Stocks ended Monday in the red, although they came back from their session lows in the late afternoon.

The Dow Jones Industrial Average tumbled 971.82 points, or 2.48%, to settle at 38,170.41. The S&P 500 shed 2.36% to finish at 5,158.20, while the Nasdaq Composite lost 2.55% and closed at 15,870.90.

— Lisa Kailai Han

Oppenheimer chief investment strategist John Stoltzfus remains positive on equities, he wrote in a Monday note.

“Pullbacks earlier this year have mostly looked like ‘trims’ and ‘haircuts’ for the S&P 500 whenever bears, skeptics, and nervous investors have found a catalyst to take near-term profits without FOMO (fear of missing out) amid what appears to us in fundamentals that persist in showing resilience like a very much intact bull market,” he wrote.

Stoltzfus added: “Drivers of the bull market that in our view have provided resilience in the intermittent downdrafts that occurred in 2024 into this year include the success the Fed has had in pursuing tighter monetary policy that has brought down the pace of inflation since March of 2022 aided by resilience in consumer spending, S&P 500 earnings growth, and job growth, which have provided support for the US economy and the markets.”

The strategist listed his favorite sectors as information technology, financials, industrials, consumer discretionary and communications services.

— Lisa Kailai Han

In a Monday note, Telsey Advisory Group CEO and chief research officer Dana Telsey shared a list of current market must-haves.

“Given this uncertain, mercurial backdrop, we divide the consumer segments into the Haves, those companies with a better ability to deliver sales and earnings given their greater focus on essentials, and Have-Nots, those companies that generate sales and profits from a more discretionary offering which can be delayed in this environment,” she wrote.

Companies that fell into the “haves” bucket included big box discounters such as Costco and Walmart, as well as grocery stores, off-price stores and brand leaders. On the other hand, department stores, luxury firms and home-related retailers made up the have-nots.

— Lisa Kailai Han

While U.S. stocks have certainly taken a beating in the past few weeks, Trivariate Research wrote that “this is not the end of U.S. exceptionalism” in a Sunday note.

“There is a large and growing cohort of people that now think the U.S. equity market will be inferior to non-US equity markets for the foreseeable future, and at a recent CIO dinner in New York, our pro-U.S. stance was in the minority,” wrote founder Adam Parker.

Parker listed several reasons for this viewpoint, such as lower near-term U.S. population and economic growth, less potential innovation in U.S. universities, more monetary policy accommodation in Europe.

“But the other logic that is consistently used is that the U.S. is more expensive, which we find amusing since the U.S. has been more expensive than most other markets the entire time it massively outperformed. Our judgment is that what is happening is typical, which is that near-term price movement has impacted sentiment,” Parker added. “The U.S. markets have been performing worse than every major market so far this year. After the fact, many investors are now saying this is the beginning of a new long-term trend. We disagree, and our view is that this dynamic of U.S. underperformance likely lasts less than one year.”

— Lisa Kailai Han

Gold prices broke $3,400 on Monday, hitting a new record as President Donald Trump’s threats against the Federal Reserve’s independence and his tariffs shake investor confidence in the U.S. economy.

Gold futures jumped 2.91% to close at $3,425.30 per ounce, with investors buying the precious metal as the dollar hit a three-year low.

The president ramped up pressure on Fed Chair Jerome Powell on Monday, calling him a “major loser” and demanding that the central bank lower interest rates now.

Citi sees gold prices rallying to $3,500 over the next three months as investment demand outstrips supply from mining.

— Spencer Kimball

Meta Platforms stock over the past week.

Shares are also on track for their seventh-consecutive loss, with the stock down more than 17% over the period.

— Brian Evans, Tom Rotunno

Health-care stocks lagged once again on Monday.

The iShares U.S. Healthcare Providers ETF (IHF) tumbled around 5% in afternoon trading. If that holds, the fund would record its first five-day losing streak since October.

iShares U.S. Healthcare Providers ETF, 5-day

With Monday’s declines, the ETF has dropped more than 12% over the last five trading days. The fund is now slightly below flat on the year.

