People walk outside of the New York Stock Exchange (NYSE) on September 05, 2023 in New York City.
Spencer Platt | Getty Images News | Getty Images
My top 10 things to watch Monday, March 31
1. Goldman Sachs’ David Kostin cut his year-end target for the S&P 500 to 5,700 from 6,200, which implies roughly 2% upside from Friday’s close. The firm’s chief U.S. equity strategist said higher tariffs and greater uncertainty translate into slower earnings growth and lower stock market returns.
2. Wall Street is under heavy selling pressure this morning as investors await more details on President Donald Trump’s reciprocal tariff plans. This is the first presidentially mandated bear market I can ever recall. There is no where to run and nowhere to hide until we get more oversold, according to the S&P Oscillator, my trusted momentum indicator. We can’t bounce at current levels.
3. Tech stocks in particular are horrendous this morning, with the epicenter once again being Club name Nvidia. This time we’re seeing reports of AI spending slowdowns. There’s also been DeepSeek, AI bubble warnings and confusion on Microsoft’s data center plans. It is 100% bad for Nvidia right now. If you can’t take the pain, you have to let some go.
