US stocks plunged, bitcoin stumbled and Wall Street’s fear gauge hit its highest level this year as concerns about President Donald Trump’s economic policy led to a widespread market selloff on Monday.
The airline cut its sales and profit guidance for the first quarter, citing economic "uncertainty" that has hit demand for U.S. travel.
The S&P 500 dropped 2.7% on Monday, March 10, as U.S. tariffs and government job cuts heightened economic uncertainty and provoked recession concerns.
In keeping with tradition, the Amelia Concours classic car show picked, what else, a sports car with racing heritage as its best in show.
If this is what U.S. Treasury Secretary Scott Bessent's "detox" period for the economy looks like, investors are in for a serious amount of pain. The Wall Street selloff that has been snowballing recently on growth and trade war fears resulting from President Donald Trump's tariffs is turning into an avalanche, with the three main U.S. indices on Monday sliding between 2% and 4%. Bond yields fell sharply and markets are now pricing in a roughly 50-50 probability of the Fed cutting rates in May. The Fed meets next week and is widely expected to keep rates on hold, but more days like this on Wall Street and everything is on the table.
Vehicle systems manufacturer Commercial Vehicle Group (NASDAQ:CVGI) reported Q4 CY2024 results exceeding the market’s revenue expectations, but sales fell by 26.8% year on year to $163.3 million. The company expects the full year’s revenue to be around $690 million, close to analysts’ estimates. Its non-GAAP loss of $0.15 per share was significantly below analysts’ consensus estimates.
Yields fell sharply Monday as the new administration’s on-again, off-again tariff threats dent confidence.
US stocks looked set to build on losses of over 2% for the major indexes as March's struggles looked to continue.
Aerospace and defense company Redwire (NYSE:RDW) fell short of the market’s revenue expectations in Q4 CY2024, but sales rose 9.6% year on year to $69.56 million. On the other hand, the company’s full-year revenue guidance of $570 million at the midpoint came in 24.2% above analysts’ estimates. Its GAAP loss of $1.38 per share was significantly below analysts’ consensus estimates.
Building systems company Limbach (NASDAQ:LMB) fell short of the market’s revenue expectations in Q4 CY2024, with sales flat year on year at $143.7 million. On the other hand, the company’s full-year revenue guidance of $620 million at the midpoint came in 3.8% above analysts’ estimates. Its non-GAAP profit of $1.15 per share was 49.4% above analysts’ consensus estimates.