These Were the Big Movers in the S&P 500 on Thursday Decliners The tariff announcement pressured shares of companies that manufacturer technological devices, which could face higher costs in their international supply chains. Dell Technologies (DELL) stock suffered the steepest drop in the S&P 500 on Thursday, plummeting 19%.

(DELL) stock suffered the steepest drop in the S&P 500 on Thursday, plummeting 19%. Shares of fellow manufacturer HP (HPQ) dropped 15%. Other companies involved in the creation of computer hardware took a hit on Thursday: Western Digital (WDC), a manufacturer of hard disk drives and other data storage technologies, fell 18%. Televisions on display at a Best Buy store in San Rafael, California. Justin Sullivan / Getty Images Best Buy (BBY) shares dropped 18%. Citi downgraded the electronics retailer’s stock to “neutral” from “buy,” highlighting the the likelihood of pressure on same-store sales as customers reject price increases. According to Citi analysts, the existing tariff plans on imports from China could result in a 5-percentage-point sales decline for Best Buy as consumers limit discretionary spending, suggesting significant downside risk to the company’s current guidance. Advancers Shares of Lamb Weston Holdings (LW) bucked the downward pressure on the broader markets, jumping 10% to notch the strongest gains of any S&P 500 stock. The provider of frozen french fries and other potato products reported better-than-expected sales and profits for its fiscal third quarter, highlighting progress on its efforts to improve operational efficiency despite persistent headwinds from subdued restaurant traffic. Activist investor Jana Partners, which acquired a sizable position in Lamb Weston late last year, has been pushing for changes as the company navigates a challenging environment.

(LW) bucked the downward pressure on the broader markets, jumping 10% to notch the strongest gains of any S&P 500 stock. The provider of frozen french fries and other potato products reported better-than-expected sales and profits for its fiscal third quarter, highlighting progress on its efforts to improve operational efficiency despite persistent headwinds from subdued restaurant traffic. Activist investor Jana Partners, which acquired a sizable position in Lamb Weston late last year, has been pushing for changes as the company navigates a challenging environment. Numerous stocks with defensive characteristics, including several names in the health care sector, managed to push higher despite the turbulent market environment. Shares of insurance providers Molina Healthcare (MOH), Centene (CNC), and Elevance Health (ELV) added 7.5%, 5.9%, and 5.4%, respectively.

(MOH), (CNC), and (ELV) added 7.5%, 5.9%, and 5.4%, respectively. A shift toward stocks with a better chance of withstanding a potential recession also helped boost shares of discount retailer Dollar General (DG), which advanced 4.7%. The company could be in a good position to attract cost-conscious shoppers if an economic downturn materializes and consumer sentiment continues to deteriorate. -Michael Bromberg

Major Indexes Tracking for 6th Down Week in 7 The major U.S. stock indexes came into Thursday’s session in positive territory for the week. But after today’s tariffs-fueled rout, the S&P 500 and Nasdaq Composite are on pace to post weekly losses for the sixth time in the past seven weeks. The S&P 500 is down 3.3% so far this week, while the Nasdaq Composite has given up 4.5% through Thursday’s close. The Dow Jones Industrial Average has lost 2.5% so far this week, putting it on track for its fifth weekly loss in the last seven. TradingView So far this year, the Dow has retreated 4.7%, while the S&P 500 is down 8.3% and the Nasdaq has plunged 14%.

Just How Bad Was Thursday’s Selloff? The magnitude of today’s sell-off was unusual. Here are some data points that explain just how rough a day it was for the stock market: The S&P 500 fell 4.8%, its worst day since June 11, 2020, when concerns about a second wave of Covid-19 infections dashed hopes for a quick return to pre-pandemic life. Aside from that day, there have been only 4 worse days this decade, and all of them were in March 2020 at the height of the Covid rout. The benchmark index is now at its lowest level since August.

