Small business confidence down as policy uncertainty rises

Small business confidence waned in March as the outlook for future conditions decreased by the most in more than four years, according to the National Federation for Independent Business.

The NFIB’s headline optimism index hit 97.4 for the moth, down 3.3 points from February and below the Dow Jones estimate for 98.7. In addition, the net share of owners expecting better business conditions tumbled 16 points to 21%, the biggest monthly fall since December 2020.

“The implementation of new policy priorities has heightened the level of uncertainty among small business owners over the past few months,” said NFIB chief economist Bill Dunkelberg. “Small business owners have scaled back expectations on sales growth as they better understand how these rearrangements might impact them.”

—Jeff Cox

Monday’s trading session saw the highest trading volume on the SPDR S&P 500 ETF (SPY) since 2020, which could signal a short-term bottom in the stock market, according to BTIG technical strategist Jonathan Krinsky.

“Over the past ten years, the four prior largest notional volume days all marked tactical lows, but all of those were re-tested and in some cases meaningfully broken over the ensuing weeks. In three of those four cases the high notional volume day also marked the intraday peak for VIX,” Krinsky said in a note to clients. The “VIX” refers to the Cboe Volatility Index.

“We think this set-up is likely this time around in that we are seeing ‘a’ bottom for stocks and peak for VIX, but then re-test and possibly break to lower lows over the coming weeks/months,” Krinsky continued.

The bounce could be substantial, as historical precedents suggest the S&P 500 may cut its recent losses in half before turning lower again, Krinsky said.

— Jesse Pound

Chipmaker Micron Technology is considering applying a tariff-related surcharge on certain customers beginning April 9, according to a report from Reuters.

The company previously indicated the possibility of such a plan during its earnings call on Mar. 20.

President Donald Trump’s retaliatory tariffs on major trading partners are set to take effect on April 9.

Micron shares jumped 4% Tuesday before the bell.

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Micron Technology shares Tuesday

These are the stocks moving the most in premarket trading:

• Levi Strauss — The jeans maker surged 11% after posting first-quarter adjusted earnings of 38 cents per share, which was 52% higher versus its year-ago period.
• Broadcom — Shares popped 3% after the chipmaker announced a $10 billion share repurchase program authorization through year-end.
• Marvell — Shares advanced 4% in premarket trading after the company agreed to sell its auto ethernet business to Infineon Technologies for $2.5 billion in cash.

Read the full list of stocks moving here.

— Lisa Kailai Han

People check devices at an Apple Store in Dubai on September 20, 2024, as the new iPhone 16 is released in stores. 

Giuseppe Cacace | Afp | Getty Images

Apple shares have plunged 19% over the last three trading sessions, marking its worst three-day performance since 2001, according to Goldman Sachs.

During this period, the iPhone maker has lost around $638 billion in market capitalization, per CNBC estimates. This is a larger value than the market capitalization of 489 companies in the S&P 500.

Shares added 1.3% Tuesday before the bell.

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Apple shares over the last five days

— Hakyung Kim, Tom Rotunno

Broadcom shares popped 3% in the premarket after the chipmaker announced a $10 billion share repurchase program authorization through year-end.

The announcement “reflects the board’s confidence in the strength of Broadcom’s diversified semiconductor and infrastructure software product franchises. In particular, we are uniquely positioned in mission critical infrastructure software and enabling hyperscalers to drive innovation in generative AI into their expanding subscriber platforms,” CEO Hock Tan said in a statement.

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AVGO pops

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 8, 2025. 

Joachim Herrmann | Reuters

European stocks made broad gains on Tuesday, reversing course after closing sharply lower on Monday.

The pan-European Stoxx 600 was 1.3% higher at 8:16 a.m. in London. Every sector barring telecom was in positive territory, with all major bourses edging higher.

London’s FTSE 100 and the French CAC 40 each added around 1.4%, while the German DAX gained 0.8%.

— Chloe Taylor

A Levi’s denim jacket hangs in a store. The EU postpones the planned reintroduction of retaliatory tariffs on US goods worth billions by two weeks until mid-April. 

Jens Kalaene | Picture Alliance | Getty Images

Levi Strauss shares are up more than 1% in extended trading after reporting a fiscal first-quarter earnings beat and reiterating its full year outlook. The catch is the forecast excludes any impacts from the Trump administration’s tariffs.

Telsey Advisory Group CEO Dana Telsey told CNBC’s “Closing Bell Overtime” that Levi’s management is giving themselve some “wiggle room” by not raising their earnings estimates after its latest beat. However, she expects the tariffs are going to put pressure on retailers.

“The diversification of sourcing that they talked about is certainly critical, but prices are going up,” Telsey said.

Telsey said investors should stick with companies that have U.S. manufacturing like Bath & Body Works, are known for value or sell products like groceries that you can’t live without. She named TJX, Burlington and Costco as examples.

— Christina Cheddar Berk

President Donald Trump answers a reporters question during a meeting with Israeli Prime Minister Benjamin in the Oval Office of the White House on April 7, 2025 in Washington, DC. 

Kevin Dietsch | Getty Images News | Getty Images

Market participants traded about 29 billion shares on Monday, resulting in the highest volume day in at least 18 years, according to FactSet and Nasdaq Trader.

It was a rocky day for stocks, with the S&P 500 briefly touching bear market territory and the Dow Jones Industrial Average seeing a swing of 2,595 points from its low to the high of the session.

Monday’s volume surpassed Friday’s volume of 26.77 billion shares, as well as the 10-day average volume of 16.94 billion shares.

— Gina Francolla, Darla Mercado

Some stocks are making big moves in extended trading:

• Health-care stocks — Shares of Humana, CVS Health and UnitedHealth jumped after The Wall Street Journal reported that the Trump administration will raise payment rates for Medicare insurers next year to 5.06%, higher than the 2.23% increase the Biden administration had proposed. Humana gained more than 13%, while CVS Health and UnitedHealth advanced more than 7% and about 6%, respectively.
• Levi Strauss — The clothing stock rose more than 1% after the company reported its first-quarter results. Levi Strauss reported adjusted earnings of 38 cents per share, a 52% jump compared to the prior-year period. Revenue of $1.53 billion for the period also marked a 3% jump compared to last year.
• Broadcom — The semiconductor stock moved more than 2% higher following the company’s authorization of a new $10 billion share repurchase program, effective through Dec. 31.

Read the full list here.

— Sean Conlon

Stock futures opened higher on Monday evening after another volatile session on Wall Street.

Futures tied to the S&P 500, along with Nasdaq-100 futures, gained 0.6%. Futures linked to the Dow Jones Industrial Average jumped 321 points, or 0.8%.

— Sean Conlon