ARTICLE AD BOX
Traders work on the floor of the New York Stock Exchange on March 6, 2025.
NYSE
S&P 500 futures were relatively unchanged Monday night after concerns that a recession would hit the U.S. economy sparked a broad sell-off in the market.
Futures tied to the S&P 500 fell 0.1%, while Nasdaq-100 futures dropped 0.3%. Futures tied to the Dow Jones Industrial Average rose 18 points, or about 0.04%.
In after-hours action, shares of Delta Air Lines plunged about 12% after the carrier slashed its profit and sales forecast for the current quarter due to weaker demand for U.S. travel.
Stocks sank during Monday's session, extending the S&P 500's sell-off into its fourth week. The Nasdaq Composite saw its worst day since September 2022. Meanwhile, the Dow Jones Industrial Average closed below its 200-day moving average for the first time since Nov. 1, 2023.
"This is starting to feel like a capitulation in the market," Anastasia Amoroso, chief investment strategist at iCapital, said on CNBC's "Closing Bell" on Monday. "We've been waiting for the market to, on a broad basis, hit oversold levels, and I think we're going to get there today. If not today, most likely this week."
The moves lower come as anxiety over an impending recession rose on Wall Street. When asked about the possibility of a recession, President Donald Trump said during a Fox News interview that aired on Sunday that the economy was going through "a period of transition." The remarks arrived after Treasury Secretary Scott Bessent told CNBC on Friday that there could be a "detox period" for the economy as the Trump administration slashes federal spending.
Goldman Sachs also recently cut its economic growth outlook due to the potential effects of Trump's tariff policy.
When it comes to the chances of a recession hitting, Amoroso thinks fears are overblown.
"Why do we have a recession all of a sudden? What indicators actually point to a recession?" she continued. "We have a relatively strong payrolls report. We have consumer spending that is still pacing 3% or 4%, so I don't actually see the reasons to fear a recession at this very moment."
Investors are eagerly awaiting economic data releases later in the week. Job openings data is due on Tuesday. That is followed by February's reading of the consumer price index on Wednesday morning and that month's data for the producer price index on Thursday.
DOGE-related job losses unlikely to move the needle on future interest rate cuts, Barclays says
While job losses from Elon Musk's new Department of Government Efficiency may have sent shockwaves through the market, these mass losses are unlikely to make a huge difference in any upcoming monetary policy decisions, according to Barclays.
"In our view, the bar is high for DOGE-related job losses, in isolation, to alter the FOMC's policy course in the next few meetings. To trigger a move, we think the FOMC would need to see evidence that this is part of a persistent weakening of aggregate labor demand," the bank wrote in a recent note. "The skill and education levels of these workers varies widely, and their geographic footprint is spread throughout the US, suggesting that the private sector will absorb many of these displaced workers."
— Lisa Kailai Han
Wolfe Research is 'certain' that volatility will continue to dominate the market
Market uncertainty has risen in the past few weeks, and Wolfe Research is sure that this trend will continue.
"Investors are likely feeling 'tariff fatigue' as flip flopping of policy and a barrage of news flow throughout last week has whipsawed markets. While this week could very likely bring about more changes to 'current' policy, it remains certain that volatility and choppy trading will continue to dominate," wrote Chris Senyek, the firm's chief investment strategist.
But the good news? While U.S. growth concerns have been building, Senyek also pointed out that overall fundamentals still look healthy for the domestic economy.
"We continue to believe that the U.S. economy is still solid, on the back of the high-end consumer, which drives roughly 50% of overall spending," he wrote. "While we see the current market action as a 'typical' drawdown for stocks with NDX and SPX down 10% & 7% from highs, technical measures are signaling fear but not a washout."
— Lisa Kailai Han
More than 82% of all shares traded on Nasdaq fell in price
More than four out of five, or 82.27%, of all shares traded on the Nasdaq Stock Market on Monday fell in price, while only 17.21% advanced, according to FactSet data. The rest were unchanged.
The New York Stock Exchange fared a little better, with 76.38% of total volume declining and 22.75% advancing.
Those numbers correspond roughly with the number of declining versus advancing stocks. On both the Nasdaq and the NYSE, decliners beat advancers by about 4 to 1. New 52-week lows on Nasdaq reached 413 against just 69 new highs, while on the NYSE new lows beat new highs 137 to 42.
Trading volume was active Monday, with NYSE composite volume of 6.5 billion shares topping 125% of the past 30 days' average and Nasdaq composite volume at 8.79 billion more than 106% of the past month's average, using FactSet data.
— Scott Schnipper
Delta Air Lines, Oracle among the stocks making moves after hours
Here are some stocks making big moves in extended trading:
- Delta Air Lines — Shares of the airline operator slid about 14%. The company dialed back its forecast for the first quarter, citing "the recent reduction in consumer and corporate confidence caused by increased macro uncertainty." Delta now sees year-over-year revenue growth of 3% to 4% for the period, down from a projected increase of 7% to 9%. The company also dialed back its earnings outlook to 30 cents to 50 cents per share, compared to an earlier forecast of 70 cents to $1 per share.
- Oracle — The cloud computing stock gained 3%. Oracle announced it was raising its quarterly dividend by 25% to 50 cents per share. Separately, fiscal third-quarter results missed Wall Street's expectations on the top and bottom lines.
- Asana — Shares plunged more than 25% after CEO Dustin Moskovitz announced he is going to retire. The company also issued weak guidance. Asana expects first-quarter revenue of between $184.5 million and $186.5 million, below the $191 million analysts were expecting, according to LSEG. Meanwhile, the company anticipates full-year revenue will come in at $782 million to $790 million, while analysts had estimated $803.5 million.
Read here for the full list.
— Sean Conlon
English (US)