fell 4.8%, its worst day since June 11, 2020, when concerns about a second wave of Covid-19 infections dashed hopes for a quick return to pre-pandemic life. Aside from that day, there have been only 4 worse days this decade, and all of them were in March 2020 at the height of the Covid rout. The benchmark index is now at its lowest level since August. The Dow Jones Industrial Average fell 1,679 points, its fourth-largest decline this decade and also the biggest since June 2020. The blue-chip index lost nearly 4% in Thursday’s sell-off, putting it about 430 points—or 1%—from a technical correction. The Dow is at its lowest level since September

fell 1,679 points, its fourth-largest decline this decade and also the biggest since June 2020. The blue-chip index lost nearly 4% in Thursday’s sell-off, putting it about 430 points—or 1%—from a technical correction. The Dow is at its lowest level since September The Nasdaq Composite plummeted nearly 6%, its worst day since March 16, 2020, the day after the Federal Reserve dropped interest rates to near zero. With Thursday’s losses, the index sits nearly 18% off its recent highs, putting it perilously close to a bear market. The tech-heavy index is trading at its lowest level since August. A trader works on the floor of the New York Stock Exchange on Thursday morning. Michael M. Santiago / Getty Images Apple stock plummeted 9.4%, also its worst day since March 2020. The decline wiped about $315 billion off the iPhone maker’s market capitalization, the second-largest decline for a single stock on record.

plummeted 9.4%, also its worst day since March 2020. The decline wiped about $315 billion off the iPhone maker’s market capitalization, the second-largest decline for a single stock on record. The Magnificent Seven as a whole lost a little over $1 trillion in market value, about equal to the combined market caps of JPMorgan Chase (JPM) and Netflix (NFLX)—the S&P 500’s 13th and 19th largest companies, respectively—and slightly less than the gross domestic product of Saudi Arabia.

as a whole lost a little over $1 trillion in market value, about equal to the combined market caps of JPMorgan Chase (JPM) and Netflix (NFLX)—the S&P 500’s 13th and 19th largest companies, respectively—and slightly less than the gross domestic product of Saudi Arabia. The small-cap Russell 2000 fell 6.6%, its worst day since June 2020.

fell 6.6%, its worst day since June 2020. Thursday’s sell-off was incredibly broad. The equal-weight S&P 500 declined 4.8%, its biggest drop since June 2020 and enough to put it in a correction. Four in five S&P 500 stocks lost ground on Thursday, with about 15% of the index recording declines of 10% or more.

-Colin Laidley

Lamb Weston Soars on Strong Earnings Lamb Weston (LW), a maker of french fries and other potato products, was a notable outlier during Thursday’s selloff. Shares of the company gained 10% to lead S&P 500 gainers after the potato processing giant reported better-than-expected quarterly results. Lamb Weston reported fiscal third-quarter adjusted earnings per share (EPS) of $1.10 on net sales of $1.52 billion. Analysts polled by Visible Alpha were looking for $0.86 and $1.48 billion, respectively. “As a result of the actions we took in early fiscal 2025 to drive operational and cost efficiencies, we closed the quarter with sequentially improved volume trends and profitability metrics that were in line with our previously updated fiscal 2025 outlook,” CEO Mike Smith said, noting the company expects “headwinds from soft restaurant traffic to persist.” Smith assumed the top role at Lamb Weston in January. The company has faced pressure from activist investor Jana Partners. TradingView Despite today’s surge, Lamb Weston shares have lost more than 40% of their value over the past 12 months. -Aaron McDade

These Two Retail Stocks Are Holding Up Today Two discount retail shares managed to avoid the steeper dropoffs seen by some other big retailers in the wake of the Trump administration’s latest tariffs. TJX Cos. (TJX) shares edged higher in recent trading Thursday. Ross Stores (ROST) ticked a bit lower, but its decline was notably smaller than those of Target (TGT), Best Buy (BBY), and Five Below (FIVE), all of which were down more than 10%. A T.J. Maxx store in New York City. Shelby Knowles / Bloomberg / Getty Images Citi analysts upgraded Ross and TJX, parent company of T.J. Maxx and HomeGoods, to “buy” ratings on Thursday. They lifted their price target on the latter stock to $140, in line with the Street’s consensus according to Visible Alpha, from $128, saying the retailer is “as well positioned as ever.” “Tariffs are likely to create significant disruption in the [market], greatly increasing the availability of product available to off-pricers at attractive prices,” the analysts wrote. “At the same time, a potentially weakening consumer environment will mean more consumers are likely to trade down to the off-price channel in search of value.” Oppenheimer and UBS analysts also issued notes Thursday on the retail industry, saying giants like Walmart (WMT) and Costco (COST) are likely to weather the tariff storm as well. -Aaron McDade

