Tuesday, March 11, 2025
Three of the four major stock market indexes were down again today in this continued freefall on tariff fears and open discussion of a potential economic recession on the horizon. The Dow slid another -478 points for the session, -1.14%, while the Nasdaq only dipped -32 points, -0.18%, and the S&P 500 split the difference: -42 points, -0.76%. The small-cap Russell 2000 finished +0.32% in the green.
Indexes reached intraday lows upon President Trump promising to double tariffs to +50% on Canadian steel and aluminum imports after Ontario Premier Doug Ford slapped a +25% tariff on electricity imports to parts of the northern U.S. Ford has now agreed to suspend this tariff, leading to markets buoying off the deepest cuts of the day — but such is the state of the world today.
Since the “Trump bump” manifest in the stock market the day after the 2024 Presidential Election, markets are all down: the Dow -5.6%, the S&P 500 -7%, the Nasdaq -9% and the Russell 2000 -17%. Bond yields have descended, but mildly by comparison: from 4.34% on the 10-year on November 6th to 4.24% today; the 2-year was 4.22% back then, 3.95% this afternoon.
JOLTS Data Higher than Expected
Earlier today, the Job Openings and Labor Turnover Survey (JOLTS) for January showed higher-than-expected openings: 7.74 million from 7.63 million anticipated. The previous month’s tally was revised down from 7.6 million to 7.5 million in the latest print. Hires rose +9K to 5.39 million for the month; Total Separations (fires/quits) went up +170K to 5.25 million.
Job Quits jumped to their highest monthly level since July of last year: 3.27 million from 3.1 million the previous month. In terms of job openings, Retail led the way with +143K, followed by Finance & Insurance at +77K and Healthcare/Social Assistance with +58K. Professional/Business Services openings dropped precipitously, by -122K.
Stitch Fix Stock +19% on Q2 Results
Unique online personal styling service Stitch Fix SFIX posted a strong fiscal Q2 of growth after today’s closing bell, with revenues of $312.1 million well ahead of the $295.2 million in the Zacks consensus. Forward revenue for Q3 is now between $311-316 million, well above the $273 million analysts had been anticipating. Gross Margins rose 110 basis points year over year to +44.5%. Shares are up +18% on the news at this hour.
Check out the updated Zacks Earnings Calendar here.
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