NYSE decliners top advancers 4-to-1 Monday but trading volume is slow

Declining stocks on the New York Stock Exchange outnumber rising issues by more than 4-to-1, according to FactSet data, but total trading activity is so far muted, with mid-morning composite volume about 14% of the past 30-day average.

The breadth picture is only slightly better on the Nasdaq, where decliners outpace advancers by roughly 3-to-2, while morning volume was more active, at more than 27% of the past month’s average.

But new 52-week lows on Nasdaq stood at 147 versus 40 new highs, while on the NYSE new lows outmatched new highs 59 to 25.

— Scott Schnipper

The Roundhill Magnificent Seven ETF (MAGS) is down 3.3% Monday, putting the fund on pace for its fourth straight daily loss.

All components of the ETF are negative for the day. Tesla‘s 6.4% decline is leading the losses, followed by Nvidia‘s 4.6% drop.

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Magnificent Seven ETF on Monday

— Hakyung Kim, Gina Francolla

Shares of Hertz dropped 12% on Monday, following a 112% rally on the back of Bill Ackman’s big investment.

The Pershing Square chief revealed that his investment firm has taken a 19.8% stake in the company comprised of outright share ownership and total return swaps. Ackman believes Hertz “uniquely well-positioned” in the current tariff environment, where auto tariffs are likely to cause used car prices to rise.

Hertz has been a troubled company for much of the past decade, facing bankruptcy during the Covid-19 pandemic in 2020. Following its emergence from Chapter 11 bankruptcy protection in 2021, the company bet heavy on all-electric vehicles, specifically Teslas, which cost the company billions following a significant decline in their residual values.

Bank of America maintained its underperformed rating on Hertz following the news. It said Ackman’s investment could give Hertz a chance to raise capital.

“In our view, the greatest benefit from Pershing Square’s investment in HTZ could come if it gives the company an opportunity to raise capital through an equity issuance. As discussed in our research, we think HTZ will need to raise $500mm+ in additional capital,” Bank of America said.

— Yun Li

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The ICE U.S. dollar index is trading at its lowest level in three years.

The latest drop for the greenback comes after Friday’s criticism of Federal Reserve Chair Jerome Powell from President Donald Trump. Krishna Guha, vice chairman at Evercore ISI, said Monday on “Squawk Box,” said those comments by Trump could add more fuel to the trend of foreign investors pulling out of the U.S.

“We’re seeing a clear signal from the market that it doesn’t like even the idea that the president might try to remove the Fed chair. There has been some loss of confidence in U.S. economic policy making in recent weeks. We’ve seen that in this very odd combination of upward pressure at times on longer-term bond yields combined with a weaker dollar. That suggests global investors pulling capital out of the U.S.,” Krishna Guha, vice chairman at Evercore ISI, said Monday on “Squawk Box.”

— Jesse Pound

Norwegian Aqua, the newest Norwegian Cruise Line (NCL) Prima-class cruise ship, sails the Tagus River to the Cruise Terminal during a stormy weather on March 20, 2025, in Lisbon, Portugal. 

Horacio Villalobos | Corbis News | Getty Images

The selloff in shares of Norwegian Cruise Line Holdings has become a buying opportunity, according to Loop Capital. The firm upgraded the cruise line to buy from hold on Monday. It also maintained its $25 price target, suggesting 53% upside from Thursday’s close.

Analyst Laura Champine sees a potential positive catalyst coming up in the company’s April 30 earnings report. Her channel checks suggest “solid” onboard spending trends and close-in pricing, which is closer to sailing dates, that is healthy.

In addition, the cruise line has about a 30% discount to equivalent land-based destinations and business will likely hold up in a recession, Champine said in a note Monday.

“We see travelers increasingly migrating towards the value inherent in cruising. We think vacationers value the ease in budgeting with potential for a single transaction to cover transportation, lodging, food, and entertainment,” she wrote. “We are skeptical that consumers will just skip vacations, and cruising seems like a good value option if travel budgets are cut.”

The stock has lost 36% year to date, but is up nearly 2% in premarket trading.

— Michelle Fox

The corporate for World of Disney is displayed at their store at Disney Springs at Walt Disney World on June 1, 2024, in Orlando, Florida. 

Gary Hershorn | Corbis News | Getty Images

Disney’s current stock price could be an attractive entry point for investors, given that shares are unnecessarily “priced like the sky is falling,” according to Wolfe Research.

The firm upgraded the Disney to outperform from peer perform on Monday, alongside a $112 per share price target. Wolfe’s forecast calls for about 32% upside moving forward.

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Disney stock in 2025.

“Squint across today’s valley of recession risk & you’ll see the Disney castle in tact,” analyst Peter Supino wrote in a Monday note. “Durable advantages in parks, cruises, and streaming create path to $7 EPS.”

— Brian Evans

Check out Some of the companies making headlines in premarket trading.

