Stock Market Update

[BRIEFING.COM] The stock market is struggling under selling pressure, again. The narrative is similar to yesterday with focus on tariffs and growth concerns at the center.

25% tariffs for Canada and Mexico go into effect today and tariffs on China increased by 10% to 20%. There's increased uncertainty around the trade war after the countries announced retaliatory actions. 

Growth concerns remain in play after Target (TGT 115.68, -5.07, -4.2%) and Best Buy (BBY 75.36, -11.38, -13.1%) warned of increased prices, which may impact demand, and Target's CEO said that the consumer has been cautious for sometime.

Many stocks are subject to selling interest. The S&P 500 (-1.0%) and Dow Jones Industrial Average (-1.4%) trade just off session lows while the Nasdaq Composite moved off its worst level of the day thanks to turnaround action in a few mega caps. 

NVIDIA (NVDA 115.88, +1.81, +1.6%) is a standout in that respect after trading down as much as 3.4% at its low. Other mega caps remain under pressure as momentum trades continue to unwind, accelerated by some technical factors. 

Today's movement has Tesla (TSLA 270.93, -13.82, -4.8%) trading below its 200-day moving average (279) and Meta Platforms (META 630.51, -24.54, -3.8%) trading below its 50-day moving average (651).

All 11 S&P 500 sectors are lower and four sectors trade more than 1.0% below prior closing levels. The equal-weighted S&P 500 shows a 1.3% decline.

There was no US economic data of note today.