In This Story
U.S. stocks extended declines as markets reacted to ongoing tariff tensions and relief measures. As the day ended in New York, the S&P 500 and Nasdaq 100 slid 1.7% and 2.6%, respectively, while the Dow Jones Industrial Average dropped 0.9%, or 427 points.
Meanwhile, weekly initial jobless claims dropped by 21,000 to 221,000 for the week ending March 1, better than expected, down from the previous week’s unrevised 242,000.
Continuing claims, however, climbed to their highest level since January, nearing a three-year peak. This suggests that unemployed people face greater difficulty finding new jobs, and overall hiring remains subdued.
Here are stocks to watch today:
Broadcom
Broadcom (AVGO+1.60%) stock declined 6% as the semiconductor manufacturer prepares to report earnings after the closing bell.
Kroger
Kroger (KR-2.17%) shares rebounded about 2% after yesterday’s decline. The grocery chain had delivered a mixed fourth-quarter report and offered a cautious outlook for the current fiscal year. CEO Rodney McMullen resigned earlier this week, forfeiting over $11 million amid a probe into his personal conduct.
Macy’s
Macy’s (M-2.84%) stock fell after the department store chain reported mixed earnings and issued a weak outlook for the current quarter. The stock rebounded in lagte morning to trade slightly higher.
Marvell
Marvell Technology’s (MRVL-1.06% shares plunged about 19% after the semiconductor company’s earnings guidance didn’t impress investors.
MongoDB
MongoDB’s (MDB-0.19%) shares plunged 26% after the database software issued weaker-than-expected earnings guidance.
Nvidia
Nvidia (NVDA+4.51%) shares dropped 5.7% as investors navigated the U.S. tariffs and trade tensions.
ON Semiconductor, Allegro
ON Semiconductor (ON+2.18%) fell more than 5% after Allegro MicroSystems called “inadequate” ON’s unsolicited acquisition offer of $35.10 a share in cash. Meanwhile, Allegro (ALGM+0.76%) gained 5%.
Starbucks
Starbucks shares dropped 5.5% after the company laid off workers yesterday. The CEO told corporate employees to work harder and take responsibility for the coffee giant’s financial health.
—With reporting by Josh Fellman