Tesla Rebounds While Tariffs Weigh On Manufacturing: What's Driving Markets Monday?

Stocks fell broadly on Monday to start the month of March with all three major indices red in midday trading. Investors digested a decline in February's ISM Manufacturing PMI data which fell to 50.3%, down from 50.9% in January. 

Overall demand weakened in February, new orders and employment contracted and production growth decelerated sharply. The impact of new tariffs drove prices higher at the fastest pace since June 2022,  according to Trading Economics. Additional tariffs are set to go into effect on Tuesday, dampening investor sentiment. 

Read Next: Pending Home Sales Crash To Record Low, Jobless Claims Soar: Wall Street Reacts

The tech sector was Monday's worst performer, led lower by Broadcom Inc. AVGO and Amazon.com, Inc. AMZN. The SPDR Select Sector Technology Fund XLK was down 0.63% and the tech-heavy Nasdaq 100 slipped 0.5%. 

The yield on the 10-year US Treasury note fell to 4.2% on Monday, down 35bps in the last nine sessions. The iShares 20+ Year Treasury Bond ETF was down by 0.16%.

Bitcoin BTC/USD and other cryptocurrencies were down after rallying on Sunday following President Trump's announcement of the creation of a strategic reserve that would include bitcoin, Ethereum ETH/USD and other popular cryptos. 

Monday's Performance In Major U.S. Indices, ETFs

Major Indices	Price	1 day % chg.
Nasdaq 100	18,775.16	-0.38%
S&P 500	5,943.70	-0.19%
Dow Jones	43,734.63	-0.24%
Russell 2000	2,148.56	-0.67%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY slipped 0.15% to $593.29.
• The SPDR Dow Jones Industrial Average DIA was down 0.16% at $437.68. 
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.03% to $508.33.
• The iShares Russell 2000 ETF IWM eased 0.43% to $213.73.
• The Consumer Discretionary Select Sector SPDR Fund XLY rose 0.16% to $216.30.
• The Energy Select Sector SPDR Fund XLE fell 0.63% to $90.43.

Monday's Stock Movers: 

Shares of Tesla, Inc. TSLA climbed 3% after a Morgan Stanley analyst predicted a rebound in the beaten down stock. Tesla stock remains down by more than 20% over the past month.

Stocks reacting to company earnings reports included: 

• Sunnova Energy International Inc. NOVA 
• Hut 8 Corp. HUT 
• Fortrea Holdings Inc. FTRE
• Burford Capital Limited BUR 
• N-able, Inc. NABL 
• Cassava Sciences, Inc. SAVA 
• ImmunityBio, Inc. IBRX
• Ready Capital Corp. RC 
• Biohaven Ltd. BHVN 

Companies reporting after Monday's closing bell include: 

• B. Riley Financial, Inc.RILY 
• Okta, Inc. OKTA 
• NuScale Power Corp. SMR 
• GitLab Inc. GTLB 
• Curaleaf Hldgs Inc. CURLF 
• Dave Inc. DAVE 
• Emergent BioSolutions Inc.  EBS 
• AST SpaceMobile, Inc. ASTS 
• Concentra Group Holdings Parent, Inc. CON 

Read Next:

• Mortgage Rates Drop To Lowest Levels Since December, But Housing Market Remains ‘Largely Stuck’ 

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