Acadia Healthcare led the fund into the red on Monday, sliding more than 13% in the session. Universal Health Services followed with a plunge of more than 11%. UnitedHealth, Teladoc and Humana were also among the ETF’s members trading lower in the session.

— Alex Harring

Idrees Abbas | SOPA Images | Lightrocket | Getty Images

The Federal Trade Commission has sued Uber for billing and cancellation practices related to its Uber One subscription service.

Shares of Uber extended their losses on the day after the news broke. The stock was last down nearly 5%.

Shares of Uber took another leg lower in afternoon trading Monday.

Bitcoin logo is seen in this illustration photo taken in Warsaw, Poland on 05 December, 2024. 

Jaap Arriens | Nurphoto | Getty Images

Bitcoin hit its highest level of the month, reaching $88,557.01 at one point as the stock market sold off yet again. It was last trading about 3% higher at $87,040.70.

“This move is less about enthusiasm and more about exhaustion. Risk markets are rotating,” said Ben Kurland, CEO at crypto research platform DYOR. “What we’re seeing is a slow bleed from overextended positions into safer liquidity. Bitcoin’s bounce isn’t driven by momentum traders, it’s the result of sidelined capital inching back into the market while equities digest macro uncertainty. In other words, risk isn’t off, it’s just being repriced.”

Bitcoin was trading more in line with stocks for much of the month amid tariff-fueled volatility and uncertainty, but has slowly been decoupling. It’s up about 5% in April while the S&P 500 is down more than 8% in that period. Meanwhile, gold is up 9.5% on the month.

If bitcoin can meaningfully clear the $88,000 level it would be a positive near-term development for the crypto asset, putting next resistance near $95,900, according to Fairlead Strategies’ Katie Stockton.

— Tanaya Macheel

The New York Stock Exchange paid tribute to Pope Francis, who died on Monday morning.

The following pictures capture what a moment of silence for the pontiff looked like on the trading floor:

A moment of silence is held on the floor at the New York Stock Exchange, (NYSE) after the death of Pope Francis was announced by the Vatican, in New York City, U.S., April 21, 2025.

Brendan McDermid | Reuters

A moment of silence is held on the floor at the New York Stock Exchange, (NYSE) after the death of Pope Francis was announced by the Vatican, in New York City, U.S., April 21, 2025.

Brendan McDermid | Reuters

A moment of silence is held on the floor at the New York Stock Exchange, (NYSE) after the death of Pope Francis was announced by the Vatican, in New York City, U.S., April 21, 2025.

Brendan McDermid | Reuters

A customer checks in at the Hertz rental counter at San Francisco International Airport in San Francisco, California, on Wednesday, Oct. 27, 2021.

David Paul Morris | Bloomberg | Getty Images

Check out the stocks making big moves in midday trading Monday:

• Hertz – The rental car company dropped 6.4% after the stock rallied 112% after Bill Ackman revealed a big investment. Pershing Square has taken a 19.8% stake in Hertz with outright share ownership and total return swaps. Ackman believes Hertz “uniquely well-positioned” in Trump’s tariff regime as auto duties are likely to cause used car prices to rise.
• Tesla – Shares of the electric vehicle company declined 6.8% after Barclays cut its price target on Tesla ahead of its first-quarter earnings report. The firm cited “confusing” visibility heading into earnings and said “it will be increasingly difficult” for Tesla to see volume growth in 2025.
• Nvidia – The chip giant fell more than 5%, leading the Dow Jones Industrial Average’s slump during Monday’s session. Nvidia shares slid nearly 3% on Thursday and almost 7% on Wednesday after the company said earlier in the week last week that it’ll record a $5.5 billion charge due to controls around exporting its H20 graphics processing units to China and other destinations.

Read here for the full list.

— Sean Conlon

During Monday’s trading session, two stocks in the S&P 500 traded at new 52-week lows.

Names that hit this milestone included Revvity, trading at lows not seen since December 2023, and Bio-Techne, trading at lows not seen since April 2020.

On the other hand, Kroger traded at all-time highs back to its IPO in January 1977.

— Christopher Hayes, Lisa Kailai Han

Fundstrat co-founder Tom Lee and other members of the firm rang the opening bell at the New York Stock Exchange to celebrate the Granny Shots U.S. Large Cap ETF (GRNY).

