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  3. US markets end in deep red amid Tariff uncertainty

US markets end in deep red amid Tariff uncertainty

04 Mar 2025 Evaluate

The US markets ended in red, amid some uncertainty about President Donald Trump's proposed tariffs on Mexico and Canada. Sentiments remained downward with Commerce Secretary Howard Lutnick described the proposed 25 percent tariffs on imports from Mexico and Canada as ‘fluid’ but said the additional 10 percent tariff on imports from China is ‘set’. Meanwhile, Trump later clarified that the 25 percent tariffs on imports from Mexico and Canada will take effect tomorrow and reciprocal tariffs on other U.S. trade partners will be imposed on April 2nd. Traders were also cautious over the latest U.S. economic data, including a report from the Institute for Supply Management showing its reading on U.S. manufacturing activity edged slightly lower in February but still indicated growth in the sector for the second straight month. The ISM said its manufacturing PMI slipped to 50.3 in February after rising to 50.9 in January, although a reading above 50 still indicates growth. Street had expected the index to dip to 50.5. Additionally, the report said the prices index surged to 62.4 in February from 54.9 in January, reflecting the largest month-over-month increase since January 2024.

On sectorial front, computer hardware stocks extended the sharp pullback seen over the past couple weeks, dragging the NYSE Arca Computer Hardware Index down by 4.2 percent to its lowest closing level in a month. A steep drop by the crude oil also weighed on oil producer stocks, as reflected by the 4.1 percent nosedive by the NYSE Arca Oil Index. The index ended the session at a two-month closing low. Semiconductor stocks also moved sharply lower over the course of the session, resulting in a 4.0 percent slump by the Philadelphia Semiconductor Index.

Dow Jones Industrial Average slipped 649.67 points or 1.48 percent to 43,191.24, Nasdaq decreased 497.09 points or 2.64 percent to 18,350.19 and S&P 500 was down by 104.78 points or 1.76 percent to 5,849.72.

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