The Dow is down over 200 points in premarket trading
Stocks futures are sharply lower this morning, as Wall Street kicks off a new quarter with renewed anxiety over trade policy. All three major indexes closed out March with monthly and quarterly losses, and now investors are bracing for the highly anticipated rollout of President Donald Trump's tariffs set for tomorrow. Futures on the Dow Jones Industrial Average (DJI) are down 239 points before the bell, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is pacing for its fifth-straight daily gain.
Continue reading for more on today's market, including:
- How options mechanics could impact an SPX rebound, per Schaeffer's Senior V.P. of Research Todd Salamone.
- Intel is one of the worst stocks to own in spring, historically.
- Plus, PVH jumps after earnings; and analyst notes to watch this morning.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and over 1 million put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.58, while the 21-day moving average stayed at 0.60.
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Calvin Klein parent PVH Corp (NYSE:PVH) is up 15.6% before the bell, after the company beat top- and bottom-line estimates in the fourth quarter. The retail name also announced a $500 million share buyback plan, and a handful of analysts adjusted their price targets. Looking to bounce off last session's 52-week lows, the equity is down 38.9% heading into today.
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Jefferies downgraded both
American Airlines Group Inc (NASDAQ:AAL) and
Delta Air Lines Inc (NYSE:DAL) to "hold." In premarket trading,
AAL and
DAL are down 1.6% and 2%, respectively, and looking to extend their five-day losing streaks to six.
- The shares of First Watch Restaurant Group Inc (NASDAQ:FWRG) are up 3.5% in electronic trading, after an upgrade from TD Cowen to "buy" from "hold." FWRG is down 10% in 2025.
- Employment data coming up this week.
Barrage of Economic Data in Asia
As economic data floods in, Asian markets brushed Trump tariff concerns under the rug, with stocks finishing higher following yesterday’s steep selloff. China saw the Caixin purchasing managers’ index (PMI) for March come in at a higher-than-expected 51.2, while exports in South Korea rose 3.1% last month, missing estimates but significantly elevated from February. The region’s Shanghai Composite and Hong Kong’s Hang Seng both rose 0.4%. Japan’s unemployment reading of 2.4% for February slightly missed expectations, but the Nikkei still eked out a marginal win. In South Korea, the Kospi added 1.6%.
Sentiment in Europe is also improving after Euro zone inflation fell to 2.2% for March, increasing expectations of a rate cut out of the European Central Bank (ECB) later this month. At last check, London’s FTSE 100 and France’s CAC 40 are both up 0.6%, while Germany’s DAX sports a 1% lead.