The Dow Jones Industrial Average and other major stock indexes dropped Monday, as Wall Street reacted to President Donald Trump's latest tariff news. Nvidia, Tesla pulled back on the stock market today following rallies in recent sessions.
After the opening bell, the Dow Jones Industrial Average declined 0.5%, or more than 200 points. The S&P 500 lost 0.9% as the tech-heavy Nasdaq composite sold off 1%.
The 10-year Treasury yield ticked higher to 4.33% early Monday. Meanwhile, oil prices dropped, as West Texas Intermediate futures traded near $57.30 per barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 1%, while the SPDR S&P 500 ETF moved down 0.9% after the open.
Tesla stock dropped 2.9% in early action Monday, and continues to see stout resistance at the long-term 200-day moving average. Led by Chief Executive Elon Musk, the electric-vehicle maker remains around 41% off its record high of 488.54, reached on Dec. 18.
Nvidia stock fell 0.7% in morning moves. Shares of the artificial intelligence giant are attempting to decisively surpass resistance around their 50-day line, an important area to watch.
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Stock Market Today: Trump Tariff News
On Sunday night, President Trump wrote on Truth Social that he would impose a 100% tariff on movies made outside the U.S., declaring foreign film production a "national security threat." In response, Netflix and Disney declined more than 4% and roughly 2%, respectively, in morning trading.
Trump also said Sunday that he expects to lower China tariffs "at some point," but he once again said Beijing has been ripping America off, equating trade surpluses with stealing. He said has no plans to speak with President Xi Jinping this week, adding that U.S. and Chinese officials are talking about "different things."
Later this week, the Federal Reserve meeting and policy update Wednesday will take the economic spotlight. Markets see little chance of a rate cut, so the focus will be on Fed Chairman Jerome Powell's news conference, and on any shift in his thoughts on how tariffs will affect inflation.
Big earnings report this week include Palantir Technologies and Disney, along with Vertex Pharmaceuticals, Arista Networks, Fortinet, Paycom Software and Shopify.
In other news, famed investor Warren Buffett said Saturday that he will step down as Berkshire Hathaway chief executive at year's end, but will remain chairman. Shares tumbled nearly 6% in morning trading. Berkshire Hathaway's pricey "A" stock lost 5.8%, a drop of $47,000 a share, to $762,800.
Further, shoe maker Skechers soared on news it is being acquired by private equity firm 3G Capital, CNBC reported. The sale price will be $63 a share in cash, a 28% premium to Skechers' closing price on Friday. Shares rocketed more than 25% higher on the news.
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Dow Jones Extends Win Streak
On Friday, blue chips on the Dow Jones Industrial Average climbed 1.4%, or 564 points, to extend a win streak to nine sessions. The S&P 500 and Nasdaq composite both advanced 1.5%.
Due to current market volatility, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are DoorDash, MercadoLibre, Penumbra and Guidewire.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Boeing.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investor also can find potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones Stocks: Boeing Nears Buy Point
Shares of Dow Jones component Boeing edged higher Monday, further above a double-bottom entry at 184.40, according to MarketSurge chart analysis.
Outside the Dow, new IBD Leaderboard stock DoorDash is breaking out past a 201.03 buy point in a double bottom. Shares lost 1.8% Monday morning.
E-commerce giant MercadoLibre is falling back into buy range above a 2,202 entry in a double-bottom base. MercadoLibre stock fell 1.4% Monday.
Penumbra found support at its 288.57 double-bottom entry after a four-day losing streak. Shares moved down 1.7% early Monday.
Finally, Guidewire is breaking out past a 201 buy point in a double bottom. Guidewire stock fell 0.6% in early morning trades.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Monday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Boeing | 184.40 | Double bottom | |
| Spotify | 621.20 | Double bottom | |
| Penumbra | 288.57 | Double bottom | |
| MercadoLibre | 2,202.00 | Double bottom |
Source: IBD Data as of April 30
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are rebounding from lows as Wall Street reacts to the fallout from President Trump's tariffs. One of them, Dow Jones component Amazon, is attempting to regain its 50-day line for the first time since Feb. 14. But Amazon stock lost 1.3% Monday.
IPhone maker Apple tumbled Friday after the company's earnings report, snapping an eight-day win streak. Apple shares fell another 1.2% early Monday.
And Microsoft stock shot up last week, retaking its 200-day line for the first time since Jan. 29. The software giant dropped 0.3% Monday morning.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
