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Stocks Close Lower As Wall Street Waits on Trump Auto Industry Tariffs: Closing Bell Analysis
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March 26, 2025
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9:41Now PlayingThree days of relative peace were broken on Wall Street, with big tech driving major stock benchmarks lower, as concern about a trade war’s impact on the economy and inflation resurfaced to squelch risk appetites.
The S&P 500 fell more than 1%. The slide was led by the group of megacaps known as “Magnificent Seven” — whose quarterly selloff is shaping up to be the worst since 2022. Nvidia Corp. and Tesla Inc. dropped at least 5.5%. Microsoft Corp. has walked away from new data center projects in the US and Europe, according to TD Cowen analysts. The Nasdaq 100 slipped around 2%. A gauge of big banks snapped a streak of eight straight days of gains.
President Donald Trump will announce tariffs on the auto industry on Wednesday, a move that would escalate his fight with trading partners ahead of a broader tariff push next week. Federal Reserve Bank of St. Louis President Alberto Musalem said it’s not clear the impact of tariffs will prove temporary.
“Uncertainty on the tariff front remains ridiculously high, leaving it incredibly tough for businesses or consumers to plan more than about a day into the future, and still making it nigh-on impossible for market participants to price risk,” said Michael Brown, a strategist at Pepperstone.
The S&P 500 declined 1.1%. The Nasdaq 100 slipped 1.8%. The Dow Jones Industrial Average slid 0.3%. A Bloomberg gauge of megacaps sank 3%. The Russell 2000 dropped 1%.
The yield on 10-year Treasuries advanced three basis points to 4.35%. The dollar gained 0.3%.
Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.
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