5 Things to Know Now That the Stock Market is Open
U.S. stocks are trading higher as investors digest key developments, including upcoming tariff implementations, economic data, and remarks from President Donald Trump. Cryptocurrency-related stocks are rallying following Trump’s announcement of a U.S. strategic crypto reserve. Meanwhile, Warren Buffett has weighed in on tariffs, calling them an “act of war.” In the corporate world, Kroger’s CEO has resigned amid a personal conduct investigation, and Capri Holdings' stock is surging on reports of a potential Versace sale. Here’s what investors need to know today.
1. U.S. Stocks Rise as Tariff Implementation and Trump Remarks Loom
Stocks are gaining as March trading kicks off, with investors eyeing the implementation of proposed tariffs, upcoming jobs data, and remarks from President Trump. The Nasdaq is up 0.8%, while the S&P 500 and Dow Jones Industrial Average have risen 0.5% and 0.4%, respectively, following February losses. The 10-year Treasury yield has climbed to 4.25%, and commodities like gold and oil are also trading higher.
2. Crypto Stocks Surge After Trump Details U.S. Strategic Reserve
Bitcoin rebounded above $93,000 after dropping below $80,000 last week, following President Trump’s announcement of a U.S. strategic cryptocurrency reserve on Truth Social. The news sent crypto-related stocks soaring, with Strategy (formerly MicroStrategy) jumping nearly 13% in early trading. Coinbase (COIN), as well as bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT), are all up around 10%.
3. Warren Buffett Calls Tariffs an ‘Act of War’
In an interview with CBS News, Warren Buffett criticized the newly announced tariffs, calling them a form of taxation that could drive inflation. He warned that “prices will be higher 10 years from now, and 20 years from now, and 30 years from now” due to these policies. The U.S. is set to impose a 25% tariff on Mexican and Canadian products starting Tuesday, while tariffs on Chinese goods will double to 20%.
4. Kroger CEO Steps Down Amid Conduct Investigation
Kroger (KR) announced that CEO and Chairman Rodney McMullen has resigned following a board investigation into his personal conduct. While the company emphasized that the issue was unrelated to business operations, it stated that McMullen’s actions violated Kroger’s ethics policy. Lead Director Ron Sargent has been appointed interim CEO. The news comes just ahead of Kroger’s earnings report on Thursday, with shares slipping 1.5% in early trading.
5. Capri Holdings Stock Jumps on Versace Sale Report
Capri Holdings (CPRI), the parent company of Michael Kors and Jimmy Choo, is seeing an 8% stock surge after reports emerged that it is nearing a deal to sell Versace to Prada. Bloomberg estimates the potential deal could be worth around 1.5 billion euros ($1.6 billion). The news follows Capri’s recent struggles, including its failed merger with Coach owner Tapestry (TPR).
