Markets
Luke Kawa

US stocks slump as traders ditch the stocks previously immune from the sell-off

Stocks whipsawed as President Trump floated fresh tariffs on Canada, with the S&P 500 ending down 0.8% and the Russell 2000 off 0.3% while the tech-heavy Nasdaq 100 gained 0.2%.

Under the hood, it sure doesn’t seem like tariff talk played too large of a role today — General Motors, perhaps the company most impacted by trade barriers with Canada, actually rose.

Telling the tale of the tape today is relatively easy: if a stock had been getting creamed since February 19, the most recent closing high, through March 10, then it did well today. Conversely, if a stock had been holding up well through the carnage, it ceded ground today.

Said another way, every S&P 500 constituent that’s down 30% since the S&P 500’s record close, like Palantir, rose on Tuesday. And only two stocks of the couple dozen that are up 10% since February 19 rose on Tuesday.

Interestingly, this was the first time during the S&P 500’s retreat from its all-time high where the benchmark index fell and the equal-weight S&P 500 suffered a larger loss than the iShares MSCI USA Momentum Factor ETF (which actually ended higher on the day!). Investors ditched the safer stocks that had been holding up well while beaten-up names caught a bid.

Every S&P 500 sector ETF finished lower, with industrials, communications services, and consumer staples suffering the largest losses.

Kohl’s cratered, losing nearly a quarter of its value as its solid fourth-quarter results were overshadowed by abysmal guidance and a reduction in its quarterly dividend.

Dick’s Sporting Goods told a similar, but less severe, story and sold off after also exceeding its fourth-quarter earnings expectations while offering a dim outlook for 2025.

Shares of software company Oracle fell after posting lower-than-expected earnings and sales after the close on Monday.

Verizon also tumbled after its CRO warned of a “challenging” first quarter for the telecom company.

Southwest Airlines was a particularly bright spot on the tape today, rising 8% after ditching its “bags fly free” policy, a move which passengers will invariably despise.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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