What Happened?
A number of stocks fell in the afternoon session after the Trump administration announced intentions to impose a 35% tariff on many goods imported from Canada.
This move is far more than a typical trade dispute; it targets the United States' largest and most deeply integrated trading partner. Canada is not merely a neighbor but a critical component of North American supply chains, particularly in sectors like automotive, energy, and critical minerals. This move has sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors. The S&P 500, Dow Jones Industrial Average, and Nasdaq all opened lower, pulling back from recent record highs and heading for their first weekly loss in three weeks.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Specialty Retail company Petco (NASDAQ:WOOF) fell 3.1%. Is now the time to buy Petco? Access our full analysis report here, it’s free.
- Advertising Software company LiveRamp (NYSE:RAMP) fell 4%. Is now the time to buy LiveRamp? Access our full analysis report here, it’s free.
- Vulnerability Management company Rapid7 (NASDAQ:RPD) fell 4.1%. Is now the time to buy Rapid7? Access our full analysis report here, it’s free.
- Vulnerability Management company Tenable (NASDAQ:TENB) fell 4.7%. Is now the time to buy Tenable? Access our full analysis report here, it’s free.
- E-commerce Software company Wix (NASDAQ:WIX) fell 3.6%. Is now the time to buy Wix? Access our full analysis report here, it’s free.
Zooming In On Tenable (TENB)
Tenable’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Tenable is down 16.4% since the beginning of the year, and at $32.57 per share, it is trading 30.9% below its 52-week high of $47.15 from July 2024. Investors who bought $1,000 worth of Tenable’s shares 5 years ago would now be looking at an investment worth $1,117.
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