On Monday, brokers at the New York Stock Exchange (NYSE) are seen looking at the monitors. Initially plummeting, the major indices staged a comeback. With only the Nasdaq slightly falling, the Dow Jones Industrial Average and Standard and Poor’s (S&P) closed up 1% and 0.5%, respectively. Tesla, which had nosedived 7.7% early on, finished the day down just 1.7%.
The New York stock market fluctuated on the last of March.
The three major indices initially plunged two days before the announcement of U.S. President Donald Trump’s reciprocal tariffs. However, the Dow and S&P 500 reversed course and closed in positive territory, while the Nasdaq ended slightly lower.
Tesla and Nvidia, which had suffered steep early losses of 7.7% and 5.5%, respectively, recovered significantly to finish at 1.7% and 1.2%.
Apple bucked the trend, surging nearly 2%.
Despite the day’s recovery, all three major indices posted losses for the first quarter.
Market Turbulence
The stock market exhibited dramatic movements that day.
The day began with a sharp selloff, as the Dow and S&P 500 tumbled over 1% and the Nasdaq plummeted 2.7%.
However, sentiment shifted dramatically later in the day.
Bargain buying emerged, with the belief that the impact of Trump’s upcoming tariff announcement was already priced into the market.
This buying pressure propelled the Dow and S&P 500 into positive territory.
By the closing bell, the Dow had surged 417.86 points (1.00%) to 42,001.76, while the S&P 500 gained 30.91 points (0.55%) to end at 5,611.85.
While still finishing in the red, the Nasdaq reduced its losses significantly.
After its initial 2.7% drop, the index closed down just 23.70 points (0.14%) at 17,299.29.
Despite the late rally, all three indices ended the first quarter in negative territory.
The Dow, comprised of 30 large blue-chip stocks, saw the smallest decline at 1.28%.
The S&P 500, which reflects the broader market situation, fell 4.59%, while the tech-heavy Nasdaq plunged 10.42%.
Tesla and Nvidia
Both Tesla and Nvidia staged impressive comebacks after early stumbles.
Tesla shares initially nosedived 7.7% to $243.36 before bargain hunters stepped in, helping the stock recover to close at $4.39 (1.67%) at $259.16.
Concerns over Trump’s tariffs and CEO Elon Musk’s political activities caused Tesla’s stock to drop for two consecutive days, plummeting 36% in the first quarter.
Since Trump’s inauguration on January 20, Tesla’s stock has plunged over 39%, coinciding with Musk’s leadership of the Department of Government Efficiency (DOGE), which is trimming the federal workforce.
Nvidia also rebounded from a steep intraday loss exceeding 5.5%, finishing down just 1.2%.
Nvidia closed at $108.38, down $1.29 (1.18%), marking its fifth consecutive day of decline since March 25.
Nvidia’s slide was exacerbated by the disappointing IPO of CoreWeave, a cloud software company with a $250 million stake.
CoreWeave shares tumbled $2.92 (7.30%) to $37.08 on their second trading day.
Apple’s Surge
On the other hand, Apple, the largest company in terms of market capitalization, posted substantial gains.
Despite France’s 150 million euro (approximately $161.9 million) fine for antitrust violations, Apple’s stock showed no negative impact.
The little effect on stock prices reflects a growing trend where such regulatory actions have become common for M7 companies.
Instead, Apple shares rallied on reports that the company plans to reintegrate health features into its AI assistant, Apple Intelligence, boosting investor optimism.
Apple’s stock jumped $4.23 (1.94%) to $222.13, though it still recorded an 11.3% loss for the quarter.
Alphabet also saw a modest gain, rising $0.17 (0.11%) to $156.23.
Meanwhile, Microsoft, the second-largest company by market capitalization, bucked the trend, falling $3.41 (0.90%) to $375.39.
