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Stock fell Monday morning amid growing concerns about U.S. economic growth. President Donald Trump declined to rule out a recession this year in an interview on Fox News, but said he expects a “period” of transition from the policy changes he’s making.
The Dow Jones Industrial Average fell by 423 points, or 0.9% at about 10:35 a.m. in New York, while the S&P 500 dipped 2%, and the Nasdaq Composite dropped 3.2%. Last week was the stock market’s worst in two years.
The Magnificent 7 stocks were all lower Monday amid the economic anxiety, with Nvidia (NVDA) stock down about 5%. Tesla (TSLA) fell about 8.8%, erasing its post-election rally. Anthony Scaramucci predicted to Quartz that Trump will “burn” Elon Musk in six to eight months. Palantir (PLTR) stock also declined.
Stocks fell in Hong Kong on Monday after China said consumer prices fell in the January-February period, a sign of continued deflationary pressure.
Here are some stocks to watch today:
Airbnb
Airbnb (ABNB) stock was upgraded to a buy at Jefferies, which cited the company’s durable growth and its addition of an “experiences” category.
Bally’s
Bally’s (BALY) stock jumped more than 4% after the casino operator made an approximately $150 million recapitalization proposal for Star Entertainment, which would give it notes convertible into at least 50.1% of the Australian company’s shares.
Cognizant
Cognizant (CTSH) Technology gained 2.5% on reports that activist investor Mantle Ridge had built a $1 billion stake in the technology services firm.
Coinbase
Coinbase (COIN) stock fell more than 10% after S&P Dow Jones Indices left the crypto exchange operator out of S&P 500 index, Bloomberg reported.
Doordash
Doordash (DASH) gave up premarket gains to drop 3.8%. The delivery company’s stock was included in the S&P 500 by S&P Dow Jones Indices.
IBM
IBM (IBM) shares gained about 1%. The U.S. Supreme Court refused to revive a $1.6 billion award against the company to KKR’s BMC Software, Bloomberg reported. The justices didn’t comment on the decision.
Oracle
Oracle (ORCL) will release its quarterly earnings after the market closes Monday. The software giant’s performance will be closely watched for insights into its enterprise technology spending and cloud growth. Consensus estimates call for profit of $1.49 per share and revenue of $14.38 billion. The stock fell 4.6% in morning trading ahead of the report.