Stock market today: Nasdaq enters correction, S&P 500 sinks to lowest since November as stocks get clobbered on Trump tariff whiplash

Published On Mar 6, 2025, 4:51 PM

US stock markets experienced significant declines due to increased trade tensions stemming from the Trump administration's tariff policies, specifically regarding Mexico and Canada. The Dow Jones fell over 400 points (1%), the S&P 500 dropped nearly 2%, and the Nasdaq Composite plummeted more than 2.6%, officially entering correction territory. Economic data indicated a decline in weekly jobless claims, but ongoing fears of stagflation persist as other economic indicators showed weakness. Notably, tech stocks were heavily impacted by disappointing earnings forecasts from chipmaker Marvell, causing other stocks in the sector, such as Nvidia and AMD, to also decline. Conversely, Broadcom saw a rise in its shares following stronger-than-expected earnings and sales guidance. Some retailers, like Gap, have defied the downward trends, while others like Macy's are struggling with cautious outlooks due to tariff impacts.