Bank Stocks Slide as Tariffs Raise Recession Risks Shares of major U.S. banks were sharply lower on Thursday as Wall Street reacted to President Donald Trump’s announcement of sweeping tariffs that economists warn could stunt economic growth and reignite inflation. The KBW Nasdaq Bank Index (BKX) was down nearly 9% in recent trading. A decline of that size would represent the index’s worst day since the regional banking crisis of March 2023, when the collapse of Silicon Valley and Signature Banks coincided with an 11% drop for the benchmark index. Regional banks Western Alliance (WAL) and Zions Bancorp (ZION), both down double digits Thursday, were leading the index’s decliners. Among the largest U.S. banks, Citigroup (C) and Bank of America (BAC) were the hardest hit, falling 12% and 11%, respectively. Shares of JPMorgan Chase (JPM), one of the world’s largest banks, were down 6%, while investment banks Morgan Stanley (MS) and Goldman Sachs (GS) were both off more than 8%. Banks aren’t directly affected by Trump’s tariffs, which apply first to companies that buy and sell goods. However, like all services, banking benefits from a healthy economy in which businesses and consumers are borrowing, investing, and spending. Economists have warned that the new tariffs, which could lift America’s overall tariff rate to its highest level in a century, threaten to slow economic growth, reduce investment, and weigh on consumer spending. Many investors and economists are concerned the tariff fallout could result in stagflation and complicate the Federal Reserve’s efforts to bring inflation down to its 2% target without pushing the economy into a recession. Deutsche Bank analysts on Wednesday warned that the tariffs as outlined could shave 1 to 1.5 percentage points off U.S. gross domestic product growth this year—”meaningfully raising recession risks”—and tack a similar amount onto the core inflation rate. -Colin Laidley

Equal-Weight S&P 500 on Track to Enter Correction The equal-weight S&P 500 tumbled Thursday, putting the index on track to close in a correction as U.S. stocks reeled from President Trump’s announcement of far-reaching tariffs. The equal-weight S&P 500 fell as much as 4.4% Thursday, its biggest intraday decline since June 2022 when inflation was running at a 40-year high. The index was down 4% recently and on track to close in correction territory, defined as a 10% decline from its recent high. Traders work on the floor of the New York Stock Exchange on Thursday. Charly Triballeau / AFP / Getty Images The equal-weight S&P 500, as its name suggests, gives equal weight to every component of the index, meaning a 1% move in the share price of the index’s smallest company has as much impact as a 1% move in the price of its largest. The standard capitalization-weighted S&P 500, on the other hand, assigns stocks an index weight that is proportionate to the company’s market value. The equal-weight S&P 500’s correction signals the current sell-off is broader than the declines earlier this year. The Magnificent Seven, which led the stock market’s gains throughout 2023 and 2024, entered a correction in late February as increasing economic uncertainty and moderating earnings growth compelled investors to take profits. A week later, the tech-heavy Nasdaq Composite also slipped into a correction, followed by the cap-weighted S&P 500 a week later. About 80% of the stocks in the S&P 500 were trading in the red on Thursday afternoon after President Trump unveiled sweeping tariffs that economists and investors worry will slow growth while raising prices for businesses and consumers.

