Before the bell rings, take a look at the businesses that are making news.
Nvidia: Shares fell 3% after a 9% drop on Monday, as tariffs on Canada and Mexico raise concerns about their business in China. Nvidia’s market cap is now $2.79 trillion, matching last September’s share price.
Tesla: Shares dropped 3% due to a nearly 50% decline in vehicle sales in China for February, marking the lowest sales in over two years.
Okta: The cloud software company surged 14% after reporting strong quarterly earnings of 78 cents per share on $682 million in revenue, surpassing analyst expectations.
Illumina: Shares fell 4.4% following China’s ban on imports of its gene sequencers in response to U.S. tariffs.
Scotts Miracle-Gro: Shares rose over 1% after Stifel upgraded its rating, seeing potential for earnings recovery.
Best Buy: Shares dipped about 1% amid tariff concerns, but the company reported adjusted earnings of $2.58 per share, beating estimates.
Target: The big-box retailer’s shares rose nearly 1% after we earnings and revenue surpassed expectations. However, management warned of potential profit pressure in Q1 2025 due to tariffs.
Automakers (Stellantis, Ford, GM): Shares dropped following a statement urging tariff exemptions for compliant companies under the USMCA agreement. GM and Ford fell by 1% and 0.6%, while Stellantis dropped 3.4%.
Source (CNBC)
