Stock Market Today: Stocks whipsaw amid tariff uncertainty, hiring slump
The market's key volatility gauge is trading at the highest levels since early December.
U.S. stocks turned higher in Wednesday afternoon trading, while the dollar sank to a three-month low against its global peers, as investors reacted to a potential compromise on tariffs while adjusting to a seismic change in German fiscal policy that will likely reverberate around the entire region.
Updated 12:53 PM EST
More tariff talk
Another tariff-related headline, this time suggesting the auto sector might be exempt from duties on goods imported from Canada and Mexico, is lifting stocks into the afternoon session and ahead of an expected statement from the White House later in the day.
Reuters has reported that President Trump held phone calls with the CEOs of Ford and General Motors, as well as the chairman of Stellantis, on potentially delaying tariffs on the auto sector by at least a month.
The S&P 500 was last seen 35 points, or 0.61% higher on the session while the Nasdaq was marked 150 points, or 0.82% higher.
BREAKING: The US is considering a 1 month delay on auto tariffs on both Canada and Mexico.— The Kobeissi Letter (@KobeissiLetter) March 5, 2025
Updated at 11:24 AM EST
Crude realities
Global oil prices are trading at the lowest levels in four years, with U.S. crude testing the $65 per barrel mark, following a move by OPEC cartel members to boost supply and slowing demand tied to tariffs and economic uncertainty.
"The prospect of rising OPEC+ supply, combined with intensifying uncertainty over tariffs, hit oil market sentiment," said ING's head of commodities strategy Warren Patterson. "Overnight, there were suggestions that the Trump administration is considering some tariff relief on imports from Canada and Mexico. But heightened uncertainty is sending investors to the sidelines."
Brent crude futures contracts for May delivery, the global pricing benchmark, were last marked $2.42 lower on the session at $68.63 per barrel, with WTI futures for April down $2.76 at $65.50 per barrel, the lowest since May of 2023.
As brent crude plunges to its lowest level since Dec 2021, EURUSD having its best 3-day gain in almost a decade pic.twitter.com/4P4usaNQXN— Mike Zaccardi, CFA, CMT
