Shares of Kohl’s pace for worst day on record
Retail stock Kohl’s plunged 26% on Tuesday, pacing for its worst day on record back to the company’s IPO in 1992.
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The stock’s worst day so far was May 30, 2024, when it dropped 22.86%.
Shares of Kohl’s fell after the retailer issued disappointing guidance for 2025. However, the company topped its fourth-quarter earnings and revenue estimates.
— Lisa Kailai Han
Here’s how far the major averages have fallen from their all-time highs:
— Lisa Kailai Han
Stocks after Monday’s sell-off could be a good spot for a relief rally, but the longer-term outlook does not look as compelling, according to Oppenheimer.
“The caveat is that we think the next market snapback is likely a trade,” Ari Wald, head of technical analysis at the firm, wrote Tuesday. “We have less conviction putting long-term money to use in what looks like the 8th or 9th inning of this bull cycle.”
— Sarah Min
Deutsche Bank analyst Luke Templeman argues that the continued weakness for U.S. equities this week isn’t indicative of both slowing corporate expansion and a looming recession.
“The upshot is that while the US equity market sell-off will undoubtedly make many CEOs nervous, it does not have the hallmarks of prior sell-offs that were actually associated with a material dip in corporate and ‘uncontrollable’ economic factors,” Templeman wrote Tuesday.
“We run the numbers and show that the majority of companies have been relatively resilient in the market this year,” he added. “So, even though the market is legitimately worried about very high levels of economic uncertainty at present, it is premature to predict an extended pause in corporate expansion activity and we continue to expect this to pick up materially in H2 of 2025.”
— Brian Evans
Morning sun casts shadows as a pilot waits at a Delta Air Lines gate at Salt Lake City International Airport in Salt Lake City, Utah, on Nov. 1, 2024.
Kevin Lamarque | Reuters
Check out the companies making headlines in midday trading:
- Delta Air Lines — The Atlanta-based carrier tumbled nearly 9% after slashing its first-quarter revenue and earnings guidance, citing weak domestic demand and macroeconomic uncertainty. Delta forecast revenue in the current quarter growing no more than 5% on a yearly basis, down from a January estimate calling for a 6% to 8% rise. The airline also lowered its adjusted earnings forecast to 30 cents to 50 cents per share from a prior range of 70 cents to $1 a share.
- Verizon Communications — The mobile phone and internet service provider dropped nearly 7% after saying wireless subscriber growth in the first quarter will soften due to off-season promotions by competitors. Verizon is still targeting single-digit growth in annual phone upgrades, seeing a rebound later in 2025.
- Southwest Airlines — The Dallas-based budget airline surged 10% after saying it will start charging for check-in bags and offer a basic economy fare. The changes came after pressure from activist investor Elliott Investment Management.
The full list can be found here.
— Hakyung Kim
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The exchange-traded fund hit a new 52-week low on Tuesday, marking its lowest level since Feb. 1, 2024. This would be its fourth negative week in a row.
Kohl’s was the biggest laggard in the group and hit its lowest level since January 1997. Shares plunged 22% after the retailer issued disappointing guidance for 2025.
Shares of Revolve Group, Foot Locker and American Eagle Outfitters were all trading more than 5% lower.
— Nick Wells, Lisa Kailai Han
Piotr Swat | SOPA Images | Lightrocket | Getty Images
Tesla bucked the broader market’s downtrend in Tuesday morning trading, buoyed by a Wall Street note and a supportive social media post from President Donald Trump.
Shares of the electric vehicle maker rose more than 1% shortly before 11 a.m. ET, on track to snap a three-day losing streak. By comparison, the S&P 500 and Nasdaq Composite lost 0.8% and 0.4%, respectively.
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Tesla vs. S&P 500, 1-day
The stock’s outperformance came after Trump posted on Tuesday morning that he planned to purchase a Tesla and blasted a boycott of the brand. Tesla has been under scrutiny as CEO Elon Musk has opined on international politics and was notably tapped to lead Trump’s controversial government cost-cutting initiative.
