2025-03-31
A career pivot led this bond fund manager from Japan to finance to find her passion
The S&P 500 clawed back earlier losses on Monday to trade slightly higher, as traders nervously looked ahead to President Donald Trump’s tariff plans.The broad market index was last up 0.07% after falling as much as 1.7%, while the Nasdaq Composite fell 0.7%. The Dow Jones Industrial Average added 295 points, or 0.7%. Earlier in the day, the S&P 500 traded 10% below its record.Tech giants Nvidia and Meta Platforms fell 3% and 1%, respectively. Tesla also lost 3%. Tech stocks have struggled to recapture their meteoric rise from last year that was spurred by rising artificial intelligence sentiment. AI darling Nvidia, for example, is now more than 30% off of its 52-week high. Investors seeking safety were pushing some Dow components like Coca-Cola and Walmart higher.Trump said Sunday that his plan for “reciprocal tariffs” — expected to be unveiled Wednesday — will target “all countries,” rejecting the notion that the upcoming levies will be narrower and more targeted. In fact, The Wall Street Journal reported the president had in recent days pushed his advisors to get more aggressive when it comes to tariffs.“We continue to trade with the backdrop of tariff uncertainty and a shroud of secrecy about what may come next,” said Jay Woods, chief global strategist at Freedom Capital Markets. “As a result, investors sell first and wait. It has all the makings of a panic sell-off where a snap back rally on the horizon.”Trump’s rhetoric as “liberation day” approaches has culminated in a renewed sense of worry that the tariffs will significantly slow the economy, and could perhaps even be a catalyst for a recession. Economists polled in the CNBC Rapid Update survey points to first-quarter economic expansion of just 0.3%, well below the 2.3% growth seen in the fourth quarter. “[I]t’s time for reciprocity, and it’s time for a president to take historic change to do what’s right for the American people, and that’s going to take place on Wednesday,” White House press secretary Karoline Leavitt said Monday. The broad market index is more than 9% below a record set in February. It also hit its lowest level since September on Monday. The tech-heavy Nasdaq also reached levels not seen since September and is 15% below its all-time high set in December.Monday marks the final day of what has been a tumultuous month and quarter for Wall Street. The S&P 500 dipped into correction territory in March after hitting a record in February.The S&P 500 is down 6.3% for the month, on pace for its biggest one-month slide since September 2022, when it dropped 9.3%. The Nasdaq has lost 8% in March, while the Dow has fallen 5%.For the quarter, the S&P 500 was down 5%. That puts it on pace to snap a five-quarter winning streak. The Nasdaq has lost 10.9% this quarter, which would mark its biggest quarterly pullback since a 22.4% plunge in the second quarter of 2022. The Dow has shed 1.6% in the first three months of 2025.More market choppiness ahead, warns Truist’s LernerThere may be some near-term relief for markets this week, but Keith Lerner of Truist doesn’t think it will last. “While it’s possible markets may get some relief as investors gain some clarity on the ‘rules of engagement’ around tariffs and ‘retest the recent low,’ our view is the near term is set to remain choppy and markets are unlikely to return to new highs over the near term,” the firm’s co-chief investment officer wrote. The S&P 500 touched its lowest level since September on Monday before rebounding.— Fred ImbertBarclays downgrades Canada GooseBarclays says a challenging macro backdrop and intensifying competition will pressure Canada Goose.The firm lowered its rating on the winter apparel stock to underweight from equal weight in a research note on Monday. It also slashed its price target to $8 per share from $10, implying 2.9% downside potential from Friday’s close.The company’s high exposure to production in Canada makes it particularly vulnerable to tariff risks, according to analyst Adrienne Yih.“While the recent pullback in valuation and share price suggests that GOOS’s stock may already reflect these concerns, we see GOOS trading within a range in the near term with potential risk to estimates should competitive pressures remain high and tariff risks intensify,” wrote Yih.Shares fell more than 6% Monday, pulling the stock down nearly 23% in 2025.