• Amazon — Shares of the e-commerce giant ticked 1.7% lower following Raymond James’ downgrade to outperform from strong buy. The firm also slashed its price target, citing headwinds tied to tariffs and concerns with the economic backdrop.

Read the full list here.

— Brian Evans

Trucks line up to pick up shipping containers from a ship at the Port of Oakland on April 18, 2025 in Oakland, California.

Justin Sullivan | Getty Images

Investors should strap in for more volatility ahead, according to Canaccord Genuity.

In a Monday note, analyst Michael Graham expressed his belief that uncertainty will continue to hang over stocks — at least in the near term.

“We have our eyes on several developments ahead, including the emergence of the first real hard economic data to begin reflecting tariffs in a few weeks, and gaining an understanding of how the market and Trump administration might approach the end of the 90-day reciprocal tariff pause in July,” he wrote. “We see this date looming as a potential overhang and expect volatility is likely to persist until then and perhaps intensify as the date approaches.”

However, the analyst was optimistic that this volatility has likely died down from its peak.

“While the tariff landscape is still volatile and confusing, it is less so than it was a couple of weeks ago. President Trump is actively meeting with business leaders across the globe (Italy and Japan this week which seems to open the door for further negotiation),” he added. “With ‘Liberation Day’ tariffs now considered a ceiling, the market is likely to stay nimble on any upcoming news, as exemptions or pain points are likely to drive performance.”

— Lisa Kailai Han

Asia-Pacific markets traded mixed Monday as China’s central bank held rates at a time when the yuan has come under pressure due to Beijing-Washington trade tensions.

Mainland China’s CSI 300 rose 0.33% in its last hour of trade to end the day at 3,784.88, after the People’s Bank of China kept its key loan prime rates unchanged at 3.10% for 1-year loan maturities and 3.60% for 5-year loan maturities, in line with the expectations of economists polled by Reuters.

India’s benchmark Nifty 50 advanced 1.32% while the broader BSE Sensex added 1.35% as of 1.25 p.m. Indian Standard time.

Japan’s benchmark Nikkei 225 ended the day 1.30% lower at 34,279.92, while the broader Topix index declined 1.18% to 2,528.93.

In South Korea, the Kospi index moved up 0.2% in choppy trade to close at 2,488.42 while the small-cap Kosdaq fell 0.32% to 715.45.

Australian and Hong Kong markets were closed for the Easter holiday.

— Amala Balakrishner

Demonstrators gather outside a Tesla showroom for a protest dubbed ‘Tesla Takedown’ against the company’s CEO, Elon Musk (not seen), in New York, United States on March 13, 2025. 

Selcuk Acar | Anadolu | Getty Images

If Tesla CEO Elon Musk chooses to remain involved with the Trump administration, the electric vehicle maker’s image could face even more pain, according to Wedbush analyst Dan Ives.

“We view this as a fork in the road time: [I]f Musk leaves the White House there will be permanent brand damage … but Tesla will have its most important asset and strategic thinker back as full time CEO to drive the vision and the long term story will not be altered,” Ives, who maintained his outperform rating on the name, wrote in a Sunday note. “I[f] Musk chooses to stay with the Trump White House it could change the future of Tesla/brand damage will grow.”

“The turnaround vision must start this Tuesday night on the earnings conference call for Musk and Tesla,” the analyst also said.

Tesla shares have taken a hit heading into its quarterly results due after the bell on Tuesday, falling more than 4% in the past week and nearly 7% month to date. This year, shares have plummeted more than 40%.

Earlier this month, Tesla reported that its vehicle deliveries for the first quarter dropped 13% compared to a year ago. That decline came on the heels of the company facing boycotts and protests, and even acts of vandalism, in reaction to Musk’s involvement in politics.

— Sean Conlon

Traders work on the floor of the New York Stock Exchange during morning trading on April 10, 2025 in New York City. 

Michael M. Santiago | Getty Images News | Getty Images

Last week’s holiday-shortened trading period saw the three leading indexes post meaningful losses:

• The S&P 500 fell 1.5%, its third negative week in four. It sits 14.07% below its record high.
• The Dow Jones Industrial Average slid 2.66%, its third negative week in four. It sits 13.16% below its record high.
• The Nasdaq Composite dropped 2.62%, its third negative week in four. It sits 19.39% below its record high.

The Russell 2000, in contrast, gained 1.1% on the week, posting its second positive week in a row. The small-cap benchmark still sits 23.75% below its record high, however.

— Sean Conlon, Christopher Hayes

Traders work on the floor of the New York Stock Exchange on April 10, 2025 in New York City. 

Spencer Platt | Getty Images

Stock futures traded lower on Sunday evening following another losing week on Wall Street.

S&P 500 futures were 0.5% lower shortly after 6 p.m. ET, while Nasdaq-100 futures fell 0.5%. Futures tied to the Dow Jones Industrial Average declined 201 points, or about 0.5%.

— Sean Conlon