A stock market that was already full of jitters got something a little more tangible to worry about over the weekend, and that spilled out into Tuesday trade that sent the Nasdaq Composite into a correction.
President Donald Trump on Labor Day said America would "end reliance on China once and for all, whether it's decoupling or putting in massive tariffs like I've been doing already." China, meanwhile, announced an initiative to help set global data-security standards -- a counter to America's "Clean Network" guidelines that would exclude some Chinese firms.
Large tech firms took the worst of it, including Tesla (TSLA, -21.1%). Standard & Poor's surprised many market observers by not adding the electric vehicle maker to the S&P 500. Instead, online marketplace Etsy (ETSY), automatic test equipment supplier Teradyne (TER) and health care tech and manufacturing firm Catalent (CTLT) will be elevated as of Sept. 21. Out will be tax preparer H&R Block (HRB), beauty company Coty (COTY) and discount department-store chain Kohl's (KSS).
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The tech-heavy Nasdaq Composite finished 4.1% lower to 10,847. The blue-chip index has now dropped 10% in the past three trading sessions, putting it in correction territory (a drop of 10% or more).
Other action in the stock market today:
- The Dow Jones Industrial Average closed with a 2.3% decline to 27,500.
- The S&P 500 lost 2.8% to 3,331.
- The Russell 2000 was the "least bad" major index, declining 2.0% to 1,504.
Also, don't forget to check out this week's earnings calendar to see which pivotal reports are coming up.
Know How to Protect Yourself
If you haven't already, consider reviewing your defensive options. Even if the market isn't looking over a deep cliff like it was in late February, more experts are calling for continued turbulence in the weeks ahead. "Market volatility is returning after months of steady advances in risk assets," writes the BlackRock Investment Institute. "Valuations have risen, and we could see greater volatility in coming months as a result, especially as the U.S. election closes in."
The Pros' Picks: 9 Stocks to Sell Now
Bonds and gold could yet again act as stores of protection, but it's easier buy both with funds -- these seven gold ETFs allow you to buy either the metal itself or the miners who collect it, while these 12 bond funds provide access to several categories of fixed income.
But if you want to remain invested in stocks while still shielding yourself from catastrophe, utility stocks are returning to form. Here, we examine 11 top-rated utility stocks to buy now, including a couple of sector picks that have really broken the mold this year.
-
Dow Hits New Intraday High on Fed Day: Stock Market TodayNot even the most important stock in the world could keep the oldest equity index down on a significant day for markets.
-
Savings Goal CalculatorTools Want to know how much you need to save each month to reach your financial goals? Our calculator helps you build a realistic savings plan.
-
Stocks Rise to Start Fed Week: Stock Market TodayThe Nasdaq Composite and S&P 500 hit new record closing highs as Wall Street awaits the Fed's next rate cut.
-
Markets Prepare for August Inflation Data: Stock Market TodayApple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market TodayThe August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have TodaySherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have TodayUNH stock was a massive market beater for ages — until it wasn't.
-
Stocks Edge Higher With Nvidia, Fed in Focus: Stock Market TodayThe AI bellwether reports earnings after today's close, while Wall Street is keeping a cautious eye on President Trump's attacks against the Fed.
-
Dow Retreats From a Record High: Stock Market TodayQuietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
-
What Tariffs Mean for Your Sector ExposureNew, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