The actively managed fund launched in November and already has more than $800 million in assets, according to FactSet. The “granny shots” refers to stocks that fit into at least two key themes favored by the Fundstrat portfolio managers. The fund’s top holdings include Progressive, Abbott Laboratories and Netflix.

The Fundstrat ETF has underperformed the S&P 500 year to date but has held up better than the broader market in April.

The Fundstrat ETF has struggled in 2025, along with most of the U.S. stock market.

More than 95% of S&P 500 stocks traded in the red in midday trading on Monday, underscoring the broad sell-off to start the trading week.

About 485 members were down as of shortly after 11 a.m. ET. Universal Health Services led the way with a slide of more than 8%, followed by Blackstone at nearly 7% down. Tesla fell more than 6%.

Despite the broad decline, a small group was able to buck the downtrend. Fidelity National was the best performer in the index, advancing more than 3% in the session. Netflix and Discover each rose around 2.5%.

As a whole, the S&P 500 slid more than 2% in late morning trading.

— Alex Harring

Protesters hold a demonstration against Elon Musk’s actions in the Trump administration outside of Tesla showroom center in Arlington, Virginia, United States on Feb. 25, 2025.

Yasin Ozturk | Anadolu | Getty Images

Shares of Tesla dropped about 7% Monday ahead of its earnings report Tuesday after the bell.

The electric vehicle company’s stock has tumbled more than 40% for the year after closing out its worst quarter since 2022 in March. Musk’s distractions outside of Tesla, including his work slashing the federal government as part of the Trump administration, has kept investors on edge.

Tariffs could also create problems for Tesla as the company relies on suppliers in Mexico and China for parts essential for the production of its cars.

On Monday, Barclays cut its price target on Tesla, citing “confusing” visibility into first-quarter earnings.

— Yun Li

Traders work on the floor of the New York Stock Exchange during morning trading on April 10, 2025 in New York City. 

Michael M. Santiago | Getty Images News | Getty Images

Declining stocks on the New York Stock Exchange outnumber rising issues by more than 4-to-1, according to FactSet data, but total trading activity is so far muted, with mid-morning composite volume about 14% of the past 30-day average.

The breadth picture is only slightly better on the Nasdaq, where decliners outpace advancers by roughly 3-to-2, while morning volume was more active, at more than 27% of the past month’s average.

But new 52-week lows on Nasdaq stood at 147 versus 40 new highs, while on the NYSE new lows outmatched new highs 59 to 25.

— Scott Schnipper

The Roundhill Magnificent Seven ETF (MAGS) is down 3.3% Monday, putting the fund on pace for its fourth straight daily loss.

All components of the ETF are negative for the day. Tesla‘s 6.4% decline is leading the losses, followed by Nvidia‘s 4.6% drop.

Magnificent Seven ETF on Monday

A screen displays the Hertz logo during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York, November 9, 2021.

Brendan McDermid | Reuters

Shares of Hertz dropped 12% on Monday, following a 112% rally on the back of Bill Ackman’s big investment.

The Pershing Square chief revealed that his investment firm has taken a 19.8% stake in the company comprised of outright share ownership and total return swaps. Ackman believes Hertz “uniquely well-positioned” in the current tariff environment, where auto tariffs are likely to cause used car prices to rise.

Hertz has been a troubled company for much of the past decade, facing bankruptcy during the Covid-19 pandemic in 2020. Following its emergence from Chapter 11 bankruptcy protection in 2021, the company bet heavy on all-electric vehicles, specifically Teslas, which cost the company billions following a significant decline in their residual values.

Bank of America maintained its underperformed rating on Hertz following the news. It said Ackman’s investment could give Hertz a chance to raise capital.

“In our view, the greatest benefit from Pershing Square’s investment in HTZ could come if it gives the company an opportunity to raise capital through an equity issuance. As discussed in our research, we think HTZ will need to raise $500mm+ in additional capital,” Bank of America said.

— Yun Li

U.S. dollar banknotes

Jose Luis Gonzalez | Reuters

The ICE U.S. dollar index is trading at its lowest level in three years.

