S&P 500 (IVV) In Deep Red As Monday’s Stock Market Meltdown Continues
It’s a wild day on the stock market today, and it’s only just begun. The iShares Core S&P 500 ETF (NYEARCA:IVV) opened at $482 per share, a 7% drop from Friday’s close, only to soar 8.5% to $523 per share — and then falling again to erase all the gains. All in the span of […] The post S&P 500 (IVV) In Deep Red As Monday’s Stock Market Meltdown Continues appeared first on 24/7 Wall St..
President Trump’s tariffs are introducing extreme volatility into the market with the SPDR S&P 500 ETF (SPY) opening lower, then shooting higher, only to tumble once more.
That’s being played out by many high-profile stocks, though a number of the S&P 500‘s components rallying and holding onto their gains.
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It’s a wild day on the stock market today, and it’s only just begun. The iShares Core S&P 500 ETF (NYEARCA:IVV) opened at $482 per share, a 7% drop from Friday’s close, only to soar 8.5% to $523 per share — and then falling again to erase all the gains. All in the span of an hour. At 10:38 a.m., SPY stock is down 0.4% at just under $495 per share.
On again, off again tariffs
The raucous start to trading was ignited by National Economic Council director Kevin Hassett telling Fox News countries were approaching the Trump administration with “great” deals over the president’s sweeping tariffs imposed last week.
Over the weekend, the White House said 50 countries notified Trump they were willing to negotiate over the import duties, and it was reported Vietnam, Taiwan, and even Zimbabwe were willing to drop their tariffs to 0% on U.S. goods to end the trade war.
Trump’s tariffs initially launched fears of global retaliation bringing on an economic recession, which caused the Dow Jones Industrial Average to fall by more than 1,500 points on two consecutive day, an unprecedented decline by the index. While Europe was reported considering retaliatory tariffs, which Trump has promised to meet with even higher duties, Hassett’s comments suggest it may be more muted than originally feared.
A roller coaster ride
Today’s impact of the tariffs and the quickly evaporated euphoria is being replicated across components of the S&P 500. Tesla (NASDAQ:TSLA) stock, for example, opened nearly 6% lower this morning, before racing 10% higher, only to collapse once more. Shares are now down more than 4% at $234 per share.
Similarly, Advanced Micro Devices (NASDAQ:AMD) followed the pattern, opening sharply lower, jumping 14% higher, and then tumbling lower to where it trades down almost 2%.
Not all stocks reacted the same way, however. Super Micro Computer (NASDAQ:SMCI) opened down 12% from Friday, jumped up to $34.15 per share, a 22% gain, but it has held onto most of the increase.
Dollar Tree (NASDAQ:DLTR) is the best-performing S&P 500 component with shares up 10% so far today.
With plenty of time left in the trading day today, expect a lot more volatility for the SPDR S&P 500 ETF and most of its member stocks.
The post S&P 500 (IVV) In Deep Red As Monday’s Stock Market Meltdown Continues appeared first on 24/7 Wall St..