— Hakyung KimNewsmax stock spikes 500% in first-ever trading dayBrendan McDermid | ReutersScreens display the trading information for Newsmax Inc. during the company’s IPO on the floor at the New York Stock Exchange on March 31, 2025.Conservative cable news network Newsmax soared more than 500% in its first day of trading, after going public on the New York Stock Exchange on Monday.The stock was last trading around $66 per share. Newsmax opened at $14 per share after pricing at $10 per share.Newsmax first announced its plans for an initial public offering last September, with its IPO coming at a time of increasing uncertainty for the traditional cable news industry. On the other hand, Newsmax has consistently seen its ratings rise after President Trump was voted back into office for his second term.“I think there was a demand for more competition against Fox,” Newsmax CEO and founder Christopher Ruddy told CNBC’s “Squawk Box” on Monday. “I think it’s a pretty big achievement for a 10-year-old, new cable company.”— Lillian Rizzo, Lisa Kailai HanStocks making the biggest moves midday MondayBrendan McDermid | ReutersA screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company’s IPO at the Nasdaq Market in New York City on March 28, 2025.Check out the companies making headlines in midday trading:CoreWeave — Shares of the cloud provider tumbled more than 9% in its second trading session since going public. CoreWeave, which rents out access to Nvidia graphics processing units to other large tech companies, suffered a disappointing debut last week. Nvidia also saw its shares drop more than 4% on Monday.Canada Goose — The Canadian outerwear firm saw shares sliding more than 6% to hit a new 52-week low after Barclays downgraded the stock to underweight from equal weight. The Wall Street firm cited global macro pressure, increasing competition and the potential effects of tariff exposure as reasons for the downgrade.Moderna — The biotechnology company tumbled 8% following the resignation of the U.S. Food and Drug Administration’s top vaccine regulator Peter Marks. His departure, which he said was based on “misinformation and lies” around immunization, has caused concerns over whether the Trump administration will swiftly approve and promote critical vaccines. The full list can be found here.— Hakyung Kim10 sectors out of 11 pacing for a negative MarchAs of Monday, 10 of the 11 GICS sectors were negative on the month.The losses were led by the consumer discretionary and information technology sectors, both down 11%. Communication services stocks followed with a 10% decline.The energy sector, on the other hand, was the only exception. The sector was led higher by shares of EQT, Hess, Coterra, Exxon and Chevron, which all gained more than 5% in March. Specifically, shares of EQT have gained nearly 11% on the month and are on pace for their fourth positive month in five.— Gina Francolla, Lisa Kailai HanGoldman lowers S&P 500 forecast againGoldman Sachs chief U.S. equity strategist David Kostin has cut the firm’s year-end target for the S&P 500 to 5,700 from 6,200. That is the second target cut for Kostin this month. The new projection is the lowest among major Wall Street strategists, according to the CNBC Market Strategist Survey.Read more about the call on CNBC Pro.— Jesse PoundBTIG upgrades Progyny, sees more than 25% upsideBTIG believes demand is coming back for fertility benefits provider Progyny, upgrading the stock to buy from neutral Monday.The firm’s recent survey of 15 health plans showed an increase in plans that expect to use Progyny, analyst David Larson wrote in a note to clients. He also likes the company’s balance sheet and cash flow and said valuation is reasonable.“We believe that consumption of services will continue to stabilize and improve, the Trump Administration favors IVF, and election-related economic uncertainty is now behind us,” Larson wrote. “We believe that macro factors such as the labor market and inflation, are important drivers of the use of PGNY, and we believe that trends are improving.”His $28 price target implies 28% upside from Friday’s close. Shares were up 3.5% in midday trading.— Michelle FoxS&P 500 returns to correction territoryThe S&P 500‘s Monday slide pushed the broad index back into correction territory, which is defined as a drop of at least 10% from a recent high.The index slid around 1% around 10 a.m. ET. With that decline, the S&P 500 was now down about 10.3% from its record high close set in February.The S&P 500 has traded in the correction zone at multiple points during its current rout. With Monday’s move, the index has tumbled around 6% on the year.