Stock Market Update

[BRIEFING.COM] Today's trade features a strong negative bias thus far. The Dow Jones Industrial Average is more than 500 points lower, the Nasdaq Composite shows a 1.1% decline, and the S&P 500 trades 1.2%  below its prior close. 

The factors driving selling interest today are largely the same as yesterday. That is, growth concerns and tariff worries. Target's (TGT 114.66, -6.08, -5.1%) CEO mentioned that consumer behavior has been cautious for sometime and warned that price increases will be coming soon. 

China and Canada have announced retaliatory measures after the 25% tariffs on Mexico and Canada went into effect and an additional 10% tariff rate was imposed on China, bringing it to 20%. 

Canada announced 25% tariffs against $155 billion of American goods, starting with tariffs on $30 billion worth of goods immediately and the remainder in 21 days' time and China retaliated with additional tariffs up to 15% on certain U.S. products (mostly agricultural) starting March 10.

The growing uncertainty in the trade war has participants preparing for further downside risk, leading the CBOE Volatility Index to move up 1.68, or 7.4%, to 24.28.