Fox News, Trump addressed concerns about a potential recession, describing the economy as undergoing “a period of transition.”
Read more: The latest on Trump's tariff plans
The political uncertainty is expected to persist into this week, with key economic data adding to the mix of potential market-moving factors. Updates on the inflationary picture will be in focus, with the February Consumer Price Index scheduled for release on Wednesday and the Producer Price Index set to follow on Thursday.
LIVE COVERAGE IS OVER 20 updates
Ines Ferré
Nasdaq drops 4%, Dow drops more than 800 points
The Nasdaq (^IXIC) dropped 4% on Monday as investors headed for the exits over fears of a US slowdown.
The Dow Jones Industrial Average (^DJI) fell more than 880 points after dropping as much as 1,100 during the session. The S&P 500 (^GSPC) fell nearly 2.7% following the index's worst week since September.
Tesla's (TSLA) rout persisted, tumbling 15% and officially wiping out the gains it had made in the wake of Trump's election win.
AI chip giant Nvidia (NVDA), iPhone maker Apple (AAPL), Google parent company Alphabet (GOOG), and social media giant Meta (META) all declined as much as 5% before closing off the session lows.
Ines Ferré
Trump is fulfilling his crypto promises. It’s no longer enough for investors
Yahoo Finance's David Hollerith reports:
Read more here.
Ines Ferré
Nasdaq tumbles 4.9% as market sell-off intensifies
The tech-heavy Nasdaq Composite (^IXIC) tumbled almost 5% in the last hour of trading on Monday while the S&P 500 (^GSPC) plummeted 3%, on pace for its worst day since September 2022.
Tech led the sell-off as worries over a slowdown in the US economy mount.
All of the 'Magnificent Sevem' growth stocks dropped to session lows in afternoon trading.
Stock market sell-off: Why these stocks are in the green amid the pain
Yahoo Finance's Brian Sozzi reports:
Read more here.
Ines Ferré
Tech losses steepen, Tesla falls 13%
Tech stocks accelerated their losses on Monday afternoon with the S&P 500 Tech sector (XLK) falling more than 4%.
The "Magnificent Seven" stocks led the declines, with shares of EV maker Tesla (TSLA) falling more than 13% in afternoon trading.
Investors sought refuge in Utilities (XLU), Energy (XLE), and Consumer Staples (XLP).
Ines Ferré
Nasdaq tumbles 4% as market sell-off accelerates
Stocks touched session lows on Monday afternoon as the sell-off on Wall Street intensified.
The tech-heavy Nasdaq Composite (^IXIC) tumbled as much as 4% while the S&P 500 (^GSPC) plummeted 2.5%.he Dow Jones Industrial Average (^DJI) sank 1.5%.
Tesla stock (TSLA) tumbled nearly 14% while AI chip giant Nvidia (NVDA) also declined 5%. Meanwhile, Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta (META) dropped.
Ines Ferré
Bitcoin hovers below $80,000 as market risk-off sentiment intensifies
Bitcoin (BTC-USD) prices hovered below $80,000 per token on Monday as a broader market sell-off intensified on Wall Street, overshadowing last week's positive developments for the industry.
The world's largest cryptocurrency failed to hold a meaningful leg higher after a strategic reserve announcement, followed by Friday's White House crypto summit.
Bitcoin is down more than 4% over the past 24 hours as investors became risk-off over concerns of an economic slowdown.
Josh Schafer
Goldman Sachs slashes US economic forecasts as tariff impacts grow 'considerably more adverse'
Economists are growing more concerned about the path forward for the US economy as President Trump's tariff policies become reality.
In a research note on Monday, Goldman Sachs chief economist Jan Hatzius slashed his team's 2025 GDP forecast to 1.7% from 2.4% while boosting their projection for the Fed's preferred inflation gauge to end the year at 3%, up from a prior call in the mid 2% range. Hatzius noted these updates mark the first time in about two and a half years that his team has projected GDP growth below Bloomberg consensus data (which currently calls for above 2% growth).
"The reason for the downgrade is that our trade policy assumptions have become considerably more adverse," Hatzius wrote.
Hatzius's team now sees the average US tariff rate rising by 10 percentage points this year, twice their previous forecast and five times the level seen during Trump's first administration. Tariffs weigh on the overall economic outlook through several levers, Hatzius said.
First, the new duties are expected to push up consumer prices and, therefore, cut real income for consumers. Second, they usually come alongside tighter financial conditions. And third, the uncertainty surrounding the tariff implementation will likely prompt businesses to "delay investment."
Hatzius believes the combination of slower growth and sticky inflation can still leave room for the Federal Reserve to cut twice this year in June and December. But for now, Trump's policy uncertainty likely keeps the central bank holding rates steady.
"Our near-term view is that the FOMC [Federal Open Market Committee] will want to stay on the sidelines and make as little news as possible until the policy outlook has become clearer," Hatzius said.
Ines Ferré
The odds of a government shutdown this weekend could be 1 in 3. Even Trump says 'you never know.'
Yahoo Finance's Ben Werschkul reports:
Read more here.
Ines Ferré
Tesla stock tanks 9% to lowest level since Nov. 4
Tesla stock (TSLA) tumbled more than 9% on Monday to its lowest level since the day before the presidential election as tech stocks led a market-wide sell-off.
The EV giant hovered near $237 per share, erasing all of its post-election gains.
