LIVE MARKETS-US stocks slump in early trade
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U.S. STOCKS SLUMP IN EARLY TRADE
U.S. stocks are solidly lower to kick off the trading week, with the S&P 500 .SPX down nearly 2%, while the Nasdaq .IXIC> is down nearly 3%, putting it deeper into correction territory, as worries about the Trump administration's tariff plans could spark a recession grow.
President Donald Trump, in an interview with Fox News on Sunday, declined to predict whether the U.S. could fall into a recession and instead said "there is a period of transition."
Trump's imposed new tariffs of 25% on Mexico and Canada last week, as well as fresh levies on China, but then subsequently exempted many products from Canada and Mexico for a month, sowing confusion about the nation's trade policy.
The benchmark S&P index is now down nearly 8% from its February 19 closing record, while the Nasdaq is down more than 12% from its December 16 closing high.
Tech .SPLRCT and communication services .SPLRCL are both down around 3% as the worst performers of the 11 major S&P sectors. Communication services is on track for its biggest daily percentage drop since December 18.
Energy .SPNY is the best performing sector, with defensive utilities .SPLRCU and consumer staples .SPLRCS also showing gains. Real estate .SPLRCR is roughly flat as Treasury yields are tumbling.
The CBOE volatility index .VIX is last at 26.43 after climbing to 26.77, its highest since December 18.
Below is your market snapshot:
(Chuck Mikolajczak)
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
S&P 500 INDEX: DOWNSIDE STILL BECKONS - CLICK HERE
WHEN COULD THE EURO'S RISE HURT EARNINGS? - CLICK HERE
GERMANY'S DEBT BRAKE REFORM: FAR FROM A DONE DEAL - CLICK HERE
BUYBACKS TO THE RESCUE? - CLICK HERE
"EUROZONE SHORT TERM LOOKS OVERBOUGHT" - CLICK HERE
VOLATILITY STAYS HIGH, STOXX DIPS - CLICK HERE
BEFORE THE BELL: EUROPEAN FUTURES BOUNCE BACK - CLICK HERE
TRUMP'S TARIFFS RAISE RECESSION RED FLAGS - CLICK HERE
Early trade March 10
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