All three major benchmarks are heading toward lower opens
Wall Street is bracing for a sharply lower open, as President Donald Trump’s tariffs on Canada, Mexico, and China take effect, triggering retaliation from key trading partners. Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are all in the red, extending Monday’s steep selloff.
The S&P 500 just suffered its biggest one-day loss since December, while the Nasdaq Composite is nearing correction territory after dropping 2.6% yesterday. Auto stocks General Motors (GM) and Ford Motor (F) are under pressure, as well as Chipotle (CMG) amid concerns over higher avocado costs.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and 1.1 million put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.64, while the 21-day moving average stayed at 0.60.
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Walgreens Boots Alliance Inc (NASDAQ:WBA) stock is up 5% in premarket trading after t
he Wall Street Journal reported private equity firm Sycamore Partners is nearing a deal to acquire the
drugstore chain for around $10 billion, with a potential share price between $11.30 and $11.40. The deal, expected to close as soon as Thursday, would take Walgreens private. WBA is looking to build on its 10% year-to-date gain.
- Target Corp (NYSE:TGT) stock is down 2.5% before the bell, despite the retailer exceeding fourth-quarter earnings expectations on strong holiday sales. Target warned that uncertainty over consumer demand and tariffs could weigh on its current-quarter performance. The stock has already lost 10.7% so far in 2025.
- Best Buy Co Inc (NYSE:BBY) reported better-than-expected fourth-quarter earnings and revenue, with same-store sales rising 0.5% -- outpacing analyst expectations of a 1.5% decline. The company also raised its quarterly dividend by 1%, but the stock is slipping 1.1% ahead of the open as it pulls back from a modest 1.1% year-to-date gain.
- March kicks off with plenty of jobs data to unpack.
China Pledges to Retaliate Against the U.S.
Asian markets fell today, as tariffs inject turmoil into global markets. The Nikkei shed 1.2%, after Japan’s employment rate exceeded expectations. Small caps sent the Kospi down 0.2%, with South Korean retail sales whiffing harshly on estimates also weighing on equities. Hong Kong’s Hang Seng gave back 0.3%, while China’s Shanghai Composite bucked the broad market trend with a 0.2% gain. China today said it will retaliate with up 15% in tariffs against U.S. goods, slated to go into effect March 10.
Auto stocks – a sector poised to feel the brunt of Trump’s tariffs -- are driving the losses in Europe, with Stellantis (STLA) and Mercedes Benz among the notable laggards. London’s FTSE 100 is 0.6% lower at last check, while the French CAC 40 and German DAX are off 1.5% and 2.5%, the former brushing off an outsized move from defense firm Thales.