The Dow Jones Industrial Average and other major indexes sold off hard Monday afternoon, following President Donald Trump's announcements for new tariffs on Japan and Korea, and five additional nations receiving notices. Meanwhile, two new issues moved in opposite directions on the stock market today, with one gaining nearly 10%.
The Dow Jones index and the Nasdaq composite felt slightly more pain than the S&P 500. Blue chips on the Dow took it on the chin and gave back 0.9%, or 422 points, after three rising weeks. The 30-stock index was finding support at the 44,000 level.
Meanwhile, the Nasdaq composite also felt the heat, pulling back 0.9% after hitting an all-time high on Thursday. The S&P 500 retreated 0.8% after also closing at a new high Thursday.
Small caps on the Russell 2000 index dropped nearly 1.6%. The Russell ended its six day winning streak.
On the Nasdaq exchange, falling stocks crushed rising ones by more than 8-to-3. On the New York Stock Exchange, losers beat gainers by more than 4-to-1.
IPO Stocks On The Move
Circle Internet Group soared nearly 10% higher on the stock market today. Shares are back above the 200 price level, but well off their record high of 298.99, reached June 23.
Recent new issue Hinge Health cratered 7.6% and fell back below the 43.80 buy point of an IPO base. Shares found support at their 21-day exponential moving average Monday.
The physical therapy telehealth stock started trading on May 22, with an offer price of 32 a share. Shares have undergone wild swings, lifting as high as 52.16 and plunging as low as 33.42 since its debut.
Tesla Was S&P 500's Biggest Loser; Palantir Adds To Big Year
3:41 p.m. ET
These Countries Affected By New Tariffs
The newest countries to be affected with Trump's Aug. 1 tariffs include Malaysia, Kazakhstan, South Africa, Laos and Myanmar. Trump shared letters that were sent to the nations, notifying them of levies ranging from 25% to 40%. They come on top of 25% tariffs imposed on Japan and South Korea.
Trump also said he notified countries "aligning themselves with the anti-American policies" of BRIC nations will be charged an additional 10% tariff. BRIC refers to Brazil, Russia, India and China.
This Biotech Retreats After Rally
GeneDx Holdings got swept up in Monday's widespread selling and gave back more than 6%. The genetics testing stock was the biggest loser on the IBD 50 Monday.
Shares had rallied after the American Academy of Pediatrics recommended in June that pediatricians pursue genetic tests for children suspected to have global developmental delays. Shares are above their 50-day moving average, but the line is in a downtrend, a negative sign for the stock.
First Solar toppled more than 4% after two solid weeks of gains. The move lower puts the stock at the break-even mark for the year.
SolarEdge Technologies slumped more than 3%, also after two rising weeks. But unlike First Solar, SolarEdge has enjoyed a hearty 97% year-to-date surge.
2:19 p.m. ET
Palantir Rallies On Rough Day
Newly added IBD SwingTrader name Palantir Technologies bucked a losing trend and bolted more than 3% higher on the stock market today. Shares are extended from a late-stage cup-with-handle base with a 125.25 buy point. Shares have climbed around 82% so far this year.
Uber Technologies climbed more than 2%, putting itself in a buy range from a flat base with a 93.60 entry. The positive action came after Wells Fargo raised its price target on the ride-hailing stock to 120 from 100 and held its overweight rating. Uber stock reached an all-time high on Monday's move.
But CrowdStrike slid more than 2% after Piper Sandler downgraded the cybersecurity name to neutral from overweight. The broker, however, held its price target at 505.
1:13 p.m. ET
Trump Issues Letters To Japan And Korea
News broke that Trump posted on his Truth Social account that he issued letters to Japan and Korea announcing 25% tariffs on goods coming from the countries on Aug. 1.
CNBC reported that Trump threatened an additional 10% tariff nations aligning themselves with BRIC countries, the emerging markets of Brazil, Russia, India and China.
Stock Market Today: India Stock Spikes
WNS Holdings surged more than 14% higher in huge volume and broke out of an early-stage cup base with a 72.11 buy point. Shares are in a buy range up to 75.72.
The move came on news French consulting firm, Capgemini, agreed to purchase the India-based business technology services company for $3.3 billion in cash. WNS provides actuarial analytics, advisory services and business process management technology serving financial, insurance and human resources needs.