Bitcoin, Cyrpto Stocks Retreat After Tariff News Bitcoin extended its recent retreat Thursday, with the price of the leading cryptocurrency falling in the wake of President Donald Trump’s latest tariff announcement. Bitcoin was trading below $82,000 after the late-Wednesday news of new tariffs that shook global markets and eroded investors’ interest in risk assets. The digital currency was around $88,000 before Trump unveiled the new trade measures late yesterday afternoon. The news also hit crypto-related stocks. Strategy (MSTR), the Bitcoin buyer that recently changed its name from MicroStrategy, was off 9%. Crypto exchange Coinbase Global (COIN) fell more than 7%, while trading platform Robinhood Markets (HOOD) slipped about 10%. Crypto mining company Mara Holdings (MARA) fell 9%. Bitcoin’s retreat extends a slide from six-digit prices last seen in February following a runup driven by optimism about cryptocurrency in the wake of Trump’s election. The total market cap of cryptocurrency, recently around $2.6 trillion, has fallen some 6% over the past 24 hours, according to CoinMarketCap data. -David Marino-Nachison

Oppenheimer Recommends Defensive Consumer Stocks Investors should consider defensively oriented consumer stocks over discretionary shares after President Trump’s latest tariff announcement, Oppenheimer analysts said Thursday. The analysts in a note said stocks like Arm & Hammer brand owner Church & Dwight (CHD), Costco Wholesale (COST), over-the-counter products company Prestige Consumer Healthcare (PBH), and Walmart (WMT) could hold up better than those of companies like appliance maker Sharkninja (SN) and Target (TGT). “Assuming the announced tariffs come to fruition, we clearly favor our defensive Outperform-rated names along with Ulta Beauty (ULTA) over more discretionary names” in the short term, Oppenheimer’s note said. If material tariffs stay in place and retailers are forced to raise prices, Oppenheimer said, consumer spending could take a hit. Some retailers, however, might see a near-term boost in spending as shoppers look to spend before price hikes arrive. Some beauty products makers, such as e.l.f. Beauty (ELF) and Helen of Troy (HELE), could find it hard to maintain profit margins under the tariff regime, even with higher prices and productivity, according to Oppenheimer. -Jordyn Bradley

Treasury Yields Approach 6-Month Low Treasury yields tumbled on Thursday to nearly a 6-month low, a day after President Trump announced sweeping tariffs that shook stock markets around the world. The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, tumbled Thursday morning to as low as 4.00%, down from 4.20% late yesterday and at its lowest level since mid-October. The bond rally—when bond prices go up, yields fall—came amid a global stock sell-off that put the S&P 500 down more than 4% in late-morning trading. TradingView Trump on Wednesday afternoon announced a 10% flat rate tariff on nearly all U.S. imports, as well as steeper country-level rates aimed at America’s largest trading partners, including China, the European Union, and Japan. The tariffs, Trump says, are meant to raise federal revenue and revive American manufacturing. Economists warn the levies could have unintended consequences, including higher prices for businesses and consumers, lower domestic investment, and softer consumer spending, all of which would slow the economy. Trump campaigned on lower interest rates, and since returning to the White House has repeatedly called on the Federal Reserve to cut rates. The 10-year Treasury yield has declined since Trump’s inauguration, but not for the reason he might like. Trump’s tariffs and government cost-cutting initiative have raised the risk of the U.S. entering a recession, an outcome that could force the Federal Reserve to intervene by lowering its federal funds rate. His policies have also rattled financial markets, sending investors into traditional safe-haven assets like Treasurys and gold, which has notched a series of record highs amid this year’s market turmoil. Lower Treasury yields tend to translate into lower consumer rates on products like mortgages and car loans, which have been hovering at multi-decade highs ever since the Federal Reserve began raising rates in March 2022 to tame surging inflation. However, Trump’s tariffs threaten to slow economic growth and stoke inflation, raising concerns that the U.S. is on a collision course with 1970s-style stagflation, a scenario in which the Fed may not have much leeway to cut rates and stimulate the economy. -Colin Laidley

Coca-Cola, General Mills Lift Staples Amid Broader Selloff Stock-market investors are playing defense today. The major U.S. indexes are in retreat Thursday morning following Donald Trump’s announcement of wide-ranging tariffs, with all but one of the S&P 500’s 11 sectors in the red. The sole exception is the consumer staples sector, considered defensive in nature. Consumer staples stocks are broadly rising, including Colgate-Palmolive (CL), Procter & Gamble (PG), and frozen potato company Lamb Weston (LW), the latter which is among the morning’s top gainers in the benchmark index, rising nearly 8% after reporting results. Some other big consumer-oriented brands are rising today, including McDonald’s (MCD) and Coca-Cola (KO), as well as grocer Kroger (KR), and cereal maker General Mills (GIS). Walmart’s (WMT) shares ticked lower. Meanwhile, discretionary and tech shares are dropping, the former sector retreating more than 5% in recent action. Among the index’s top decliners today are housewares company Williams Sonoma (WSM), consumer electronics retailer Best Buy (BBY) and game and toy company Hasbro (HAS).

