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Three of the four major stock market indexes were down again today in this continued freefall on tariff fears and open discussion of a potential economic recession on the horizon. The Dow slid another -478 points for the session, -1.14%, while the Nasdaq only dipped -32 points, -0.18%, and the S&P 500 split the difference: -42 points, -0.76%. The small-cap Russell 2000 finished +0.32% in the green.
Indexes reached intraday lows upon President Trump promising to double tariffs to +50% on Canadian steel and aluminum imports after Ontario Premier Doug Ford slapped a +25% tariff on electricity imports to parts of the northern U.S. Ford has now agreed to suspend this tariff, leading to markets buoying off the deepest cuts of the day — but such is the state of the world today.
Since the “Trump bump” manifest in the stock market the day after the 2024 Presidential Election, markets are all down: the Dow -5.6%, the S&P 500 -7%, the Nasdaq -9% and the Russell 2000 -17%. Bond yields have descended, but mildly by comparison: from 4.34% on the 10-year on November 6th to 4.24% today; the 2-year was 4.22% back then, 3.95% this afternoon.
JOLTS Data Higher than Expected
Earlier today, the Job Openings and Labor Turnover Survey (JOLTS) for January showed higher-than-expected openings: 7.74 million from 7.63 million anticipated. The previous month’s tally was revised down from 7.6 million to 7.5 million in the latest print. Hires rose +9K to 5.39 million for the month; Total Separations (fires/quits) went up +170K to 5.25 million.
Job Quits jumped to their highest monthly level since July of last year: 3.27 million from 3.1 million the previous month. In terms of job openings, Retail led the way with +143K, followed by Finance & Insurance at +77K and Healthcare/Social Assistance with +58K. Professional/Business Services openings dropped precipitously, by -122K.
Stitch Fix Stock +19% on Q2 Results
Unique online personal styling service Stitch Fix (SFIX - Free Report) posted a strong fiscal Q2 of growth after today’s closing bell, with revenues of $312.1 million well ahead of the $295.2 million in the Zacks consensus. Forward revenue for Q3 is now between $311-316 million, well above the $273 million analysts had been anticipating. Gross Margins rose 110 basis points year over year to +44.5%. Shares are up +18% on the news at this hour. Check out the updated Zacks Earnings Calendar here.
Image: Bigstock
Markets Slide Again on Tariff Realities
Tuesday, March 11, 2025
Three of the four major stock market indexes were down again today in this continued freefall on tariff fears and open discussion of a potential economic recession on the horizon. The Dow slid another -478 points for the session, -1.14%, while the Nasdaq only dipped -32 points, -0.18%, and the S&P 500 split the difference: -42 points, -0.76%. The small-cap Russell 2000 finished +0.32% in the green.
Indexes reached intraday lows upon President Trump promising to double tariffs to +50% on Canadian steel and aluminum imports after Ontario Premier Doug Ford slapped a +25% tariff on electricity imports to parts of the northern U.S. Ford has now agreed to suspend this tariff, leading to markets buoying off the deepest cuts of the day — but such is the state of the world today.
Since the “Trump bump” manifest in the stock market the day after the 2024 Presidential Election, markets are all down: the Dow -5.6%, the S&P 500 -7%, the Nasdaq -9% and the Russell 2000 -17%. Bond yields have descended, but mildly by comparison: from 4.34% on the 10-year on November 6th to 4.24% today; the 2-year was 4.22% back then, 3.95% this afternoon.
JOLTS Data Higher than Expected
Earlier today, the Job Openings and Labor Turnover Survey (JOLTS) for January showed higher-than-expected openings: 7.74 million from 7.63 million anticipated. The previous month’s tally was revised down from 7.6 million to 7.5 million in the latest print. Hires rose +9K to 5.39 million for the month; Total Separations (fires/quits) went up +170K to 5.25 million.
Job Quits jumped to their highest monthly level since July of last year: 3.27 million from 3.1 million the previous month. In terms of job openings, Retail led the way with +143K, followed by Finance & Insurance at +77K and Healthcare/Social Assistance with +58K. Professional/Business Services openings dropped precipitously, by -122K.
Stitch Fix Stock +19% on Q2 Results
Unique online personal styling service Stitch Fix (SFIX - Free Report) posted a strong fiscal Q2 of growth after today’s closing bell, with revenues of $312.1 million well ahead of the $295.2 million in the Zacks consensus. Forward revenue for Q3 is now between $311-316 million, well above the $273 million analysts had been anticipating. Gross Margins rose 110 basis points year over year to +44.5%. Shares are up +18% on the news at this hour.
Check out the updated Zacks Earnings Calendar here.
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