Stocks rebound from lows, still end down as tariffs dent risk appetite

The S&P 500 and Nasdaq 100 fell 0.8% while the Russell 2000 gave back 1.3% as President Donald Trump agreed to delay the imposition of tariffs on Mexico by one month. Stocks finished well off their lows thanks to the positive (or less negative) trade news, which broke early in the session.

S&P 500 sector ETFs were split between advancers and decliners. Energy led the way higher, with the planned tariff rate on imported Canadian oil getting chopped, while tech and consumer discretionary were at the bottom of the leaderboard.

Indexes managed to repair the damage with little help from the Magnificent 7. Meta was the lone member of the cohort to gain on the day, and all the rest except for Amazon underperformed the S&P 500. Tesla, Apple, and Nvidia posted steep losses.

Homebuilders were rattled by a steep rise in the price of lumber as tariffs on Canadian imports loom, with DR Horton and Lennar tumbling. GM and Ford finished off the lows, but still well in the red.

Shares of Tyson Foods rallied as America’s love of chicken helped the company beat earnings-per-share estimates by 10% for the sixth consecutive quarter.

Costco hit an all-time high.

BlackRock plummeted after rival Vanguard lowered its average fee to just 0.07%.