Live Markets: S&P 500 Reverses, NKLA Reels, HIMS Soars

The markets are trading lower with the S&P 500 retreating from its recently minted record high levels while the negative sentiment has also spilled over to the Dow Jones Industrial Average and Nasdaq. Tariff-related fears appear to have sparked the sell-off, with President Trump warning that tariffs on autos, pharmaceuticals and semiconductors, which were originally targeting 25%, could rise higher.

Profit taking in yesterday’s tech winner Intel (Nasdaq: INTC) is pressuring the S&P 500 today.  Hims & Hers Health (Nasdaq: HIMS) is soaring 20% on the day on an at-home lab-testing acquisition.

The Dow Jones U.S. Auto Manufacturing Index is up 1.25% as of late morning trading despite the tariff fears. However, General Motors (NYSE: GM) is falling 1.2%. The oil price is up today, and that is buoying energy stocks. The S&P 500 Energy Index is up 1.1% today,

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Down 133.64 (-0.30%)
Nasdaq Composite: Down 21.09 (-0.10%)
S&P 500: Down 1.44 (-0.03%)

Tech Roundup

Intel has been rallying amid reports of a potential split, which added more fuel to the gains, but the stock is giving up some of that ground today, falling 5.5%.

The EV industry suffered a blow after Nikola Corp (Nasdaq: NKLA) filed for bankruptcy protection, sending the stock reeling by 36%. The company was once a high-flying EV startup but started unraveling recently amid executive shakeups exacerbated by instances of fraud on top of weakening demand. Meanwhile, EV leader Tesla (Nasdaq: TSLA) is up 1.5% on the day.

Apple has introduced the iPhone 16 at a lower price point, but the stock is relatively flat. While this device is labeled as a more affordable product, it still has the capacity to harness AI technology.

Microsoft (Nasdaq: MSFT) is making strides with its Quantum chip, and the stock is higher on the day.

Earnings Drag

Etsy (Nasdaq: ETSY) stock is down nearly 10% on the day after a Q4 revenue miss that sent the stock reeling. The revenue, which reflects performance during the holiday season, came in at $852.2 million compared with estimates of $862.8 million. General merchandise sales also fell short of expectations while falling almost 7% year-over-year.

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