Morgan Stanley analyst Adam Jonas, meanwhile, told clients on Monday that they should buy into Tesla after the stock’s steep decline. Shares have plunged about 45% this year, including a slide of more than 15% seen in Monday’s session that marked its worst day since 2020.
— Alex Harring
Fernando Gutierrez-Juarez | Picture Alliance | Getty Images
Crypto stocks bounced after suffering steep declines on Monday.
Coinbase jumped 6% Tuesday after falling to its worst level since July 2022 a day earlier. Robinhood gained 5% after it also fell to a 2022 low. Bitcoin miners broadly were higher, led by Core Scientific with a 6% gain.
Bitcoin was last higher by more than 2% at $80,921.53, according to Coin Metrics. Overnight, it fell as low as $76,583.05, its lowest level since Nov. 10.
“[Bitcoin] is a short term, liquid store of capital and an asset that can easily be temporarily liquidated to draw cash to cover collateral needs,” said James Davies, CEO at trading platform Crypto Valley Exchange. “Once other assets that are more impacted are liquidated, the bitcoin trade gets its liquidity back.”
“It’s become a super cyclical asset — the first to drop with every bad news [event] as a convenient store of cash, but also the first to recover,” he added. “This further underlines why its use as a reserve is questionable but shows it’s getting more and more FX-like in its action, so adoption is spreading. It would make sense to expect more volatility over the coming months as the world’s trade priorities change.”
— Tanaya Macheel
The majority of the stocks in the S&P 500 are already in correction territory as the sell-off on Wall Street continues to drag the benchmark closer to that key threshold.
As of Monday’s close, 366 S&P 500 components, or 73%, were trading 10% or more below their respective 52-week highs, which means they have already suffered a correction. A total of 203 components closed more than 20% below 52-week highs as of Monday, meaning they are in bear market territory.
— Yun Li
As of Monday’s close, 366 components of the S&P 500, or roughly 73% of the benchmark, were trading 10% or more below their 52-week highs.
A total of 203 companies, or 41% of the S&P 500, closed more than 20% below their 52-week highs.
Also as of Monday, five out of the 11 GICS sectors were trading 10% or more off their 52-week high close. These five sectors included consumer discretionary, technology, communication services, materials and energy.
— Gina Francolla, Lisa Kailai Han
In an aerial view, a customer walks in front of a Kohl’s store in San Rafael, California, on Nov. 26, 2024.
Justin Sullivan | Getty Images
Here’s a look at some notable movers in premarket trading:
- Kohl’s — Shares of the retailer sank 14% after fourth-quarter results showed a decline of 9.4% in net sales and full-year guidance missed expectations. Kohl’s said it expects earnings per share of between 10 cents and 60 cents for the current fiscal year, below the $1.23 expected by analysts, according to LSEG.
- Southwest Airlines — Shares of the budget airline jumped almost 10% after the company announced that it will start charging passengers to check bags and will begin offering a basic economy fare.
- Asana — The software stock fell 25% after CEO and co-founder Dustin Moskovitz announced he is retiring. Moskovitz owns a majority of Asana’s outstanding shares.
— Jesse Pound
A construction worker works at a Lennar residential housing development called Junipers in San Diego, California, on June 18, 2024.
Mike Blake | Reuters
Keefe, Bruyette & Woods is moving to the sidelines on Lennar, downgrading the stock to market perform from outperform on Monday.
Analyst Jade Rahmani noted the homebuilder has reached a valuation near parity with its large-cap peers and said he sees downside risks to estimates. In February, Lennar completed its spinoff of Millrose Properties (MRP), which could affect its gross margin, he said.
“Given our expectations for a choppy Spring selling season and growing risks to gross margin due to the challenging macro environment and uncertainty around the MRP spin-off, we believe a more cautious stance is warranted,” Rahmani wrote in a note to clients.
He also lowered his price target to $141 from $152, which implies 13% upside from Monday’s close. Shares are down 8% year to date.
— Michelle Fox
Small business sentiment declined in February as owners began raising prices and grew more uncertain about future conditions.
