Stock Market Update

[BRIEFING.COM] A promising session has devolved into a a disappointment, as the Dow, Nasdaq, and S&P 500 have all fallen into negative territory.

At their highs earlier today, the Dow, Nasdaq, and S&P 500 were up 0.6%, 1.4%, and 0.9%, respectively. The proximate causes for the reversal include:

• Failure to hold above support at the 50-day moving average (6,005)
• Disappointing price action in the mega-cap cohort, which could not sustain a rebound bid
• An Axios report that the White House is ordering agencies to get ready for a large amount of firings
• President Trump reiterating at his Cabinet meeting today that he is not dropping the tariffs on Canada and Mexico, slated to take effect March 4, and that reciprocal tariffs will start to be effective April 2.