The "Magnificent Seven" stocks led a broader market sell-off on Monday as the Nasdaq Composite (^IXIC) fell roughly 3% by mid-morning
AI chip giant Nvidia (NVDA) declined, along with Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta (META).
Ines Ferré
CEO of Rubbermaid, Sharpie maker: Trump tariffs are creating a lot more uncertainty Inbox
Yahoo Finance's Brian Sozzi reports:
Read more here.
Dani Romero
Redfin stock spikes after Rocket announces $1.75 billion deal to buy the company
Mortgage giant Rocket Companies (RKT) announced Monday it struck a deal to purchase digital real estate brokerage Redfin (RDFN) in an all-stock deal valued at $1.75 billion.
Redfin stock rose as much as 76% on the news. Rocket stock fell as much as 10%.
According to a statement announcing the deal, Redfin shareholders will receive just less than 0.8 shares of Rocket stock for each share of Redfin owned. Current Rocket shareholders will own about 95% of the combined company.
Rocket shareholders will receive a special cash dividend of $0.80 per share. The deal values Redfin at $12.50 per share.
The companies said the combined company should be able to cut about $140 million of operations and other costs by 2027 and realize an additional $60 million in savings from pairing Redfin agents with Rocket's financing infrastructure.
The deal was approved by the boards of both companies and is expected to close in the second or third quarter of 2025.
Upon the agreement, Redfin CEO Glenn Kelman will continue to run Redfin’s business, reporting to Rocket Companies’ CEO Varun Krishna.
Ines Ferré
Stocks open lower after notching their worst week since September
Selling on Wall Street resumed on Monday following the worst week for the S&P 500 since September as Wall Street continues to price in a potential economic impact from the Trump administration's evolving tariff policy.
The "Magnificent Seven" stocks led the sell-off as the Nasdaq Composite (^IXIC) fell roughly 2% after slipping into correction territory last Thursday. The S&P 500 (^GSPC) tumbled 1.5% while the Dow Jones Industrial Average (^DJI) also sank nearly 1%.
Shares of Nvidia (NVDA), Tesla (TSLA), Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta (META) were all down more than 2% in early trading.
Meanwhile, Morgan Stanley’s Michael Wilson joined the group of strategists sounding the economic risk alarm over President Trump's tariff policies.
Wilson forecast the S&P 500 could drop as much as 5% in the first half of the year due to the impact of levies and less fiscal spending.
Grace O'Donnell
Stock futures down across the board as recession fears brew
US stock futures accelerated losses 30 minutes before the opening bell as economic concerns mounted ahead of Wednesday's inflation report.
Dow Jones Industrial Average futures (YM=F) fell 1.1%, while futures attached to the benchmark S&P 500 (ES=F) dropped 1.4%. Futures tied to the Nasdaq (NQ=F) plummeted 1.6%.
Stocks continued a rough start to March after the Nasdaq Composite entered correction territory last week while the S&P 500 logged its worst week since September.
CBOT - Delayed Quote • USD
41,900.00
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(-0.15%)
As of 1:39:20 AM EDT. Market Open.
YM=F ES=F NQ=F
Advanced ChartCrypto also saw losses in premarket trading, as President Trump's crypto reserve announcement last week did little to ease sentiment. Bitcoin dropped nearly 2% to trade around the $83,000 level.
Shares of Tesla (TSLA) also dropped 3.8% and Nvidia (NVDA) lost 2.7%, weighing on markets. Reddit (RDDT) stock extended heavy losses, down about 4.7%.
Grace O'Donnell
Ford to inject up to $4.8 billion into cash-strapped German business
Ford stock (F) fell over 1% in premarket trading after the automaker announced a 4.4 billion euro ($4.76 billion) investment into its struggling German business.
Reuters reports:
Read more here.
Grace O'Donnell
Treasurys gain as Trump transition talk fuels recession angst
From Bloomberg:
Read more here.
Jenny McCall
Morgan Stanley: S&P 500 at risk of 5% drop due to growth concerns
US stocks could fall an additional 5%, driven by concerns over tariffs impacting corporate earnings and reduced fiscal spending, warns Morgan Stanley’s Michael Wilson.
SNP - Delayed Quote • USD
5,662.89
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(-0.22%)
At close: March 20 at 5:04:57 PM EDT
Advanced ChartBloomberg news reports:
Read more here.
Jenny McCall
Good morning. Here's what's happening today.
Economic data: New York Fed one-year inflation expectations (February)
Earnings: Asana (ASAN), Oracle (ORCL), Vail Resorts (MTN)
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Inflation takes center stage amid tariff fears
The new Trump era brings legal chaos for Capital One
Mark Carney wins Canada Liberal contest, will succeed Trudeau
'Chaos creates opportunities': Wall Street sees dip as buying chance
Tesla's stock soared for years. Has Musk's EV bubble burst?
Mark Carney: Canada's tariffs to stay until US shows 'respect'
Rian Howlett
Gold stays strong after weekly gain
Gold (GC=F) remained strong following a week of gains as market jitters caused by global economic uncertainty led to haven demand.
Bloomberg reports:
Read more here.
Rian Howlett
Oil prices drop as China data sours global outlook on risk
Oil prices dropped as disappointing economic data from China highlighted a bleak demand outlook, while broader markets reflected a reticence to take on risk.
Bloomberg reports:
Read more here.
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