Stock Market Update

[BRIEFING.COM] The major equity indices trade below prior closing levels. Like yesterday, mega cap and chipmakers losses are a limiting factor and the broader equity market has held up okay.

Participants are digesting a slate of tariff-related headlines, along with some economic releases. President Trump announced that there will be a 25% tariff on all imported passenger vehicles starting April 3 and select auto parts starting May 3. 

Weekly jobless claims remain below recession-like levels and there was a nice expansion in activity during the fourth quarter that was underpinned by consumer spending

Pending home sales rose 2.0% in February (Briefing.com consensus 2.9%).