Traders work on the New York Stock Exchange floor on March 3, 2025.
Spencer Platt | Getty Images
U.S. stock futures inched higher Monday night after the three major averages sold off sharply. Investors also awaited President Donald Trump‘s tariffs on Canada and Mexico, which he said would take effect on Tuesday.
Futures tied to the Dow Jones Industrial Average added 72 points, or nearly 0.2%. S&P 500 futures and Nasdaq 100 futures added 0.2% and 0.3%, respectively.
In the regular trading session, the broad market S&P 500 posted its biggest daily loss since December, dropping 1.76%. The blue-chip Dow fell 649.67 points, or 1.48%, while the Nasdaq Composite shed 2.64%.
After trading higher earlier in the day, the three major indexes all dropped into negative territory after President Trump confirmed Monday afternoon that the U.S.’ 25% duties on Canada and Mexico would go into effect the following day. He added that there was “no room left” for the two nations to negotiate these new import tariffs. Trump also slapped an additional 10% tariff on Chinese goods.
The information technology sector felt Monday’s losses particularly, with Nvidia dropping nearly 9% and Broadcom falling 6%. Investors flocked to defensive corners of the market, with the consumer staples sector advancing 0.6%, while health care climbed about 0.4%.
Monday’s sell-off dragged the S&P 500 into the red for 2025. Scott Ladner, chief investment officer at Horizon Investments, unfortunately does not see these losses reversing back anytime soon.
“We don’t see the market going a whole lot of anywhere really fast,” he told CNBC. “We are at a place where sentiment is really in the toilet and that makes getting reversals out of this probably a little bit of a slog.”
On the other hand, Ladner highlighted that the U.S. economy is still going strong, with companies seeing earnings growth of between 10% and 15%.
“We’re not heading into a recession. We’re not even having an earnings recession,” he added. “There’s really nothing out there right now that we can see that should really fully dent corporate earnings power. Our medium-term view is still really positive.”
On the economic front, New York Federal Reserve President John Williams is slated to speak Tuesday afternoon in New York.
Earnings season continues to wind down with results from Best Buy, AutoZone, Target and CrowdStrike on deck Tuesday.
AI cloud-based GPU provider CoreWeave files for IPO on Monday afternoon
CoreWeave, which provides cloud-based Nvidia graphics processing units to companies such as Meta and Microsoft, filed to go public on the Nasdaq on Monday afternoon.
The company chose “CRWV” as its new ticker symbol. CoreWeave quickly rose in popularity after OpenAI’s release of ChatGPT. Since then, the company has been increasing its focus on artificial intelligence and graphics rendering to meet demand.
Last year, CoreWeave generated $1.92 billion in revenue, 62% of which came from Microsoft.
CoreWeave’s initial public offering debut comes amid a broad market sell-off. On Monday, Nvidia fell nearly 9%, shedding $265 billion in market capitalization, after President Donald Trump confirmed tariffs on goods from Canada and Mexico would officially take effect on Tuesday.
— Jordan Novet, Lisa Kailai Han
Stocks making the biggest moves after the bell: GitLab, Okta and AST SpaceMobile
These are the stocks moving the most in after-hours trading:
- GitLab — The software stock popped 4% after GitLab reported it had earned an adjusted 33 cents per share in the fourth quarter, higher than the 23 cents analysts polled by LSEG had expected. GitLab’s revenue of $211 million also exceeded the forecast $206 million.
- Okta — The cloud software stock soared 15% after posting fourth-quarter results that surprised to the upside. Okta earned 78 cents per share, excluding items, on revenue of $682 million, while analysts had penciled in 74 cents per share and $670 million in revenue, according to LSEG.
- AST SpaceMobile — Shares added 2% after the satellite manufacturer reported a narrower fourth-quarter loss than expected. In its last quarter, AST lost 18 cents per share, while analysts had expected a loss of 19 cents, according to FactSet. However, the company’s $1.9 million in revenue disappointed the consensus forecast of $2.4 million.
— Lisa Kailai Han
Stock futures are higher Monday night
Stock futures traded above the flatline Monday night.
Dow futures rose close to 0.2% shortly after 6 p.m. ET, as did futures linked to the S&P 500 and Nasdaq 100.
— Lisa Kailai Han