The latest drop for the greenback comes after Friday’s criticism of Federal Reserve Chair Jerome Powell from President Donald Trump. Krishna Guha, vice chairman at Evercore ISI, said Monday on “Squawk Box,” said those comments by Trump could add more fuel to the trend of foreign investors pulling out of the U.S.

“We’re seeing a clear signal from the market that it doesn’t like even the idea that the president might try to remove the Fed chair. There has been some loss of confidence in U.S. economic policy making in recent weeks. We’ve seen that in this very odd combination of upward pressure at times on longer-term bond yields combined with a weaker dollar. That suggests global investors pulling capital out of the U.S.,” Krishna Guha, vice chairman at Evercore ISI, said Monday on “Squawk Box.”

— Jesse Pound

Norwegian Aqua, the newest Norwegian Cruise Line (NCL) Prima-class cruise ship, sails the Tagus River to the Cruise Terminal during a stormy weather on March 20, 2025, in Lisbon, Portugal. 

Horacio Villalobos | Corbis News | Getty Images

The selloff in shares of Norwegian Cruise Line Holdings has become a buying opportunity, according to Loop Capital. The firm upgraded the cruise line to buy from hold on Monday. It also maintained its $25 price target, suggesting 53% upside from Thursday’s close.

Analyst Laura Champine sees a potential positive catalyst coming up in the company’s April 30 earnings report. Her channel checks suggest “solid” onboard spending trends and close-in pricing, which is closer to sailing dates, that is healthy.

In addition, the cruise line has about a 30% discount to equivalent land-based destinations and business will likely hold up in a recession, Champine said in a note Monday.

“We see travelers increasingly migrating towards the value inherent in cruising. We think vacationers value the ease in budgeting with potential for a single transaction to cover transportation, lodging, food, and entertainment,” she wrote. “We are skeptical that consumers will just skip vacations, and cruising seems like a good value option if travel budgets are cut.”

The stock has lost 36% year to date, but is up nearly 2% in premarket trading.

— Michelle Fox

The corporate for World of Disney is displayed at their store at Disney Springs at Walt Disney World on June 1, 2024, in Orlando, Florida. 

Gary Hershorn | Corbis News | Getty Images

Disney’s current stock price could be an attractive entry point for investors, given that shares are unnecessarily “priced like the sky is falling,” according to Wolfe Research.

The firm upgraded the Disney to outperform from peer perform on Monday, alongside a $112 per share price target. Wolfe’s forecast calls for about 32% upside moving forward.

Disney stock in 2025.

“Squint across today’s valley of recession risk & you’ll see the Disney castle in tact,” analyst Peter Supino wrote in a Monday note. “Durable advantages in parks, cruises, and streaming create path to $7 EPS.”

— Brian Evans

Check out Some of the companies making headlines in premarket trading.

• Tesla — The electric vehicle company pulled back more than 4% after Barclays cut its price target on Tesla, citing “confusing” visibility into first-quarter earnings.

• Netflix — The streaming giant’s stock added 2% following the company’s first-quarter earnings and revenue beat. Netflix also said it sees no significant impact from tariffs. On Monday, several Wall Street analysts increased their price targets on the stock. 

• Amazon — Shares of the e-commerce giant ticked 1.7% lower following Raymond James’ downgrade to outperform from strong buy. The firm also slashed its price target, citing headwinds tied to tariffs and concerns with the economic backdrop.

Read the full list here.

— Brian Evans

Trucks line up to pick up shipping containers from a ship at the Port of Oakland on April 18, 2025 in Oakland, California.

Justin Sullivan | Getty Images

Investors should strap in for more volatility ahead, according to Canaccord Genuity.

In a Monday note, analyst Michael Graham expressed his belief that uncertainty will continue to hang over stocks — at least in the near term.

“We have our eyes on several developments ahead, including the emergence of the first real hard economic data to begin reflecting tariffs in a few weeks, and gaining an understanding of how the market and Trump administration might approach the end of the 90-day reciprocal tariff pause in July,” he wrote. “We see this date looming as a potential overhang and expect volatility is likely to persist until then and perhaps intensify as the date approaches.”