IBD 50 stock Atour Lifestyle Holdings jumped 5.5% and broke out of a newly formed flat base with a 34.23 buy point. Shares are in the buy zone up to 35.94. The China-based hotel stock reached a record high on the stock market today.
Another IBD 50 component, Rocket Lab, surged more than 6% higher and is back near its all-time high reached July 1. Shares have gained around 47% so far this year.
11:49 a.m. ET
Stocks On The Move: CoreWeave Falls On Acquisition News
Core Scientific plummeted more than 14% on word that recent new issue and IBD 50 name CoreWeave is acquiring the company in an all-stock deal valued at around $9 billion.
Core Scientific stock has rallied since June 26, when news broke that the companies were in talks for a deal. CoreWeave and Core Scientific already are in a partnership, with the latter leasing data center space to the former.
CoreWeave trimmed larger morning losses to 3%, giving back a portion of Thursday's 8.8% gain. Shares are holding support at their 21-day exponential moving average.
IBD 50 name IREN reversed higher after initially falling to start the session Monday. Shares gained more than 2% in recent trades and reached a record high on the stock market today. The stock looks to extend its 12 straight days of gains, earning the green bitcoin mining stock an "ants indicator" on its MarketSurge chart.
10:44 a.m. ET
These ETFs Fall, Treasurys Inch Up
Among exchange traded funds, the Invesco QQQ Trust fell 0.6%. The SPDR S&P 500 ETF lost 0.4% in the first hour of trading Monday. Growth stocks struggled, driving the Innovator IBD 50 exchange traded fund down by 0.4%.
The 10-year Treasury yield inched up to 4.38%. Oil prices climbed to around $67.60 a barrel. And bitcoin eased to just above the $108,000 level.
Stock Market Today: Tesla Tanks
Tesla sank more than 7%, tumbling under its 200-day moving average and further below its 50-day line after Chief Executive Elon Musk said he is starting his own political party in light of Trump's spending bill he opposes.
Shares have lost around 27% so far this year. Investors are concerned as Musk invests time in the political arena, potentially taking time away from running Tesla.
Correctional and detention facility operator Geo Group rallied 3% in heavy volume after Trump's Big Beautiful Bill Act passed the House Thursday and was signed by the president on July 4. The law includes $45 billion for migrant detention centers. Shares are on pace for seven straight days of gains and tested their 50-day line.
In similar action, detention center name CoreCivic popped more than 3% and reclaimed its 50-day line. Shares are in a long consolidation pattern with a 24.99 buy point.
9:46 a.m. ET
Stock Market Today: Bessent Says Trade Deals On The Way
Treasury Secretary Bessent told CNBC Monday that several trade deals will be announced over the next 48 hours, but did not specify which countries would be involved. The news comes after Trump said he plans to send letters to various nations to notify them of various tariffs expected to go into effect Aug. 1.
In stocks, issues on the move early Monday include CoreWeave and Circle Internet Group. CoreWeave stock declined 4%, while shares of Circle added more than 1% in morning action.
8:41 a.m. ET
Dow Jones Movers: Amazon, Nvidia
Amazon and Nvidia were among the early movers on the Dow Jones industrials Monday.
Amazon stock rose 0.4% ahead of the company's Prime Day that runs from July 8 through July 11. Shares are in a buy zone above a 214.84 buy point.
And Nvidia lost 0.9% in premarket trading, easing from Thursday's all-time high.
8:06 a.m. ET
Tesla Stock Plunges On Musk Political Party
Tesla stock tumbled more than 6% Monday premarket after CEO Musk planned to form a new political party. Musk made the move as he opposed President Donald Trump's tax-and-spending package. The electric-vehicle giant loses big tax credits in the so-called "big beautiful bill."
Shares of Tesla closed Thursday just below their 50-day moving average following heavy losses in recent sessions.
Stock Market Today: Trump Tariff News
Over the weekend, Trump said he'll send out "probably 12" letters on Monday to countries telling them what additional tariffs he'll impose unilaterally on their goods, as of Aug. 1. The president also has said he'll send out dozens of letters by Wednesday, July 9, the end of a 90-day pause for his "Liberation Day" tariffs.
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.
And follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
