Stocks were sharply lower in e

Stocks were sharply lower in early-afternoon trading Monday amid ongoing uncertainty about the impact of policies coming from the Trump White House and concerns about the outlook for the U.S. economy.

The S&P 500 and tech-heavy Nasdaq were down 2.2% and 3.7%, respectively, in recent trading, while the Dow Jones Industrial Average slipped 1.3%. The major indexes gained ground on Friday but posted steep losses for the week, with the S&P 500 recording its worst weekly performance in six months.

The S&P 500 and Nasdaq Composite, which each fell more than 3% last week, have returned to pre-election levels after losing ground for three consecutive weeks. Investor sentiment has been dented recently by worries about President Trump's plans for widespread tariffs, which experts say will spark inflation, slow economic activity and harm companies that do business around the world.

The yield on 10-year Treasurys, which has fallen significantly in recent weeks as the concerns about the economy have grown, was at 4.23% in recent trading, down from 4.32% at Friday's close. The yield, which affects borrowing costs on all sorts of loans, notably mortgages, fell as low as 4.11% last week, its lowest level since last October.

Shares of the world's largest technology companies were down across the board on Monday. EV maker Tesla (TSLA), which is riding a seven-week losing streak, was down nearly 12%. Apple (AAPL), Meta Platforms (META) and Broadcom (AVGO) each dropped more than 5%, while Nvidia (NVDA) and Alphabet (GOOG) fell 4% and Microsoft (MSFT) and Amazon (AMZN) were off 3%.

Analytics software provider Palantir (PLTR) and advertising platform AppLovin (APP), two of the stocks that have benefitted most from the AI investing boom of the past year, were each down about 10%. Shares of Oracle (ORCL) retreated 5% ahead of the cloud services giant's quarterly earnings report, which is scheduled to be released after the closing bell.

Shares of Strategy (MSTR), formerly known as MicroStrategy and one of the world's largest holders of bitcoin, was down 15% after the price of the digital currency tumbled over the weekend. Crypto exchange Coinbase Global (COIN) and online trading platform Robinhood Markets (HOOD) dropped 13% and 16%, respectively.

Bitcoin was at $79,200 in recent trading, down from a high of $91,000 on Friday. The cryptocurrency lost ground late last week amid investor disappointment about the details in Trump's proposal to create a Bitcoin Strategic Reserve.

Gold futures were down 0.3% at $2,905, while West Texas Intermediate futures, the U.S. crude oil benchmark, were down 0.9% at $66.45 per barrel.

Tesla Shares Down 50% From December Record High

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Tesla (TSLA) shares plummeted on Monday and have given up more than half their value since hitting an all-time high in mid-December.

With today's decline, the stock is below its closing level on Election Day (Nov. 5). Tesla shares soared in the wake of Donald Trump's election as investors placed bets that CEO Elon Musk's close relationship with the president would benefit the EV maker.

Since Trump took office in January and Musk started working in the cost-cutting Department of Government Efficiency, shares have tumbled. They have been pressured by weak fourth-quarter deliveries and earnings, uncertainty around Trump's tariffs, and declining sales in China and registrations in Europe to start the year. Increasingly, investors have wondered whether Musk's DOGE involvement could hurt Tesla's brand and sales going forward.

Analysts remain divided on the stock, with the 19 brokers tracked by Visible Alpha split between 10 "buy," five "hold," and four "sell" ratings.

UBS analysts on Monday maintained their "sell" rating and lowered their price target to $225 from $259, and cut their estimates for first-quarter deliveries to 367,000 from 437,000 previously. They said the new Model Y and a yet-to-be-announced lower cost model will likely help sales, but see demand for the new Model Y as "somewhat muted" so far, and expect a lower-cost vehicle to come with a lower margin.

Tesla shares recently were down 12% at around $232. The stock is down 52% from its all-time closing high of $479.86, set on Dec. 17.

Mag 7 stocks price chart YTD

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Tesla stock is down 43% so far in 2025, making it the biggest decliner among the Magnificent Seven group of major tech companies.

-Aaron McDade

DexCom Drops as Diabetes Device Maker Gets FDA Warning

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Shares of DexCom (DXCM) sank Monday morning after the maker of glucose monitoring devices reported it had received a warning letter from federal regulators over the condition of two of its manufacturing plants.

