On March 3, 2025, traders were busy on the New York Stock Exchange floor as stock futures slightly rose after a day of sharp declines in the major U.S. indexes. Investors were keenly watching new tariffs from President Trump that will impact Canada and Mexico.
Futures for the Dow Jones Industrial Average increased by 72 points, about 0.2%. The S&P 500 and Nasdaq 100 futures also showed gains of 0.2% and 0.3%, respectively.
Earlier, the market faced a tough day. The S&P 500 had its largest loss since December, dropping 1.76%. The Dow fell by 649.67 points, a decrease of 1.48%, and the Nasdaq Composite dipped 2.64%. These losses came after President Trump confirmed that the U.S. would implement a 25% tariff on imports from Canada and Mexico, stating there was “no room left” for negotiations. He also announced a new 10% tariff on certain Chinese goods.
The tech sector was hit hardest. Nvidia’s stock dropped nearly 9%, while Broadcom fell 6%. In contrast, defensive sectors like consumer staples and healthcare saw slight gains, advancing by 0.6% and 0.4%, respectively.
This decline pushed the S&P 500 down for the year, with market sentiment looking weak. Scott Ladner, chief investment officer at Horizon Investments, noted that the market might struggle to recover quickly. He stated, “We don’t see the market going a whole lot of anywhere really fast.” However, he also pointed out that the U.S. economy remains strong, with companies reporting earnings growth between 10% and 15%. “We’re not heading into a recession,” he added.
On the economic side, New York Federal Reserve President John Williams is scheduled to speak on Tuesday, which could provide further insights into the economy. Earnings reports are also winding down, with results expected from companies like Best Buy, AutoZone, Target, and CrowdStrike on Tuesday.
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