— Alex HarringU.S. Steel’s share price nearing full fundamental value, says BMO Capital Markets Jeff Swensen | Getty ImagesA general view of the exterior of the U.S. Steel Tower, headquarters of USX Steel, in Pittsburgh, Pennsylvania, on March 20, 2024.BMO Capital Markets downgraded U.S. Steel to market perform from outperform as the company’s deal with Nippon Steel remains in the air.U.S. Steel shares are up 26.5% this year, rallying after President Trump and Japanese Prime Minister Shigeru Ishiba said in February that Nippon Steel’s $14.9 billion bid for U.S. Steel would take the form of an investment rather than a purchase. Former U.S. President Joe Biden had blocked Nippon’s bid for U.S. Steel in early January, citing national security concerns.Still, BMO analyst Katja Jancic believes the stock’s valuation is running high and the uncertainty tied to the deal is “too great at this point to maintain an outperform recommendation.”“The current share price is nearing fair fundamental value,” Jancic said in a note to clients. “We recognize that Nippon/US Steel transaction remains a possibility given ongoing conversation with the government, but in our view significant uncertainty remains as President Trump has been supportive of Nippon investing in US Steel but has spoken against full ownership.”— Pia SinghGoldman sees Trump tariffs driving inflation higherBrandon Bell | Getty ImagesA customer shops for produce at an H-E-B grocery store in Austin, Texas, on Feb. 12, 2025.Goldman Sachs thinks tariffs from President Trump could put even more upward pressure on prices, making for an even gloomier economic outlook. The bank sees its preferred core inflation measure reaching 3.5% in 2025. That is 0.5 percentage points higher than a prior forecast and well above the Fed’s 2% goal.— Fred ImbertStocks open lowerU.S. stocks opened lower on Monday, with investors remaining on edge ahead of President Trump’s tariff plans on Wednesday.The S&P 500 pulled back 1.3%, while the Nasdaq Composite fell 2.3%. The Dow Jones Industrial Average pulled back 273 points, or 0.6%.— Brian EvansTrump family launches bitcoin mining venture with Hut 8Shares of the bitcoin miner Hut 8 jumped 7% in premarket trading after it announced a new majority owned subsidiary called American Bitcoin.The new company, which will focus on industrial-scale bitcoin mining and strategic bitcoin reserve development, is the result of a merger with American Data Centers – a company formed by a group of investors including Eric Trump and Donald Trump Jr. – which has been renamed and relaunched as American Bitcoin.As part of the deal, Miami-based Hut 8 is shifting “substantially all” of its bitcoin mining machines to the new subsidiary in exchange for an 80% stake, it said in a press release. The Trump brothers will retain a 20% stake in it.American Bitcoin executives have said plans to mine and accumulate bitcoin for their own reserve are unrelated to the U.S. strategic bitcoin reserve that President Trump established this year in an executive order, the Wall Street Journal reported.— Tanaya MacheelAutomakers extend losses Monday morningGeneral Motors and Ford slipped 2.5% and 1.5%, respectively, while Stellantis fell nearly 3% Monday before the bell. The carmakers continued their losses from last week ahead of President Donald Trump’s new tariffs on imported cars, which are slated to take effect on April 3. Over the weekend, Trump stated in an interview with NBC News over the weekend that he “couldn’t care less” if automakers increased prices as a result of the tariffs. — Hakyung KimTesla, Nvidia among the stocks making moves before the bellSelcuk Acar | Anadolu | Getty ImagesDemonstrators gather outside a Tesla showroom for a protest dubbed ‘Tesla Takedown’ against the company’s CEO, Elon Musk (not seen), in New York, United States on March 13, 2025. Some stocks are making big moves in premarket trading Monday:Tesla – The electric vehicle maker tumbled more than 6% after Stifel cut its price target on the stock. The firm said that a slower-than-expected rollout of Telsa’s new Model Y and recent protests could weigh on sales in the near term.Auto stocks – Shares of automakers pulled back as President Donald Trump’s tariffs on imported cars are set to take effect this week. The president said in an interview with NBC News over the weekend that he “couldn’t care less” if automakers increased prices as a result of the tariffs. On Monday, shares of Stellantis shed more than 3%, while General Motors and Ford slid more than 2% and 1%, respectively.CoreWeave – Shares of the Nvidia-backed cloud provider fell nearly 5% after closing flat in its Nasdaq debut on Friday. Nvidia shares also dropped more than 4% after CoreWeave’s disappointing debut. The artificial intelligence chip darling has fallen more than 18% in 2025. Read the full list here.