The company said the letter from the Food and Drug Administration (FDA) noted "deficiencies in the response" from DexCom to the FDA's Form 483, which outlines observations from investigators.

The company noted the FDA held inspections of its San Diego, Calif., and Mesa, Ariz., facilities last year, which found "non-conformities in manufacturing processes and quality management system."

DexCom said that it has "already submitted several responses to the Form 483 and is in the process of preparing a written response to the warning letter." It added that it plans "to continue to undertake certain corrections and corrective actions," although cannot guarantee the FDA will be satisfied with the response by the deadline regulators have set.

The company pointed out that its operations are not being affected and it sees no material impact from the warning letter.

DexCom shares were down 7% recently and have lost about 45% of their value over the past year.

-Bill McColl

Novo Nordisk Drops on Latest Weight-Loss Drug Study

2 hr 57 min ago

Novo Nordisk's (NVO) U.S.-listed shares fell Monday morning following the release of data for a new phase 3 clinical trial of its in-development weight loss drug CagriSema.

In the second phase 3 study for the combination drug, the average weight loss among the roughly 1,200 patients in the study who took CagriSema was 15.7% of their body weight after 68 weeks, compared to 3.1% for those taking a placebo.

The study from the maker of Ozempic and Wegovy follows the first Phase 3 trial results for CagriSema in December that saw patients lose 22.7% of their body weight. Shares sank 17% following that study, as Bloomberg had reported ahead of the results that Novo Nordisk was aiming for a 25% weight loss with the new drug.

Novo Nordisk still has two more Phase 3 trials scheduled for CagriSema, and said Monday it still expects to submit the drug for regulatory approval in the first quarter of 2026.

Novo Nordisk stock price chart over the past 12 months

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Shares of the Danish drugmaker were down 9% in recent trading. While shares had risen recently following other trial results and solid sales of its current weight loss drugs, they are down 40% over the past 12 months.

-Aaron McDade

Redfin Stock Soars on Deal with Rocket Companies

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Redfin (RDFN) shares soared in early trading Monday after mortgage giant Rocket Companies (RKT) announced it was buying the digital real estate brokerage in an all-stock deal valued at $1.75 billion.

Rocket said the transaction values Redfin shares at $12.50 each and "connects Redfin's nearly 50 million monthly visitors to Rocket's mortgage products."

Redfin shares were up 74% at $10.15 in the opening minutes of today's session. Shares of the Detroit-based Rocket were down 11%.

Rocket said it "expects the combined company to achieve more than $200 million in run-rate synergies by 2027," and that the deal is expected to be accretive to its adjusted earnings per share (EPS) by the end of 2026. Once the transaction closes, current Rocket shareholders will control 95% of the combined firm, while Redfin shareholders will own the rest.

"Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers," Rocket Companies CEO Varun Krishna said.

Entering Monday, Rocket Companies shares had added nearly a quarter of their value over the past 12 months, while Redfin stock had lost about 18% of its value in that span.

-Nisha Gopalan

Major Indexes Have Given Back Their Post-Election Gains

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The post-election gains that U.S. stocks registered have evaporated during the recent slump.

Stocks hit a series of record highs in the weeks that followed the presidential election amid optimism surrounding President Trump's pro-business agenda, amid expectations for higher levels of investment, lower taxes and a reduction in regulatory barriers. In recent weeks, however, concerns about Trump's plans for tariffs—and the on-again, off-again nature of the announcements—have roiled markets.

The S&P 500 is down more than 6% from its record high set on Feb. 19 and has lost ground in each of the last three weeks. The Nasdaq is down nearly 10% from its record high set in mid-December. Both of the indexes last week dropped below the levels they were at on the Nov. 5 election day.

The Dow Jones Industrial Average enters Monday's session 1.4% above its close on election day, though futures indicate that the blue-chip index will fall to about that level this morning.

S&P 500 vs Nasdaq vs DJIA year to date

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So far in 2025, the Dow is up less than 1%, while the S&P 500 has lost 1.9% and the Nasdaq is down 5.8%.

Major Stock Index Futures Slide

5 hr 10 min ago

Futures tied to the Dow Jones Industrial Average were down 1%.

DJIA futures - March 10, 2025

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S&P 500 futures fell 1.2%.

S&P 500 futures - March 10, 2025

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Nasdaq 100 futures were off 1.4%.

Nasdaq 100 futures - March 12, 2025

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