Stock Market News: S&P and Nasdaq Composite Rise and Dow Down after Trump Threatens Tariffs

Investing

Eric Bleeker

Published: November 26, 2024 12:16 pm

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Let’s look at some of the more notable calls from Wall Street today.

Zoom (Nasdaq: ZM): Received multiple upgrades today. Bernstein took their price target up to $89 while Bank of America raised to $90 while keeping the stock rated at neutral. Other banks had commentary on the stock following earnings, with most raising price targets. Even with rising price targets, Zoom shares are down 8% today.
Chevron (NYSE: CVX): Put on “90-day positive catalyst watch” by Citi analyst Alastair Syme. The bank has a $185 price target on Chevron.
Marvell (Nasdaq: MRVL): Saw its price target rise to $110 from $90 at Oppenheimer. The researcher cited the ramp in custom compute and networking/optics in the coming quarters. Earlier today we previewed why Marvell could be a top AI stock in 2025.

Shortly before noon today, markets are mixed with the S&P 500 and Nasdaq rising while the Dow and Russell 2000 are down.

S&P 500: Up 21.05 (+.35%)
Nasdaq-100: Up 88.61 (+.46%)
Russell 2000: Down 12.26 (-.50%)
Dow Jones Industrial Average: Down 118.71 (-.26%)

The biggest ‘trade’ since Trump’s election has been a rotation to many sectors with larger representation in the Dow Jones Industrial Average and Russell 2000 like banks, industrials, and consumer goods.

That trade is taking a break today with financials trailing the S&P 500. Other sectors that are underperforming include energy (-.25%) and materials (-.73%).

Leading gainers today are utilities (+1.08%), and information technology (+.55%). Let’s take a look at today’s biggest news stories.

Trump Proposes New Tariffs

Yesterday Donald Trump made a post on his Truth Social platform that introduced new tariff proposals. The post said:

“I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail. Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our Country, mostly through Mexico, at levels never seen before. Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America. Thank you for your attention to this matter.”

Markets seem to be shrugging the threat of more tariffs off for now. While Trump has talked about wanting more tariffs, his threats are often more ‘negotiating’ than a plan that’s likely. The industry taking the biggest hit so far is industrials, which could suffer under tariffs levied on Canada.

S&P 500 Laggards Today

Stocks trailing the S&P 500 today include Amgen (Nasdaq: AMGN) and General Motors (NYSE: GM). Let’s look at why each is falling:

Amgen: Announced results you’d expect would lead to share gains, but instead, it has fallen 10% so far today. The company said its experimental weight loss drop led to patients losing 20% of their weight on average. However, those results are less than Wall Street expected, which has led to a sell-off in Amgen’s shares today.
General Motors: GM is one of the biggest losers from Trump’s tariff threats. The company has significant manufacturing in both Canada and Mexico, so any level of tariffs would hurt GM.

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