Stock Market Update

[BRIEFING.COM] The stock market had a mixed showing. Early weakness invited a buy-the-dip response, especially in the mega cap space, which was not maintained into the close. The major indices ultimately settled near their lows of the day.

The S&P 500 was 0.5% lower and the Nasdaq Composite declined 1.2% while the Dow Jones Industrial Average settled 0.1% higher after trading up as much as 0.6%.

Selling pressure increased after President Trump said at press conference that tariffs on Mexico and Canada are going forward on schedule after the one-month delay. This acknowledgement, along with outsized declines in names like NVIDIA (NVDA 130.28, -4.15, -3.1%), which reports earnings Wednesday afternoon, Microsoft (MSFT 404.00, -4.21, -1.0%), and Amazon (AMZN 212.71, -3.87, -1.8%) drove the afternoon retreat. 

Apple (AAPL 247.10, +1.55, +0.6%), meanwhile, was a winning standout today after revealing plans to invest over $500 billion domestically over the next four years. There was also speculation that the commitment could result in a tariff exemption for the company.

The losses in NVDA and MSFT offset the positive price action in APPL, leading the S&P 500 technology sector to close 1.4% lower. Losses in other mega caps led the consumer discretionary (-0.9%) and communication services (-0.6%) sectors to close lower. 

Treasuries settled with gains in a continuation of safe-haven trading that began last week. The 10-yr yield dropped three basis points to 4.39% and the 2-yr yield dropped two basis points to 4.17%.

There was no US economic data of note today, but this week's lineup includes potentially market-moving releases like the Fed's preferred inflation gauge in the form of PCE Price Indexes on Friday. 

Looking ahead, market participants receive the following economic data on Tuesday:

• 9:00 ET: December FHFA Housing Price Index (prior 0.3%) and December S&P Case-Shiller Home Price Index (Briefing.com consensus 4.4%; prior 4.3%)
• 10:00 ET: February Consumer Confidence (Briefing.com consensus 103.1; prior 104.1)