US stocks pushed higher on Monday as a looming deadline fueled uncertainty around President Donald Trump’s tariff plans and investors looked ahead to the monthly jobs report and key retail earnings.
Elsewhere, European leaders’ weekend effort to rally around Ukraine prompted traders to boost bets on a bump in defense spending in the region, lifting related stocks.
The week will bring a crucial jobs report and a batch of retail earnings that could feed or ease concerns about an economic downturn and consumer resilience. The February nonfarm-payrolls report on Friday is expected to show modest job growth, with the unemployment rate steady at 4%.
And in a packed week of retail earnings, results from Target (TGT) on Tuesday and Costco (COST) are in focus for what they reveal about American shoppers. Data last week showed consumer spending unexpectedly fell in January by the most in four years.
Meanwhile, cryptocurrencies got a boost after Trump said on Sunday that five digital assets — bitcoin (BTC-USD), ether (ETH-USD), XRP (XRP-USD), solana (SOL-USD), and cardano (ADA-USD) — would be included in a new US strategic cryptocurrency reserve. Prices of those tokens on Monday held onto much of the sharp gains booked following the post on social media by the president, with bitcoin trading around $91,700.
LIVE9 updates
26 mins ago
Stocks open higher as Trump tariffs loom
Stocks opened higher on Monday as investors braced for President Trump’s targeted tariffs to come into force soon. The market will get key economic insight from Friday’s release of the monthly jobs report and from quarterly results from key retailers.
The S&P 500 (^GSPC) climbed 0.5%. while the tech-heavy Nasdaq Composite (^IXIC) rose about 0.8%. The Dow Jones Industrial Average (^DJI) was up 0.3%.
Investors expect tariffs on Mexico and Canada will be implemented on Tuesday, along with a doubling of levies on imports from China.
Wall Street will be closely watching the February jobs report due on Friday. On the earnings front, results from Target (TGT), Costco (COST), Kroger (KR) will offer more details about the state of the consumer.
53 mins ago
Goldman Sachs warns any S&P 500 rebound is likely temporary amid economic concerns
Markets are coming off a volatile week and month in February. And as March trading kicks off, Goldman Sachs strategists warn any rebound in the S&P 500 (^GSPC) is likely to prove temporary as the US economy shows signs of a slowdown.
“In the near term, we believe an improvement in the US economic growth outlook will be required to fully reverse the recent equity market weakness,” Goldman’s David Kostin wrote in a note. “We expect growth data will again be key for the path of US equities and next Friday’s jobs report will represent a major test.”
Goldman revised its 2025 earnings per share growth forecast from 11% to 9% and maintained its 2026 growth forecast of 7%.
Kroger ousts CEO after violation of ‘ethics’ policy
Kroger (KR) shares were down 1% premarket on news that the grocer’s longtime CEO, Rodney McMullen, resigned from his post following an investigation into his personal conduct.
Intel stock pops after report Nvidia has started manufacturing tests
Intel’s (INTC) shares were up 5% in premarket after Reuters reported that AI leader Nvidia (NVDA) and Broadcom (AVGO) running manufacturing tests of their chips in its factory.
Reuters reported, citing sources familiar with the matter:
Defense stocks rallied in Europe on Monday after leaders in the region discussed how to secure Ukraine, prompting investors to ramp up bets on a rise in military spending.
The UK and France are leading a push by a “coalition of the willing” European leaders to boost peacekeeping forces after last week’s clash between US President Donald Trump and Ukraine’s leader Volodymyr Zelenskiy.
The moves follow reports that France’s president and Germany’s next government believe that hundreds of billions of dollars in additional defense spending is needed.
Shares of European arms makers jumped, with BAE Systems (BA.L, BAESF) rising 13% and Rheinmetall (RHM.DE, RNMBY) up 16%. Thales (HO.PA, THLEF) added 11%, Saab (SAABY, SAAB-B.ST) put on 9%, and Dassault Aviation (AM.PA) gained 12%, helping lift the Stoxx 600 by 0.5% toward a record high.
Today at 6:58 AM UTC
Oil prices maintain against Ukraine news and upcoming tariffs
Oil prices remained level at the beginning of the week as traders assessed the potential impact of Russia’s war in Ukraine and awaited President Donald Trump’s tariffs on US trading partners ahead of the March 4 implementation date.
Cryptocurrencies surge on inclusion in strategic reserve
On Sunday, US President Donald Trump revealed the names of five digital assets he plans to add to a new strategic reserve of cryptocurrencies, causing surges in the market value of each.
Trump shared the announcement on Truth Social, stating that his January executive order on digital assets would establish a stockpile consisting of Bitcoin, Ethereum, XRP, Solana, and Cardano. These assets had not been disclosed before.
Third-generation blockchain stalwart Cardano saw the biggest gain, skyrocketing 60% in minutes.
Today at 1:56 AM UTC
Gold climbs up following first loss in weeks
Gold (GC=F) opened up after the weekend following a steep fall last week. Investors are bracing for potential economic instability as US President Donald Trump prepares to implement import tariffs against key trade partners.
