The stock market is experiencing significant declines in response to persistent tariff discussions, particularly impacting technology stocks like Nvidia and Tesla, which are seeing substantial losses. The Nasdaq Composite is the hardest hit, while traditional sectors like consumer staples show some resilience. O'Reilly Automotive and AutoZone are outperforming in this scenario as auto parts stocks benefit from consumers leaning towards repairs rather than new purchases due to rising tariffs. Meanwhile, Moderna has plummeted in value amid increased tariff concerns for the pharmaceutical sector and uncertainty following the resignation of the FDA head.
The markets remain in the doldrums amid unrelenting tariff talk.
Auto parts stocks are rare gainers and are considered a defensive play in a tariff economy.
Nvidia is a big drag on the Nasdaq Composite, falling by almost 5% on the day and a steeper 13.5% over the past five days.
Pharmaceutical stock Moderna is a big loser, falling 12.5% on the day.
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