Stock Market Update

[BRIEFING.COM] The stock market has exhibited mixed action at the index level thus far. The major indices all moved lower right out of the gate before bouncing off session lows. The Dow Jones Industrial Average trades more than 100 points higher now, and the S&P 500 () and the Nasdaq Composite (-1.1%) have narrowed their opening losses.

The opening move lower followed some headlines over the weekend that added more uncertainty and angst around Wednesday's implementation of reciprocal tariffs. Reports indicated that the Trump administration is considering broader tariffs on April 2, including a 20% universal tariff on all imports from all countries.

This sent Treasury yields lower in a safe-haven bid, which has dissipated somewhat as the session progressed. The 10-yr yield is down one basis point to 4.24% after reaching 4.19% earlier. 

The turnaround in Treasuries coincided with equities moving off opening lows. Still, sharp declines in some heavily-weighted names like NVIDIA (NVDA 105.80, -3.87, -3.6%), Microsoft (MSFT 370.34, -8.46, -2.2%), and Amazon.com (AMZN 188.77, -4.00, -2.1%) have kept the S&P 500 and the Nasdaq Composite below their prior closing levels as the DJIA turned positive. 

Losses in the aforementioned names have contributed to the losses in their respective S&P 500 sectors. The technology (-1.5%) and consumer discretionary (-1.1%) sectors are the worst performers by a decent margin. 

Meanwhile, some defensive-oriented sectors have outperformed through the entire session. The consumer staples (+1.1%) sector is a standout in that respect. 

Reviewing today's economic data:

• March Chicago PMI 47.6 vs. 45.3 Briefing.com consensus; prior revised to 45.0 from 45.5