Stock Market Update

[BRIEFING.COM] The stock market opened to solid declines. The S&P 500 is 1.1% lower and the Nasdaq Composite trades 2.0% below Friday's close. The market is digesting this weekend's headlines, including a report that the Trump Administration is considering broader tariffs on April 2, including a 20% universal tariff on all imports from all countries.

Losses in the mega cap space have an outsized impact on major indices. NVIDIA (NVDA 105.36, -4.29, -3.9%), Microsoft (MSFT 370.79, -7.94, -2.1%), and Amazon.com (AMZN 186.25, -6.50, -3.4%) are losing standouts in the space.

Treasuries are seeing some safe-haven buying interest in another manifestation of fears about US trade policy. The 10-yr yield is down five basis points to 4.21% and the 2-yr yield is down four basis points to 3.88%.

Earlier, the Chicago PMI rose to 47.6 in March (Briefing.com consensus 45.3) from 45.0. A reading below 50.0 is indicative of contraction.