Dow, S&P 500, Nasdaq Set to Open Down, Trump Tariffs, Recession Fears; Nvidia, Palantir, Intel, Tesla, More Movers
Stock markets keep getting the cold shoulder from the Trump administration. Futures pointed to a red opening on Monday after Treasury Secretary Scott Bessent dismissed the recent downturn.
Dow Jones Industrial Average futures were down 215 points, or 0.5%. S&P 500 futures were falling 0.6% and Nasdaq 100 futures were dropping 0.7%.
The S&P 500 index dropped 2.5% this past week, its largest four-week point decline since the Covid-19 pandemic. The Dow posted its largest two-week point and percentage drop since September 2022, according to Dow Jones Market Data.
Treasury Secretary Scott Bessent said on Sunday in an interview with NBC News that he wasn’t worried about the stock market but wouldn’t rule out the possibility that the U.S. could enter a recession.
“Markets will remain volatile at least through April 2 when additional tariffs are set to take effect. Although recent market declines have led to improved stock valuations, investors should be patient in adding to positions and be vigilant for attractive entry points,” said Richard Saperstein, chief investment officer at Treasury Partners,
This week’s economic highlights include the Federal Reserve’s interest-rate decision on Wednesday, followed by Fed Chair Jerome Powell’s first public comments since the S&P 500 entered correction territory last week and consumer sentiment dropped for the third straight month. The Fed is widely expected to hold interest rates steady.
The yield on the benchmark 10-year Treasury bond stood at 4.308%, ticking down from the previous day.
Meanwhile, the Census Bureau reports retail sales data for February on Monday, with economists expecting a 0.6% month-over-month increase, after a 0.9% decline in January. Among individual stocks, traders will be watching the start of Nvidia’s GPU Technology Conference event on Monday.