-David Marino-Nachison

Nike Tumbles as Tariffs Hit Asian Suppliers Nike (NKE) shares plunged in early trading after President Donald Trump imposed steep reciprocal tariffs on Vietnam and other Asian countries where the sneaker giant makes most of its products. The U.S. imposed a 46% tariff on Vietnamese goods, 32% on Indonesia, and 49% on Cambodia. President Trump also announced 34% levies on imports from China in addition to previously imposed 20% tariffs on goods from Asia’s largest economy. According to its fiscal 2024 annual report, factories in Vietnam, Indonesia, and China manufactured approximately 50%, 27%, and 18% of its footwear, respectively, while factories in Vietnam, China, and Cambodia made 28%, 16%, and 15% of apparel. “Potential incremental Vietnam tariffs appear under-appreciated by investors, & could prove a notable headwind given significant sourcing exposure across our coverage,” Morgan Stanley analyst Alex Straton recently wrote, noting that apart from Nike, sneaker companies Allbirds (BIRD), Skechers (SKX) and On Holding (ONON) are “potentially most exposed” from levies imposed on the Southeast Asian country. Nike shares were down 11% in early trading, while On Holding, Skechers, and Allbirds each dropped more than 12%. -Nisha Gopalan

These Were the Big S&P 500 Movers on Tuesday Decliners Best Buy (BBY) shares posted the steepest decline in the S&P 500, plunging more than 13% after the electronics retailer released its fiscal fourth-quarter results. Although quarterly sales and profits came in ahead of forecasts, Best Buy’s CEO predicted increasing prices for U.S. consumers as tariffs go into effect on imports from China and Mexico, the top two sources in the company’s supply chain. A Best Buy store on Black Friday in Montebello, California, November 29, 2024. Etienne Laurent / AFP / Getty Images KKR & Co . (KKR) said it plans to raise $1.5 billion through an offering of mandatory convertible preferred stock. The private equity firm intends to use the proceeds of the transaction to bolster its core portfolio amid expectations for increasing deal volumes under the pro-business policies of the current presidential administration. KKR shares dropped 9.2%.

. (KKR) said it plans to raise $1.5 billion through an offering of mandatory convertible preferred stock. The private equity firm intends to use the proceeds of the transaction to bolster its core portfolio amid expectations for increasing deal volumes under the pro-business policies of the current presidential administration. KKR shares dropped 9.2%. Stocks of companies in the packaging industry lost ground as concerns escalated about the impact of tariffs. Shares of containerboard manufacturer International Paper (IP) fell 7.3%, while shares of fellow paper packaging provider Smurfit WestRock (SW) lost 6.8% after its CEO said the new trade policies would limit the competitivity of a big mill in Canada that exports to the U.S. Advancers Enphase Energy (ENPH) shares jumped 9.4%, notching Tuesday’s top performance in the S&P 500. The push higher marked a reversal for the solar technology company’s stock following a stretch of steep declines dating back to the beginning of last week. The U.S.-based firm could be positioned to benefit from tariffs levied on solar products imported from China, and a report published Tuesday by Zacks Equities Research highlighted positive revisions to consensus earnings and revenue estimates for the current quarter.

(ENPH) shares jumped 9.4%, notching Tuesday’s top performance in the S&P 500. The push higher marked a reversal for the solar technology company’s stock following a stretch of steep declines dating back to the beginning of last week. The U.S.-based firm could be positioned to benefit from tariffs levied on solar products imported from China, and a report published Tuesday by Zacks Equities Research highlighted positive revisions to consensus earnings and revenue estimates for the current quarter. Shares of server maker Super Micro Computer (SMCI) also staged a recovery, rising 8.5%. The gains for the server maker’s volatile stock followed three days of heavy losses as concerns intensified about the possible impact of trade policy on U.S. artificial intelligence players and investors expressed wariness about the AI trade broadly.

