Shares in 5,432 companies trade every day starting at 9:30 on the New York Stock Exchange or Nasdaq. They were having an interesting ride Monday morning.
In the first 15 minutes of trading all but 70 of all listed securities continued last week’s free-fall and the broader market shed another 4%. Then the market swung violently to a 2% gain shortly after 10 a.m. on rumors the Trump administration would postpone tariffs by 90 days. The White House denied that, and by 10:20 a.m. the market’s brief gain had vaporized. By late morning the S&P 500 was down another 2% and has lost 14% since last Thursday.
Among New York-headquartered names, JPMorgan was little changed as of late morning Monday after falling by 15% last week. BlackRock and Blackstone Group both fell 3% Monday, extending last week’s respective drops of 17% and 18%.
Pfizer fell another 3% Monday, for a total of 10% since Thursday. SL Green was little changed, but Empire State Realty Trust fell by 4% and is down 12% since Thursday. The Empire State Building owner’s profits are linked to tourist traffic to its observatory that seems sure to decline. JetBlue was flat. It has lost 22% since Thursday.
Macy’s fell by 3%, Etsy by 2%, and Host Hotels & Resorts, owner of the Marriott Marquis in Times Square, lost 1%. Village Super Markets, owner of Fairway, lost 1%.
“Investors today are coming to the scary realization that this economic Armageddon Trump tariff policy is really going to be implemented this week,” Wedbush Securities analyst Dan Ives said in a Monday morning note. “Investors and companies know pure math and reality…this tariff policy would set the U.S. tech sector back a decade in our view if it stays.”
JPMorgan chief Jamie Dimon said Trump’s tariffs would harm the country.
“America First is fine, as long as it doesn’t end up being America alone,” he wrote in his annual letter to shareholders released Monday morning.
Nasdaq was little changed in late-morning trading. It entered Monday down 24% for the year.
Among the few stocks to rebound was CoStar Group, a real estate data publisher. Its shares, which shed 10% last week, rose by 2% early Monday.