— Sean ConlonMr. Cooper shares soar 25% after Rocket Companies’ takeover dealMortgage firm Mr. Cooper saw shares soaring 25% in premarket trading after fintech platform Rocket Companies announced a definitive agreement to acquire Mr. Cooper in an all-stock transaction for $9.4 billion in equity value.Famed investor Leon Cooperman’s family office Omega Advisors owned 4.5% of Mr. Cooper, or 2.9 million shares, at the end of 2024.— Yun LiReciprocal tariffs will target all countries, Trump saysBrendan Smialowski | Afp | Getty ImagesU.S. President Donald Trump speaks to members of the press while returning to Washington, D.C., on Air Force One on March 30, 2025.President Trump said on Sunday that his reciprocal tariff plan will target all countries, as opposed to the group of 10 to 15 nations that have the largest U.S. trade deficit.“You’d start with all countries,” Trump said. “Essentially all of the countries that we’re talking about.”— Brian EvansWith light corporate news on deck, Wall Street readies for heavy macro weekInvestors will be keenly focused on a wide array of macroeconomic data points this week to better assess the health of the U.S. economy.Outside of Wednesday’s so-called Liberation Day, where President Trump will present his reciprocal tariff plan, here is what else is happening on the data front this week:U.S. manufacturing PMI and JOLTS job openings data on TuesdayADP private payrolls report for March on WednesdayInitial jobless claims, ISM services and ISM services PMI, as well as data on the U.S. trade deficit on ThursdayNonfarm payrolls report for March on Friday A slew of commentary from central bank officials will also be spread out across the week.— Brian EvansJapan’s Nikkei slumps over 4% to enter correction territory as Trump tariffs keep investors on edgeAsia-Pacific markets plunged Monday ahead of U.S. President Donald Trump’s fresh round of tariffs expected later in the week, with Japan’s Nikkei 225 entering correction territory.The Nikkei 225 index plunged 4.05% to end the day at 35,617.56, losing nearly 12% from its December high. The broader Topix index lost 3.57% to 2,658.73.Over in South Korea, the Kospi index closed 3% lower at 2,481.12, while the small-cap Kosdaq declined 3.01% to 672.85, with the markets regulator allowing short selling Monday after the longest ban on the activity in the country’s history.Australia’s S&P/ASX 200 ended the day 1.74% lower at 7,843.30, ahead of the Reserve Bank of Australia’s policy meeting Tuesday. The central bank is widely expected to stand pat on interest rates at 4.1% as the country heads to the polls on May 3.Mainland China’s CSI 300 lost 0.71% to close at 3,887.31, while Hong Kong’s Hang Seng Index was down 1.02% as of its final hour of trade.Indian markets were closed for a public holiday.— Amala BalakrishnerWhere the major averages standHere’s where the major averages stand for the month ahead of March’s last trading day:The S&P 500 is down 6.27%.The Nasdaq Composite is down 8.09%.The Dow Jones Industrial Average is down 5.15%.The Russell 2000 is down 6.46%. Correction: This post has been updated to fix Nasdaq and Dow moves.— Lisa Kailai HanPresident Donald Trump has pushed advisors to be more aggressive on tariffs, The Wall Street Journal reportsPresident Donald Trump has pushed his team to be more aggressive when it comes to tariffs, The Wall Street Journal reported Sunday.The article followed comments made by the president on Saturday when he told NBC News that he “couldn’t care less” if foreign automakers raise their prices due to these new tariffs. Trump’s economic tariffs, including a 25% levy on “all cars that are not made in the United States,” will go into effect on April 2, a day the president has dubbed “Liberation Day.”— Lisa Kailai HanStocks suffered losses last weekWall Street is coming off a negative week for stocks.The S&P 500 fell 1.53% for its fifth negative week in six.The Dow Jones Industrial Average shed 0.96% for its third negative week in four.The Nasdaq Composite tumbled 2.59%, also notching its fifth negative week in six.The Russell 2000 slipped 1.64% for its fifth negative week in six. — Lisa Kailai Han, Christopher HayesStock futures fallStock futures fell Sunday night.Futures tied to the Dow Jones Industrial Average dropped 236 points, or 0.6%, shortly after 6 p.m. ET. S&P 500 futures and Nasdaq 100 futures shed 0.5% and 0.7%, respectively.— Lisa Kailai Han