(SMCI) also staged a recovery, rising 8.5%. The gains for the server maker’s volatile stock followed three days of heavy losses as concerns intensified about the possible impact of trade policy on U.S. artificial intelligence players and investors expressed wariness about the AI trade broadly. Walgreens Boots Alliance (WBA) shares climbed 5.6% following reports that the pharmacy operator is close to a $10 billion buyout deal with private equity firm Sycamore Partners. The Wall Street Journal reported that Sycamore would pay between $11.30 and $11.40 per share in cash for Walgreens, noting that the firm plans to hold onto the core U.S. retail business while selling or taking public other parts of the company. -Michael Bromberg

S&P 500 Gives Back All of Its Post-Election Gains U.S. stocks’ post-election run has come full circle. The S&P 500 on Tuesday closed at its lowest level since Election Day on Nov. 5. At just under 5,780, the benchmark index is down 6% from its all-time closing high, which was set less than two weeks ago. Concerns about the effects of trade policy, with President Donald Trump’s tariffs on Canada and Mexico taking effect today, are currently in focus, but factors including stubborn inflation, the path ahead for interest rates and the health of the AI trade have also weighed on markets, pulling major indexes back from post-election highs. The tech-focused Nasdaq is also below its Nov. 5 close; so is the small-cap Russell 2000. The Dow industrials are still holding onto post-election gains—but it, along with the other three indexes mentioned here, are all in the red this year. Concerns about the state of the US economy and markets have driven some investors to consider European equities. TradingView “Considerable downside risks to the growth outlook are mounting,” Deutsche Bank analysts wrote in a note published earlier today. “Trade policy uncertainty has hit historical levels, financial conditions are tightening, sentiment indicators signal weaker growth momentum, and more trade actions are likely to come.” Trump is set to speak later today. His speech comes ahead of closely watched job-market data due Friday; personal spending fell in January, according to recently released data, while the Federal Reserve’s preferred inflation gauge suggested progress against inflation. -David Marino-Nachison

Auto Sector Stands to Be Hard Hit by Tariffs Tariffs are expected to dramatically increase costs for automakers Ford (F), General Motors (GM), and Stellantis (STLA). All three manufacture parts and assemble cars in factories across North America. The North American auto industry is so intertwined that the U.S. National Highway Traffic Safety Administration doesn’t even distinguish between Canadian-made and American-made parts when calculating how much of each car is domestic. Canada and Mexico accounted for 47% of U.S. automobile imports and 54% of car parts imports in 2023. They’re also major markets for U.S. auto exports, with the two receiving 75% of America’s exported car parts that year. Bloomberg Intelligence analyst Michael Dean on Tuesday estimated that Jeep and Chrysler maker Stellantis could take a 3.44 billion euro hit to its earnings this year. TradingView Stellantis shares fell more than 4% on Tuesday, as did shares of General Motors. Ford closed nearly 3% lower. Shares of each of the automakers have lost ground since the start of the year. -Colin Laidley

