Stocks Sink as Tariff Back-and-Forth Roils Trading: Markets Wrap

(Bloomberg) — Wall Street traders continued to navigate intense, quick and sharp market swings amid a slew of tariff headlines, with stocks extending losses after almost wiping out their selloff.

Equities got hit across the board, following a brief respite that was triggered by President Donald Trump’s confirmation that he’ll exempt Mexico from new 25% tariffs on any goods and services that fall under the North American trade agreement known as USMCA. The dollar traded near session lows, while the peso rose. Treasury trading was fairly muted — in contrast to the extended plunge in Europe.

“Going forward, volatility seems like the only certainty as policies are implemented, challenged, modified, then often re-implemented,” said Chris Low at FHN Financial.

A selloff in technology shares dragged down the market, with Nvidia Corp. leading a rout in megacaps. Marvell Technology Inc. plunged as its outlook disappointed investors looking for a bigger payoff from the artificial-intelligence boom. Traders will get another pulse-check from the AI front with Broadcom Inc.’s results after the closing bell.

Just 24 hours ahead of the all-important US payrolls report, data showed jobless claims fell last week, offering some relief after other figures pointed to a worsening labor-market. The employment print is expected to show a pick in job growth. Data for the report was collected prior to many of the federal cuts.

“On any other day, today’s modest jobless claims number may have offset some of the concerns raised by yesterday’s weak ADP report,” said Chris Larkin at E*Trade from Morgan Stanley. “But right now, trade policy is dominating market action. Until the tariff smoke clears, it could continue to be a bumpy ride for traders and investors.”

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The S&P 500 fell 1.5%. The Nasdaq 100 fell 2.2%. The Dow Jones Industrial Average fell 0.9%.

The yield on 10-year Treasuries advanced three basis points to 4.31%. The Bloomberg Dollar Spot Index fell 0.2%.

Key events this week:

• Eurozone GDP, Friday
• US jobs report, Friday
• Fed Chair Jerome Powell gives keynote speech at an event in New York hosted by University of Chicago Booth School of Business, Friday
• Fed’s John Williams, Michelle Bowman and Adriana Kugler speak, Friday

Some of the main moves in markets:

Stocks

• The S&P 500 fell 1.5% as of 12:21 p.m. New York time
• The Nasdaq 100 fell 2.2%
• The Dow Jones Industrial Average fell 0.9%
• The MSCI World Index fell 1%
• Bloomberg Magnificent 7 Total Return Index fell 2.4%
• The Russell 2000 Index fell 1.4%

Currencies

• The Bloomberg Dollar Spot Index fell 0.2%
• The euro rose 0.1% to $1.0803
• The British pound was little changed at $1.2888
• The Japanese yen rose 0.6% to 147.99 per dollar

Cryptocurrencies

• Bitcoin fell 1.8% to $88,744.7
• Ether fell 0.8% to $2,218.05

Bonds

• The yield on 10-year Treasuries advanced three basis points to 4.31%
• Germany’s 10-year yield advanced four basis points to 2.83%
• Britain’s 10-year yield declined two basis points to 4.66%

Commodities

• West Texas Intermediate crude fell 0.7% to $65.86 a barrel
• Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Isabelle Lee, Margaryta Kirakosian, Julien Ponthus, Sujata Rao and Divya Patil.

©2025 Bloomberg L.P.