LIVE MARKETS- U.S. stocks take it on the chin in early trade

Reuters
06 Mar

Main US indexes slide; Nasdaq off most, down >1%

All S&P 500 sectors red: Real Estate weakest group

Euro STOXX 600 index off ~0.3%

Dollar declines; gold ~flat; bitcoin, crude edge up

U.S. 10-Year Treasury yield rises to ~4.32

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U.S. STOCKS TAKE IT ON THE CHIN IN EARLY TRADE

Wall Street's main indexes are reeling early on Thursday as uncertainty about a trade war unleashed by U.S. tariffs clouded sentiment, while chip stocks slid after Marvell's forecast fanned worries of slowing demand for AI infrastructure.

On the trade front, President Donald Trump exempted automakers that comply with the existing free trade agreement and sources said the negotiations are ongoing. However, Trump made it clear that he was not calling off his trade war, citing the need for more border controls.

Marvell MRVL.O is tumbling more than 15% as its in-line forecast is failing to impress investors. With this, the Philadelphia semiconductor index .SOX is falling more than 2%. That said, after an opening downside gap, the index is already off its worst level of the day, after holding above Tuesday's low.

Meanwhile, traders continue to eye the S&P 500 index .SPX vs its 200-day moving average $(DMA)$. The SPX is now around 5,785, after hitting a low early in the session at 5,746.53. The rising 200-DMA is around 5,730, and Tuesday's SPX intraday low was at 5,732.59.

Here is a snapshot of where markets stood just shortly after 1005 EST:

(Terence Gabriel)

*****

FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:

NASDAQ COMPOSITE: IS THERE AN OFF RAMP ON THE CORRECTION HIGHWAY? - CLICK HERE

RECESSION THREATS RISING- MERCER - CLICK HERE

GERMANY'S FISCAL OVERHAUL COULD BUFFER EUROZONE IF US TARIFFS MATERIALISE - UBS - CLICK HERE

LUXURY: ARE WE OUT OF THE WOODS? - CLICK HERE

STOXX SLIPS DESPITE MODERATING TARIFF FEARS AND POSITIVE EARNINGS - CLICK HERE

EUROPE BEFORE THE BELL: FUTURES UP AS TARIFF TENSIONS EASE - CLICK HERE

ECB'S LAST EASY DECISION - CLICK HERE

EarlyTrade03062025 https://tmsnrt.rs/43rgc4U

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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