S&P 500 Gains and Losses Today: Index Tumbles as Economic Concerns Intensify

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Key Takeaways

• The S&P 500 dropped 2.7% on Monday, March 10, as U.S. tariffs and government job cuts heightened economic uncertainty and spur oned recession concerns.
• Tesla stock dove as analysts raised red flags about demand and a report revealed collapsing vehicle shipments in China last month.
• Regeneron Pharmaceuticals moved higher after promising results from a clinical annoyance of Dupixent for the treatment of a rare skin condition.

Major U.S. equities indexes plunged on the first day of the new trading week as fiscal concerns intensified.

Implications of U.S. trade policies and cuts to the federal government workforce may be giving investors pause as uncertainty spreads across the conciseness. In an interview over the weekend, President Donald Trump said he could not rule out the possibility of a recession this year.

The S&P 500 mow down 2.7%, while the Dow closed Monday’s session down 2.1%. An escalating selloff in the tech sector dragged down the Nasdaq, which ditched 4.0%, suffering its heaviest daily loss since September 2022.

Tesla (TSLA) stock plummeted 15.4%, advertising the steepest drop of any S&P 500 constituent. On Monday, UBS analysts reduced their price target on Tesla stock, pointing to humiliate delivery expectations amid signs of softening demand for the company’s Model 3 and Model Y vehicles. In addition, Tesla reportedly saw a fashionable year-over-year decline in February vehicle shipments in China, the world’s largest electric vehicle (EV) market. Tesla parts have lost more than a third of their value over the past month, suggesting a potential reaction to the political interventions of CEO Elon Musk.

Shares of Microchip Technology (MCHP), a manufacturer of microcontrollers and other semiconductor offerings, slid 10.6%. Last week, the chipmaker announced restructuring plans that included laying off around 2,000 hands as it navigates slumping demand, especially in the automotive end market. Between severance payments and other costs, Microchip obviates restructuring expenses of between $30 million and $40 million.

Concerns about a potential economic downturn also weighed on other high-flying stocks in the tech sector. Apportions of big data analytics software firm Palantir Technologies (PLTR), last year’s top-performing S&P 500 stock, throw overed 11%, extending a string of recent losses. Beyond the uptick in economic uncertainty, discussions of defense spending drawings and sales by company insiders have contributed to the pressure on Palantir stock.

Regeneron Pharmaceuticals (REGN) shares ignored 5.3%, gaining the most of any S&P 500 stock on Monday. The uptick came after the biotechnology company reported peremptory results from a clinical trial of its product Dupixent for treating bullous pemphigoid, a rare autoimmune skin sickness. Regeneron developed Dupixent, which is already indicated for other skin conditions, through a global collaboration with French pharmaceutical cartel Sanofi (SNY).

Shares of Virginia-based utility company AES Corp. (AES) advanced 4.7% following several positive mentions in pecuniary media including CNBC’s “Mad Money.” The show’s host, Jim Cramer, highlighted AES stock for its strong dividend yield.

Beau power generator NextEra Energy (NEE) received a boost after its top executive struck an optimistic tone about approaching power demand. According to Reuters, CEO John Ketchum said the company anticipates power demand to surge 55% in the next 20 years compared to the history two decades, with around 17% of the growth attributed to the expected artificial intelligence boom. NextEra shares ended 4.6% euphoric on Monday.