However, the analyst was optimistic that this volatility has likely died down from its peak.

“While the tariff landscape is still volatile and confusing, it is less so than it was a couple of weeks ago. President Trump is actively meeting with business leaders across the globe (Italy and Japan this week which seems to open the door for further negotiation),” he added. “With ‘Liberation Day’ tariffs now considered a ceiling, the market is likely to stay nimble on any upcoming news, as exemptions or pain points are likely to drive performance.”

— Lisa Kailai Han

Asia-Pacific markets traded mixed Monday as China’s central bank held rates at a time when the yuan has come under pressure due to Beijing-Washington trade tensions.

Mainland China’s CSI 300 rose 0.33% in its last hour of trade to end the day at 3,784.88, after the People’s Bank of China kept its key loan prime rates unchanged at 3.10% for 1-year loan maturities and 3.60% for 5-year loan maturities, in line with the expectations of economists polled by Reuters.

India’s benchmark Nifty 50 advanced 1.32% while the broader BSE Sensex added 1.35% as of 1.25 p.m. Indian Standard time.

Japan’s benchmark Nikkei 225 ended the day 1.30% lower at 34,279.92, while the broader Topix index declined 1.18% to 2,528.93.

In South Korea, the Kospi index moved up 0.2% in choppy trade to close at 2,488.42 while the small-cap Kosdaq fell 0.32% to 715.45.

Australian and Hong Kong markets were closed for the Easter holiday.

— Amala Balakrishner

Sun, Apr 20 20257:17 PM EDT

Demonstrators gather outside a Tesla showroom for a protest dubbed ‘Tesla Takedown’ against the company’s CEO, Elon Musk (not seen), in New York, United States on March 13, 2025. 

Selcuk Acar | Anadolu | Getty Images

If Tesla CEO Elon Musk chooses to remain involved with the Trump administration, the electric vehicle maker’s image could face even more pain, according to Wedbush analyst Dan Ives.

“We view this as a fork in the road time: [I]f Musk leaves the White House there will be permanent brand damage … but Tesla will have its most important asset and strategic thinker back as full time CEO to drive the vision and the long term story will not be altered,” Ives, who maintained his outperform rating on the name, wrote in a Sunday note. “I[f] Musk chooses to stay with the Trump White House it could change the future of Tesla/brand damage will grow.”

“The turnaround vision must start this Tuesday night on the earnings conference call for Musk and Tesla,” the analyst also said.

Tesla shares have taken a hit heading into its quarterly results due after the bell on Tuesday, falling more than 4% in the past week and nearly 7% month to date. This year, shares have plummeted more than 40%.

Earlier this month, Tesla reported that its vehicle deliveries for the first quarter dropped 13% compared to a year ago. That decline came on the heels of the company facing boycotts and protests, and even acts of vandalism, in reaction to Musk’s involvement in politics.

— Sean Conlon

Sun, Apr 20 20256:31 PM EDT

Traders work on the floor of the New York Stock Exchange during morning trading on April 10, 2025 in New York City. 

Michael M. Santiago | Getty Images News | Getty Images

Last week’s holiday-shortened trading period saw the three leading indexes post meaningful losses:

• The S&P 500 fell 1.5%, its third negative week in four. It sits 14.07% below its record high.
• The Dow Jones Industrial Average slid 2.66%, its third negative week in four. It sits 13.16% below its record high.
• The Nasdaq Composite dropped 2.62%, its third negative week in four. It sits 19.39% below its record high.

The Russell 2000, in contrast, gained 1.1% on the week, posting its second positive week in a row. The small-cap benchmark still sits 23.75% below its record high, however.

— Sean Conlon, Christopher Hayes

Sun, Apr 20 20256:07 PM EDT

Traders work on the floor of the New York Stock Exchange on April 10, 2025 in New York City. 

Spencer Platt | Getty Images

Stock futures traded lower on Sunday evening following another losing week on Wall Street.

S&P 500 futures were 0.5% lower shortly after 6 p.m. ET, while Nasdaq-100 futures fell 0.5%. Futures tied to the Dow Jones Industrial Average declined 201 points, or about 0.5%.

— Sean Conlon