The National Federation of Independent Business Small Business Optimism Index posted a reading of 100.7 for the month, down 2.1 points from January and slightly below the Dow Jones estimate for 101. However, some of the internal indicators pointed to an even greater softening in sentiment.
Among them, a net 37% of small business owners expect the economy to improve, down 10 percentage points from January; just 12% said now is a good time to expand, a decrease of 5 points and the biggest monthly drop since April 2020; and a net 32% say they are raising prices, up 10 points for the largest monthly increase since April 2021 and the third-highest reading ever.
Also, the survey’s Uncertainty Index increased to 104, a rise of 4 points and the second-highest reading in the survey’s history, which dates back to 1973.
— Jeff Cox
Wolfe Research turned bullish on Madison Square Garden Entertainment, saying the stock is pricing in an unlikely stagnation in the entertainment business.
Analyst Peter Supino upgraded shares of the New York-based live entertainment operator to outperform from peer perform. Supino’s $46 price target suggests shares can rally 50.4% over Monday’s closing level.
“With robust live event industry trends, stable tenants, and reliable pricing power, we see growth and little downside,” Supino wrote to clients in a Tuesday note.
Supino noted that Madison Square Garden’s events for the first quarter of 2026 are trending above the record set in the same three-month period a year prior, which he said offers a “positive early signal” for the fiscal year. A potential renovation of Penn Station would be a “windfall,” he added.
Tuesday’s call marks a turn for Supino, who downgraded shares to peer perform after the stock was separated from Sphere Entertainment. While Supino said a consumer recession is a risk for share prices, the analyst said to see any cyclical pullbacks as temporary.
Shares popped 1.6% before the bell on Tuesday. However, shares have tumbled around 14% in 2025.
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Madison Square Garden Entertainment, 1-day
Bernstein sees a rally ahead for Mondelez shares as cocoa costs cool.
Analyst Alexia Howard hiked her price target on the candy maker by $12 to $81, which now implies upside of 18.9% over Monday’s close. Howard also has an outperform rating on the stock.
“We believe that MDLZ has significant upside from here,” Howard wrote to clients. That’s “based on the likely eventual deflation in cocoa costs, which have already started to fall from recent peaks but have yet to stabilize.”
Howard also pointed to the company’s unique global exposure, which she said provides a runway in markets such as China and India. This diversification, she said, “insulates” the stock from U.S.-specific overhands such as weight loss drugs, tariffs and potential cuts to the Supplemental Nutrition Assistance Program.
Mondelez shares hovered around flat in Tuesday’s premarket. Shares have jumped more than 14% so far in 2025.
— Alex Harring
A Southwest Airlines ground crew member organizes unclaimed luggage at the Southwest Airlines luggage area at Los Angeles International Airport in Los Angeles on Dec. 28, 2022.
Robyn Beck | Afp | Getty Images
Southwest Airlines announced Tuesday that for the first time, it will charge passengers to check bags. The move comes as the low-cost airline tries to boost revenue while coming under pressure from activist Elliott Investment Management.
Shares were down slightly in the premarket despite the announcement.
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Wells Fargo issued a rare double-upgrade, calling Houlihan Lokey the right stock to play during the ongoing market volatility.
Analyst Michael Brown upgraded the investment bank’s stock to overweight from underweight. Brown cut $1 off his price target to $179, but that still implies 15.9% upside over Monday’s close.
“Defensibility, with upside to the M&A recovery, is attractive during periods of uncertainty in the highly cyclical M&A industry,” Brown said, using the popular acronym for mergers and acquisitions. “These are the times when HLI’s premium multiple most warranted.”
In other words, Brown said the stock’s valuation is still considered lofty, but its “all-weather” business model shines during bouts of rocky markets. What’s more, the analyst said the company’s diversification with M&A can help insulate the business and keep margins stable.
Brown’s call comes amid a rough patch for the stock, which has dropped just over 11% in 2025.
— Alex Harring
U.S. Treasury yields continued to slide on Tuesday as fears of a possible U.S. recession pushed investors to safe havens.
The benchmark 10-year Treasury yield fell as much as 5 basis points to hit 4.162% earlier in the morning before paring some losses to trade around 4.1865% at around midday Singapore time (12:05 a.m. ET).
