Investors woke up to challenging news on Monday morning, March 10, 2025, as stock futures continued their downward trend amid persistent economic uncertainty and tariff-related apprehensions. Future contracts for the Dow Jones Industrial Average fell 314 points, representing a 0.7% dip. The downturn was echoed across the board, with S&P 500 futures slipping by 0.9% and Nasdaq 100 futures taking the hardest hit with a 1% decline.
Market analysts point to the previous week’s poor performance, which saw the S&P 500 suffer its worst weekly loss since September 2024, down 3.1%. The Dow fared slightly worse, dropping 2.4%, and the Nasdaq Composite plummeted by 3.5%. Adam Crisafulli of Vital Knowledge succinctly noted, “US equities are back for sale this morning. What’s driving the weakness? There wasn’t a specific headline or development over the weekend to cause the pressure, but the same concerns as before are weighing on sentiment.”
These sentiments are exacerbated by broader concerns stemming from negotiations on tariffs among the United States, Mexico, and Canada, which have added layers of volatility to the financial markets. Investors are on high alert as President Donald Trump, during an interview aired on Sunday, March 9, addressed recession fears, remarking, “the economy is going through ‘a period of transition.’”
The upcoming week promises to deliver more economic indicators which could sway market sentiments. The New York Fed survey of consumer expectations released Monday will soon be complemented by the University of Michigan’s consumer sentiment reading expected on Friday, March 14. Notably, both the February Consumer Price Index (CPI) report due on Wednesday and the Producer Price Index (PPI) slated for Thursday are anticipated to draw significant investor attention.
Bill Adams, the chief economist at Comerica Bank, stated, “Inflation data will dominate the economic calendar this week. We expect total and core Consumer Price Indexes to have risen at more moderate paces, likely holding annual increases roughly steady after sharp increases last month.” He continued to highlight the fact, “Pushed higher by tariffs and tariff threats, producer prices likely rose faster than consumer prices for the second month running, keeping annual PPI elevated.”
The overall market volatility has been evident for the past three weeks with all major indices reflecting this turmoil. The Russell 2000 March Futures were particularly hard hit, plunging over 16% from their December 2024 highs. This was part of a broader trend where the Nasdaq 100, S&P 500, and Dow Jones also crashed through key technical levels.
On the tech front, several heavyweight stocks were caught up amid the bearish tide. Tesla (TSLA), for example, witnessed its shares dip by over 46% since December 2024, under significant selling pressure and breaking below long-established support levels. Following its recent plunge, Tesla has now tested key long-term support at $263. There’s urgent speculation on whether short-term recovery could be attempted if key buyers manage to defend current levels. Short-term recovery targets are being speculated at levels around $275.70, $294.90, and $306.74.
NVIDIA (NVDA) also fell victim to the recent market turbulence, experiencing a 21% decline over the past three weeks. Despite delivering strong earnings results exceeding expectations at $39.33 billion versus $38.1 billion, the company’s stock continued to dip, trading at $112.70 with key support levels currently established at $107.34.
Conversely, Apple (AAPL) managed to weather some of the storm slightly, showing resilience by only recording approximately 4% losses, down from its December peak of $260. On March 7, Apple shares closed at $238.70 and are under watch as they approach the $237.32 support level.
The S&P 500 futures remained under pressure as well, having dropped over 6% since their high of 6,171 and seeing declines of 3% just over the past week. The Dow Jones futures saw similar declines, falling over 4% this past week and over 6% since their December peaks. Significant levels to monitor include the 5,682 support for S&P 500 Futures, which if breached, could lead to even lower targets.
Equities facing stark declines, such as the Russell 2000 Futures which plummeted more than 16% from its December highs, are now testing key support at the 2,034 level. Analysts have pointed out ominous signs indicating the index may potentially enter bear market territory if these support levels break.
With looming decisive factors highlighted, the next few days, particularly having to do with economic data and potential tariffs, will be pivotal for traders and investors as they navigate these markets. The key resistance levels over the coming week will determine whether markets can mount any recovery or if they will plunge even lower, bringing more losses to the fore.
With uncertainty as the backdrop and futures indicating presenting pressures, Wall Street remains on edge, with investors bracing for what could be another tumultuous week.