What Companies are Saying About the Impact of Tariffs Some Target prices could soon rise after tariffs on Mexican imports are enacted, the retailer’s CEO said Tuesday. Target (TGT) will try to shield consumers from as many price increases as it can, but charging more will be necessary for fresh produce and some other categories, Brian Cornell said on CNBC Tuesday morning. Target, along with many U.S. grocers, is dependent on Mexico for fresh produce during the winter, Cornell said. The supply chain for fresh fruits and vegetables is “really short,” which means prices could go up within days, he said. Bananas, strawberries and avocados are among the items that could see higher prices. “We’re going to try to make sure we can do everything we can to protect pricing,” he said on CNBC. “But if there’s a 25% tariff, those prices will go up.” Target has reduced how much it imports from China. A few years ago, more than 60% of imports came from the country. That’s now down to 30% and on track to hit 25%, he said. A number of other companies have also diversified their supply chain to avoid paying more in tariffs, including Steve Madden (SHOO) and Newell Brands (NWL), the latter which sells Yankee candles and Graco baby gear. Mattel (MAT) CEO Ynon Kreiz said Tuesday on CNBC that the toy company is on a years-long journey to diversify its supply chain so it can respond to tariffs and other changing market conditions. And some companies say they have the wherewithal to hold off on raising prices, at least initially: Chipotle (CMG) CEO Scott Boatwright said over the weekend that the burrito giant will absorb higher import costs. Best Buy (BBY) imports no more than 3% of its merchandise, but many vendors in the tech industry source from China and Mexico, CEO Corie Barry said Tuesday morning. They’ll pass on at least some of the cost of tariffs to Best Buy, making price increases for consumers “highly likely,” she said on an earnings conference call. The pre-existing 10% tariff on goods from China could cost Best Buy about 1 percentage point in comparable sales over the course of a year, Barry said, assuming that people buy fewer items because they cost more. If the tariffs put in effect Tuesday endure, the effect could be more significant, but it’s hard to gauge how consumers will react, Barry said. “We’ve never seen this kind of breadth of tariffs,” Barry said, according to a transcript made available by AlphaSense. “It’s difficult for us to understand elasticities perfectly because you don’t have anything predictive in our history.”

Tesla Tumbles as BofA Cuts Price Target on Stock Tesla (TSLA) shares slid again Tuesday amid worries about tariffs, weak Chinese sales and souring brand sentiment, with analysts at Bank of America lowering their price target for the stock. The Trump administration’s tariffs on Canada and Mexico, which went into effect Tuesday, “pose significant risk” to North American automakers including Tesla, Bank of America analysts said. Declining European sales have also put pressure on the stock, they said, along with “sentiment on the brand potentially souring” as CEO Elon Musk has made headlines for his role in the Trump administration’s Department of Government Efficiency. Sales of Tesla’s China-made vehicles have slipped as well, falling 49.2% year-over-year in February, Reuters reported Tuesday, citing data from the China Passenger Car Association. BofA reiterated a “neutral” rating for the stock, but lowered its price target to $380 from $490, just slightly above the average of analysts polled by Visible Alpha at $368. The electric vehicle maker’s stock was down 4.4% at $272 in recent trading and has lost about a third of its value since the start of 2025. The stock had risen to a record high around $488 in in mid-December amid optimism that Musk’s close relationship with Trump would benefit the EV maker. Shares have since given up almost their entire post-election gain. TradingView The reduced price target from BofA comes just a day after Morgan Stanley named the company its “Top Pick” in the U.S. automobile sector, saying Tesla’s lower-than-expected deliveries were “not particularly narrative changing.” -Andrew Kessel

Sneaker Maker On Holdings Surges as Global Sales Jump On Holding (ONON) shares advanced when the Swiss sportswear maker posted better-than-expected results as sales climbed in all its global markets.1 The company, part-owned by tennis great Roger Federer, reported fourth-quarter adjusted earnings per share (EPS) of 0.33 Swiss francs ($0.37), with revenue jumping nearly 36% year-over-year to CHF606.6 million ($681.1 million). Both exceeded Visible Alpha forecasts. Sales rose in every region, including by 28% to CHF385.1 million in the Americas. Executive co-chairman David Allemann said On’s “partnerships with icons like Roger Federer, Zendaya, and FKA twigs have propelled On to become a beloved brand.” On sees full-year net sales of at least CHF2.94 billion and adjusted EBITDA margin of 17.0% to 17.5%. TradingView U.S.-traded shares of On Holding were up 5% in recent trading and have increased nearly 50% over the past 12 months.

What the White House Expects to Accomplish With Tariffs Commerce secretary Howard Lutnick made sweeping promises for what President Donald Trump’s tariff-heavy economic policies will accomplish.

Howard Lutnick speaking during an event at the White House on Monday. Samuel Corum / Sipa/Bloomberg via Getty Images Speaking in an interview with CNBC on Tuesday morning, Lutnick said the U.S. will have more manufacturing, lower taxes, a balanced federal budget and lower borrowing costs as a result of taxing imported goods.

