- Stocks fell sharply on Wednesday, led by declines in major technology shares, as investors awaited President Trump's announcement of automobile tariffs, which raised concerns about the market's recovery from a month-long selloff. The White House confirmed that Trump would announce automobile tariffs after the market closed, setting the stage for broader tariffs to be imposed on U.S. trading partners starting April 2.
- In the tech sector, major companies like Tesla, Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta Platforms, and Broadcom saw significant losses. Notably, Super Micro Computer and Vistra were among the biggest decliners. However, Cintas saw a 6% surge in its shares after reporting strong earnings and raising its profit guidance, while Dollar Tree rose 3% following the announcement of its $1 billion Family Dollar sale. GameStop shares jumped nearly 12% after updating its investment policy to include Bitcoin.
Why it matters
Meanwhile, Bitcoin traded at $87,200, gold futures remained steady at $3,025 per ounce, and West Texas Intermediate crude oil rose 1.4% to $70 per barrel. The yield on the 10-year Treasury note increased to 4.36%, its highest level in over a month.
