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(Reuters) -The major stock indexes closed lower on Monday, but partly recovered from initial steeper losses as U.S. President Donald Trump delayed tariffs on Mexico after his orders to levy tariffs on three countries sparked a global scramble to safe-haven assets earlier in the day. Trump said he has paused planned tariffs on Mexico for one month after the nation agreed to reinforce its northern border with 10,000 National Guard members to stem the flow of illegal drugs, particularly fentanyl. Over the weekend, Trump had announced hefty new tariffs of 25% on imports from Mexico and Canada, and 10% on China - which he said may cause short-term pain for Americans.

State Farm General, California’s largest insurance provider, has requested an emergency interim rate hike averaging 22% for homeowners from state officials on Monday, citing a “dire” financial situation after destructive Los Angeles wildfires last month.

Chip manufacturer NXP Semiconductors (NASDAQ: NXPI) met Wall Street’s revenue expectations in Q4 CY2024, but sales fell by 9.1% year on year to $3.11 billion. On the other hand, next quarter’s revenue guidance of $2.83 billion was less impressive, coming in 1.5% below analysts’ estimates. Its non-GAAP profit of $3.18 per share was 1.7% above analysts’ consensus estimates.

Snack food company J&J Snack Foods (NASDAQ:JJSF) met Wall Street’s revenue expectations in Q4 CY2024, with sales up 4.1% year on year to $362.6 million. Its non-GAAP profit of $0.33 per share was 44.4% below analysts’ consensus estimates.

Automaker stocks tumbled on Monday following impending imposition of President Trump’s tariffs on goods coming from Canada and Mexico.

Traders were relieved to hear tariffs against Mexico would be delayed. Markets hope a similar resolution can be reached before tariffs on Canada kick in.

EV Maker Led Magnificent 7 Decliners Monday

Data-mining and analytics company Palantir (NYSE:PLTR) reported Q4 CY2024 results beating Wall Street’s revenue expectations, with sales up 36% year on year to $827.5 million. On top of that, next quarter’s revenue guidance ($860 million at the midpoint) was surprisingly good and 7.2% above what analysts were expecting. Its non-GAAP profit of $0.14 per share was 23.7% above analysts’ consensus estimates.

Aerospace and defense company Woodward (NASDAQ:WWD) met Wall Street’s revenue expectations in Q4 CY2024, but sales fell by 1.8% year on year to $772.7 million. The company’s outlook for the full year was close to analysts’ estimates with revenue guided to $3.4 billion at the midpoint. Its non-GAAP profit of $1.35 per share was 13.9% above analysts’ consensus estimates.

Just about everyone thought it was a bluff. Top analysts from the biggest banks on Wall Street said it was highly unlikely. Stocks were trading like it wouldn’t happen. Some companies built contingency plans, but they weren’t exactly rushing to make changes.