Experts have warned that tariffs will push up the cost of living, but Lutnick dismissed those concerns as “whining and complaining.” Read the full article here.

Best Buy Plunges as Retailers Cites Tariff, Inflation Concerns Best Buy (BBY) shares plunged nearly 15% Tuesday morning to lead S&P 500 decliners as the electronics retailer warned that new tariffs and inflation will negatively impact sales. In a transcript of its fiscal 2025 fourth-quarter earnings call supplied by AlphaSense, CEO Corie Barry explained that the company anticipates “our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers.” Barry called the tariffs situation “highly dynamic” with “uncertainty about the duration.” The CEO added that Best Buy was “operating in an uneven environment and expected there would be industry pressure,” and that even though it believes consumers will remain resilient, they are “still dealing with high inflation.” The comments came after the company reported fourth-quarter adjusted earnings per share (EPS) of $2.58, with revenue falling nearly 5% year-over-year to $13.95 billion, in part because fiscal 2025 was 13 weeks long and fiscal 2024 was 14 weeks. Comparable store sales grew 0.5%. All three were better than Visible Alpha forecasts. Best Buy sees full-year adjusted EPS of $6.20 to $6.60, revenue of $41.4 billion to $42.2 billion, and comparable store sales in the range of flat to up 2.0%. However, the company pointed out that its guidance did not take into account recently enacted or proposed tariffs. Analysts surveyed by Visible Alpha were looking for adjusted EPS of $6.60, revenue of $41.77 billion, and comparable store sales growth of 1.81%.

-Bill McColl

Target Warns About Consumer, Tariff Uncertainty Target (TGT) posted better-than-expected fourth-quarter results but warned that the uncertainty around tariffs would weigh on current-quarter results. The company reported fourth-quarter adjusted earnings per share (EPS) of $2.41 on revenue that declined 3% year-over-year to $30.92 billion. Analysts polled by Visible Alpha expected $2.26 and $30.77 billion, respectively.

Target’s comparable sales rose 1.5%, above projections of 1.39% growth. In January, the company lifted its comparable sales projection to 1.5% growth from “approximately flat” following Q3 on the back of a stronger-than-expected holiday shopping season.

“In light of ongoing consumer uncertainty and a small decline in February Net Sales, combined with tariff uncertainty and the expected timing of certain costs within the fiscal year, the Company expects to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year,” Target said. For the full year, Target sees net sales growth “in a range around 1 percent,” comparable sales growth “in a range around flat,” and adjusted EPS between $8.80 and $9.80. Analysts were looking for sales growth of 2.66%, comparable sales growth of 1.81%, and adjusted EPS of $9.30. TradingView Target shares were down more than 5% in early trading and have lost nearly a quarter of their value over the past 12 months. -Nisha Gopalan

Walgreens Jumps as Company Nears Deal to be Taken Private Walgreens Boots Alliance (WBA) shares are jumped in premarket trading Tuesday after a report indicated the troubled drugstore chain is nearing a deal with Sycamore Partners to be taken private for around $10 billion. According to The Wall Street Journal, citing people familiar with the matter, the drugstore company and the private equity firm are targeting a completion of the transaction as soon as Thursday barring a “last-minute snag” that derails the deal. The Journal reported that Sycamore would pay between $11.30 a share and $11.40 a share in cash for Walgreens and the deal would include “contingent value rights that would increase the value if certain targets are later reached.” Walgreens shares were up more than 5% at $10.80 ahead of the opening bell. The Journal also reported that if the deal passes, Sycamore would keep the core U.S. retail business and sell off or take public the other parts of the company. Walgreens and Sycamore Partners didn’t immediately respond to requests for comment. Walgreens shares had been rising this year on previous reports that the private-equity firm was in talks to take the drugstore chain private. The company has been struggling, announcing in October a plan to shutter some 1,200 “underperforming” stores over the next three years and temporarily suspending its quarterly dividend to conserve cash earlier this year. Walgreens shares have gained 10% this year but have lost half their value in the 12 months through Monday. -Nisha Gopalan