MRK Merck and Co Inc

Stocks moved sharply lower early in the session on Monday but regained ground over the course of the trading day. The major averages climbed well off their worst levels, with the Dow briefly reaching positive territory, but ended the day in the red.

After plunging by as much as 2.5 percent in early trading, the tech-heavy Nasdaq finished the session down 235.49 points or 1.2 percent at 19,391.96. The S&P 500 (SPI:SP500) also slid 45.96 points or 0.8 percent to 5,994.57, while the Dow fell 122.75 points or 0.3 percent to 44,421.91.

The recovery attempt by stocks came after President Donald Trump confirmed he has reached an agreement with Mexican President Claudia Sheinbaum to pause recently implemented tariffs on Mexico for one month.

The tariff pause comes after Sheinbaum said Mexico will immediately reinforce its northern border with 10,000 members of its National Guard to prevent drug trafficking from Mexico to the United States, particularly fentanyl.

Stocks moved sharply lower in early trading amid concerns about a global trade war after Trump officially imposed a 25 percent tariff on imports from Canada and Mexico and a 10 percent tariff on imports from China.

A statement from the White House said Trump is taking “bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.”

Trump also threatened possible tariffs against the United Kingdom and the European Union, marking a significant escalation.

Canada and Mexico ordered retaliatory tariffs on American goods, while China vowed countermeasures. The EU also warned of firm retaliation if targeted.

Investors fear that a trade war could hit the earnings of major companies and dent global growth. The tariffs could also lead to renewed inflation fears, leading the Federal Reserve to keep interest rates on hold for longer.

Computer hardware stocks regained ground after an early sell-off but still ended the day significantly lower, dragging the NYSE Arca Computer Hardware Index down by 2.6 percent.

Considerable weakness also remained visible among housing stocks, as reflected by the 2.4 percent slump by the Philadelphia Housing Sector Index.

Airline, semiconductor and banking stocks also saw notable weakness, while gold stocks moved higher along with the price of the precious metal.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan’s Nikkei 225 Index plunged by 2.7 percent, while Australia’s S&P/ASX 200 Index tumbled by 1.8 percent.

The major European markets also showed notable moves to the downside. While the German DAX Index tumbled by 1.4 percent, the French CAC 40 Index slumped by 1.2 percent and the U.K.’s FTSE 100 Index slid by 1.0 percent.

In the bond market, treasuries gave back ground after an early advance but remained in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.6 basis points to 4.543 percent.

Trading on Tuesday may be impacted by reaction to the latest U.S. economic data, including reports on job openings and factory orders.

On the earnings front, Merck (NYSE:MRK), PayPal (NASDAQ:PYPL), PepsiCo (NYSE:PEP), Pfizer (PFE) and Spotify (SPOT) are among the companies due to report their quarterly results before the start of trading on Tuesday.

SOURCE: RTTNEWS

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