Stock Futures Slump as Tariff Rhetoric Sharpens

Stocks are sporting a sharp move lower to close out the month of March, with futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) each down over 200 points. At the center of investor jitters once more are President Donald Trump's tariffs, set to go into effect on Wednesday. Over the weekend, the president told NBC News that he "couldn't care less" if foreign auto companies raised their car prices. The Wall Street Journal also reported the administration is trying to regain support for broader, across-the-board hikes of 20%.

All three indexes are on track to finish March and the quarter with steep losses, the S&P 500 Index (SPX) eyeing its worst month since September 2022. For the quarter, the Nasdaq is facing a more than 10% plunge. 

Continue reading for more on today's market, including:

• Strong start, weak finish; the story of last week on Wall Street.
• Rocket Lab scores another big military contract.
• Plus, Tesla target trimmed; Bitcoin movement; and vaccine stocks crumble.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts and 1.4 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.68, while the 21-day moving average stayed at 0.60.
2. Tesla Inc (NASDAQ:TSLA) stock is 5.9% lower before the bell, after Stifel trimmed its price target to $455 from $474. The analyst in coverage is wary of the latest protests against CEO Elon Musk impacting the Model Y rollout. Tesla stock is down 35% year-to-date.
3. Hut 8 Corp (NASDAQ:HUT) stock is up 5.5% ahead of the open, after the Bitcoin (BTC) miner announced American Bitcoin Corp, a company with investment backing from Eric Trump, to focus on industrial scaling. HUT is down 43% in 2025 already. 
4. The shares of Moderna Inc. (NASDAQ:MRNA) are down 10.4% in electronic trading, amid reports that the Food and Drug Administration's top vaccine regulator will be forced out. Moderna stock was 71% lower in the last 12 months leading up to today. 
5. Jobs data in focus to start April.

Overseas Markets Rattled by Tariff Tensions

Markets in Asia suffered steep losses for today’s session, as tariff tensions continue to weigh heavily. The NBS Manufacturing purchasing managers’ index (PMI) in China came in at 50.5 for March, matching analyst expectations. Japan’s Nikkei fell 4.1%, earlier touching six-month lows, while China’s Shanghai Composite dropped 0.5%. Elsewhere, Hong Kong’s Hang Seng shed 1.3% and South Korea’s Kospi suffered a notable 3% slide.

Sentiment is no better across the pond, with European bourses sitting deep in the red at last look. London’s FTSE 100 is down 1.4%, France’s CAC 40 is 2% lower, and Germany’s DAX is off 2.1%, after the region’s March inflation came in at 2.3% -- slightly lower than expected.