The 2-year Treasury yield dropped as low as 3.829% before recovering slightly to around 3.875%.
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Treasury yields
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
— Katrina Bishop
Elon Musk shows off a shirt that says “DOGE” as he walks on the South Lawn of the White House after stepping off Marine One in Washington, D.C., on March 9, 2025.
Oliver Contreras | Afp | Getty Images
While job losses from Elon Musk’s so-called Department of Government Efficiency may have sent shockwaves through the market, these mass losses are unlikely to make a huge difference in any upcoming monetary policy decisions, according to Barclays.
“In our view, the bar is high for DOGE-related job losses, in isolation, to alter the FOMC’s policy course in the next few meetings. To trigger a move, we think the FOMC would need to see evidence that this is part of a persistent weakening of aggregate labor demand,” the bank wrote in a recent note. “The skill and education levels of these workers varies widely, and their geographic footprint is spread throughout the US, suggesting that the private sector will absorb many of these displaced workers.”
— Lisa Kailai Han
Market uncertainty has risen over the past few weeks, and Wolfe Research is sure that this trend will continue.
“Investors are likely feeling ‘tariff fatigue’ as flip flopping of policy and a barrage of news flow throughout last week has whipsawed markets. While this week could very likely bring about more changes to ‘current’ policy, it remains certain that volatility and choppy trading will continue to dominate,” wrote Chris Senyek, the firm’s chief investment strategist.
But the good news? While U.S. growth concerns have been building, Senyek also pointed out that overall fundamentals still look healthy for the domestic economy.
“We continue to believe that the U.S. economy is still solid, on the back of the high-end consumer, which drives roughly 50% of overall spending,” he wrote. “While we see the current market action as a ‘typical’ drawdown for stocks with NDX and SPX down 10% & 7% from highs, technical measures are signaling fear but not a washout.”
— Lisa Kailai Han
The Nasdaq MarketSite in New York on March 10, 2025.
Christian Monterrosa | Bloomberg | Getty Images
More than four out of five, or 82.27%, of all shares traded on the Nasdaq Stock Market on Monday fell in price, while only 17.21% advanced, according to FactSet data. The rest were unchanged.
The New York Stock Exchange fared a little better, with 76.38% of total volume declining and 22.75% advancing.
Those numbers correspond roughly with the number of declining versus advancing stocks. On both the Nasdaq and the NYSE, decliners beat advancers by about 4 to 1. New 52-week lows on Nasdaq reached 413 against just 69 new highs, while on the NYSE new lows beat new highs 137 to 42.
Trading volume was active Monday, with NYSE composite volume of 6.5 billion shares topping 125% of the past 30 days’ average and Nasdaq composite volume at 8.79 billion more than 106% of the past month’s average, using FactSet data.
— Scott Schnipper
A Delta Airlines commercial aircraft approaches to land at John Wayne Airport in Santa Ana, California, on Jan. 18, 2022.
Mike Blake | Reuters
Here are some stocks making big moves in extended trading:
- Delta Air Lines — Shares of the airline operator slid about 14%. The company dialed back its forecast for the first quarter, citing “the recent reduction in consumer and corporate confidence caused by increased macro uncertainty.” Delta now sees year-over-year revenue growth of 3% to 4% for the period, down from a projected increase of 7% to 9%. The company also dialed back its earnings outlook to 30 cents to 50 cents per share, compared to an earlier forecast of 70 cents to $1 per share.
- Oracle — The cloud computing stock gained 3%. Oracle announced it was raising its quarterly dividend by 25% to 50 cents per share. Separately, fiscal third-quarter results missed Wall Street’s expectations on the top and bottom lines.
- Asana — Shares plunged more than 25% after CEO Dustin Moskovitz announced he is going to retire. The company also issued weak guidance. Asana expects first-quarter revenue of between $184.5 million and $186.5 million, below the $191 million analysts were expecting, according to LSEG. Meanwhile, the company anticipates full-year revenue will come in at $782 million to $790 million, while analysts had estimated $803.5 million.
Read here for the full list.
— Sean Conlon
