Stock fell Monday morning amid growing concerns about U.S. economic growth. President Donald Trump declined to rule out a recession this year in an interview on Fox News, but said he expects a “period” of transition from the policy changes he’s making.
The Dow Jones Industrial Average fell by 370 points, or 0.9%, while the S&P 500 dipped 1.4%, and the Nasdaq Composite dropped 2.1%. Last week was the stock market’s worst in two years.
The Magnificent 7 stocks were all lower Monday amid the economic anxiety, with Nvidia (NVDA) stock down 2.6%. Tesla (TSLA) fell 5.6% and is close to erasing its pre-market gains. Anthony Scaramucci predicted to Quartz that Trump will “burn” Elon Musk in six to eight months. Palantir (PLTR) stock also declined.
Stocks fell in Hong Kong on Monday after China said consumer prices fell in the January-February period, a sign of continued deflationary pressure.
Here are some stocks to watch today:
Airbnb (ABNB) stock edged up after Jefferies upgraded the shares to a buy, citing durable growth and the addition of an “experiences” product category.
Bally’s (BALY) made an approximately $150 million recapitalization proposal for Star Entertainment, which would see the U.S.-based casino operator receive notes convertible into at least 50.1% of the Australian company.
Cognizant (CTSH) Technology gained about 1% on reports that activist investor Mantle Ridge had built a $1 billion stake in the technology services firm.
Coinbase (COIN) stock fell 7.7% after S&P Dow Jones Indices left the crypto exchange operator out of S&P 500 index, Bloomberg reported.
Doordash (DASH) gave up gains after rising 2.8% premarket. The delivery company’s stock was included in the S&P 500 by S&P Dow Jones Indices.
Oracle (ORCL) will release its quarterly earnings after the market closes Monday. The software giant’s performance will be closely watched for insights into its enterprise technology spending and cloud growth. Consensus estimates call for profit of $1.49 per share and revenue of $14.38 billion. The stock fell 2.4% in morning trading ahead of the report.
