Major Indices Mixed Ahead of Reciprocal Tariffs... Tesla Falls Again [New York Stock Market Briefing]

Tech Stocks Weaken Together

The New York stock market closed mixed as caution was triggered two days ahead of U.S. President Donald Trump's reciprocal tariff announcement.

On the 31st (local time) at the New York Stock Exchange, the Dow Jones Industrial Average closed at 42,001.76, up 417.86 points (1.00%) from the previous trading day. The Standard & Poor's (S&P) 500 index also rose 30.91 points (0.55%) to 5,611.85.

On the other hand, the Nasdaq Composite Index closed at 17,299.29, down 23.70 points (0.14%). The Nasdaq index is 14.38% lower than the intraday record high (20,204.58) set on December 16 last year. It remains in the correction territory (-10% from the peak).

Tariff uncertainty heightened market anxiety again. White House spokesperson Caroline Levitt told reporters that President Trump plans to announce country-specific reciprocal tariffs on the 2nd of next month. Additionally, a 25% tariff on all cars produced outside the U.S. will take effect from the 3rd of the same month.

President Trump also said after the market closed, "You will see the details of the reciprocal tariffs on the night of the 1st or the 2nd Eastern Time," adding, "In some cases, it will be quite low."

Tech stocks showed weakness due to tariff uncertainty. Among the seven stocks in the large tech group 'Magnificent 7' (M7), five stocks, including Nvidia (-1.18%), Microsoft (-0.9%), Tesla (-1.67%), Amazon (-1.28%), and Meta, Facebook's parent company (-0.07%), saw their stock prices fall. Apple (1.94%) and Alphabet, Google's parent company (0.2%), rose.

Nvidia's stock price has fallen more than 20% so far this year. The closing price was $108.38, down about 30% from January. Tesla's stock showed weakness ahead of the first-quarter vehicle delivery performance announcement, and Amazon continued its decline after falling for eight consecutive weeks until last week.

General Motors (GM), the largest U.S. automaker hit hardest by car tariffs, rebounded 0.75% after a three-day losing streak. In contrast, Ford and Stellantis fell 3.19% and 1.15%, respectively.

CoreWeave, a data center operation and leasing company that debuted on Nasdaq on the 28th of last month, slipped more than 7.30%. Supported by Nvidia, CoreWeave was evaluated as the biggest IPO in the market this year.

Mr. Cooper, a mortgage company, saw its stock jump 14.46% after it was announced that financial services company Rocket Companies plans to acquire it for $9.4 billion. This transaction will be conducted entirely through a stock exchange.

Jongdong Noh, Hankyung.com reporter dong2@hankyung.com