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Stock market today: Nasdaq, S&P 500 lead losses as market sell-off accelerates
- Tesla stock (TSLA) tumbled more than 9% on Monday to its lowest level since the day before the presidential election as tech stocks led a market-wide sell-off.
- The EV giant hovered near $237 per share, erasing all of its post-election gains.
- The “Magnificent Seven” stocks led a broader market sell-off on Monday as the Nasdaq Composite (^IXIC) fell roughly 3% by mid-morning
- AI chip giant Nvidia (NVDA) declined, along with Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta (META).
- Yahoo Finance’s Brian Sozzi reports:
- Read more here.
- Mortgage giant Rocket Companies (RKT) announced Monday it struck a deal to purchase digital real estate brokerage Redfin (RDFN) in an all-stock deal valued at $1.75 billion.
- Redfin stock rose as much as 76% on the news. Rocket stock fell as much as 10%.
- According to a statement announcing the deal, Redfin shareholders will receive just less than 0.8 shares of Rocket stock for each share of Redfin owned. Current Rocket shareholders will own about 95% of the combined company.
- Rocket shareholders will receive a special cash dividend of $0.80 per share. The deal values Redfin at $12.50 per share.
- The companies said the combined company should be able to cut about $140 million of operations and other costs by 2027 and realize an additional $60 million in savings from pairing Redfin agents with Rocket’s financing infrastructure.
- The deal was approved by the boards of both companies and is expected to close in the second or third quarter of 2025.
- Upon the agreement, Redfin CEO Glenn Kelman will continue to run Redfin’s business, reporting to Rocket Companies’ CEO Varun Krishna.
- Selling on Wall Street resumed on Monday following the worst week for the S&P 500 since September as Wall Street continues to price in a potential economic impact from the Trump administration’s evolving tariff policy.
- The “Magnificent Seven” stocks led the sell-off as the Nasdaq Composite (^IXIC) fell roughly 2% after slipping into correction territory last Thursday. The S&P 500 (^GSPC) tumbled 1.5% while the Dow Jones Industrial Average (^DJI) also sank nearly 1%.
- Shares of Nvidia (NVDA), Tesla (TSLA), Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta (META) were all down more than 2% in early trading.
- Meanwhile, Morgan Stanley’s Michael Wilson joined the group of strategists sounding the economic risk alarm over President Trump’s tariff policies.
- Wilson forecast the S&P 500 could drop as much as 5% in the first half of the year due to the impact of levies and less fiscal spending.
- US stock futures accelerated losses 30 minutes before the opening bell as economic concerns mounted ahead of Wednesday’s inflation report.
- Dow Jones Industrial Average futures (YM=F) fell 1.1%, while futures attached to the benchmark S&P 500 (ES=F) dropped 1.4%. Futures tied to the Nasdaq (NQ=F) plummeted 1.6%.
- Stocks continued a rough start to March after the Nasdaq Composite entered correction territory last week while the S&P 500 logged its worst week since September.
- Crypto also saw losses in premarket trading, as President Trump’s crypto reserve announcement last week did little to ease sentiment. Bitcoin dropped nearly 2% to trade around the $83,000 level.
- Shares of Tesla (TSLA) also dropped 3.8% and Nvidia (NVDA) lost 2.7%, weighing on markets. Reddit (RDDT) stock extended heavy losses, down about 4.7%.
- Ford stock (F) fell over 1% in premarket trading after the automaker announced a 4.4 billion euro ($4.76 billion) investment into its struggling German business.
- Reuters reports:
- Read more here.
- From Bloomberg:
- Read more here.
- US stocks could fall an additional 5%, driven by concerns over tariffs impacting corporate earnings and reduced fiscal spending, warns Morgan Stanley’s Michael Wilson.
- Bloomberg news reports:
- Read more here.
- Gold (GC=F) remained strong following a week of gains as market jitters caused by global economic uncertainty led to haven demand.
- Bloomberg reports:
- Read more here.
- Oil prices dropped as disappointing economic data from China highlighted a bleak demand outlook, while broader markets reflected a reticence to take on risk.
- Bloomberg reports:
- Read more here.
