(Bloomberg) — A selloff in tech megacaps drove stocks lower, with concerns about the economic impacts of a trade war sapping market liquidity and leaving traders unwilling to take on too much risk.
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Following their biggest winning run since November, the group of megacaps known as “Magnificent Seven” slumped, with Nvidia Corp. and Tesla Inc. dropping at least 4.5%. The tech-heavy Nasdaq 100 slipped 1.1%. A measure of big banks rose for a ninth straight day – the longest rally since 2006.
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A warning from the Congressional Budget Office that the Treasury risks a payment default as soon as August weighed on sentiment. And so did a report showing a slide in business equipment that suggested some companies are limiting investment as they await specifics on tariffs. While the unpredictability of a trade war and risk of weaker economic growth have roiled financial markets, President Donald Trump has signaled plans to press ahead with those levies.
“Tariffs will continue to garner attention, with traders looking for any updates on upcoming US reciprocal tariffs that will go into effect on April 2,” said Arthur Hogan at B. Riley Wealth.
The S&P 500 fell 0.4%, extending a quarterly selloff that’s set to be the worst since 2023. The Dow Jones Industrial Average rose 0.4%.
The yield on 10-year Treasuries advanced four basis points to 4.35%. The dollar rose 0.2%.
Some of the main moves in markets:
Stocks
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The S&P 500 fell 0.4% as of 10:20 a.m. New York time
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The Nasdaq 100 fell 1.1%
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The Dow Jones Industrial Average rose 0.4%
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The Stoxx Europe 600 fell 0.5%
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The MSCI World Index fell 0.4%
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Bloomberg Magnificent 7 Total Return Index fell 2.2%
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The Russell 2000 Index fell 0.3%
Currencies
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The Bloomberg Dollar Spot Index rose 0.1%
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The euro was little changed at $1.0789
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The British pound fell 0.4% to $1.2892
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The Japanese yen fell 0.4% to 150.47 per dollar
Cryptocurrencies
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Bitcoin fell 1.4% to $86,696.26
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Ether fell 2.3% to $2,017.73
Bonds
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The yield on 10-year Treasuries advanced four basis points to 4.35%
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Germany’s 10-year yield was little changed at 2.79%
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Britain’s 10-year yield declined two basis points to 4.73%
Commodities
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West Texas Intermediate crude rose 1.4% to $70 a barrel
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Spot gold fell 0.1% to $3,016.54 an ounce
