The Evening: A bad day on Wall Street

Also, Rubio said Ukraine must cede territory in exchange for peace.

View in browser|nytimes.com March 10, 2025 By Matthew Cullen Good evening. Here's the latest at the end of Monday. Tumbling stocks Canada's next leader Plus, the actors who learned sumo wrestling Charly Triballeau/Agence France-Presse — Getty Images It was a bad day for the stock market The American stock market tumbled today to its lowest point in several months. The S&P 500 dropped 2.7 percent, its worst single-day decline of the year. And the tech-heavy Nasdaq slipped 4 percent, fueled in part by sharp drops in the stock prices of some of the U.S.'s most valuable companies — like Tesla, which fell by more than 15 percent. By most measures, the U.S. economy is still in good shape. But as stocks have recoiled over the past three weeks, many economists' predictions have turned gloomier. Analysts we spoke to said the economic angst was in part a result of the uncertainty around tariffs. Over the last few weeks, President Trump has threatened, imposed, suspended and resumed levies on America's three largest trade partners. Today, retaliatory tariffs by China on U.S. agricultural products came into effect. And later this week, the Trump administration is set to put in place a 25 percent tariff on all U.S. steel and aluminum imports. When Trump was asked this weekend about an economic slowdown, he acknowledged that there could be "a period of transition." He declined to rule out the possibility of a recession, and instead insisted that, in the long run, his policies would bring "wealth back to America." One economic bright spot: Restaurants are having an unexpectedly good winter. Secretary of State Marco Rubio, today, on a plane headed for Jeddah, Saudi Arabia. Pool photo by Saul Loeb Rubio said Ukraine must cede territory in exchange for peace Secretary of State Marco Rubio said today that Ukraine would have to concede some of the land that Russia had taken since 2014 as part of any agreement to end the war. As he flew to Saudi Arabia for talks with senior Ukrainian officials, Rubio told reporters, "The most important thing that we have to leave here with is a strong sense that Ukraine is prepared to do difficult things." President Volodymyr Zelensky of Ukraine also traveled to Saudi Arabia today to meet with Crown Prince Mohammed bin Salman, who has emerged as a mediator of sorts between Ukraine and Russia. Zelensky said he did not plan on attending a meeting tomorrow with Rubio. On the ground, Ukrainian forces have stalled the Russian offensive and started to win back small patches of land, according to Ukrainian soldiers and military analysts. Mahmoud Khalil at a protest in New York City last week. Marco Postigo Storel for The New York Times The U.S. sought to expel a pro-Palestinian activist Federal immigration authorities detained Mahmoud Khalil, who was a prominent pro-Palestinian activist at Columbia University, over the weekend and transferred him to a processing center in Louisiana. Khalil is a lawful permanent resident with a green card. However, the Trump administration is seeking to deport him using an obscure legal statute. Their rationale is that Khalil led antisemitic protests against Israel, which they say fostered a hostile environment for Jewish students and made him — under the Immigration and Nationality Act — deportable. In related higher education news, Harvard announced a hiring freeze after Trump threatened to pull its federal funding. In other politics news: Trump has cultivated warm relationships with Republican lawmakers to keep them in line behind his agenda. Trump is planning to gut the I.R.S. work force and assert more control over the agency. The energy secretary pledged to reverse the U.S.'s focus on climate change, saying it was a "side effect of building the modern world." Robert F. Kennedy Jr., the health secretary, linked the recent measles outbreak to poor diet and health. The longstanding animus between Stephen Bannon and Elon Musk continues to grow. Trump's call to scrap the country's "horrible" chip program caused industry executives to panic. The U.S. sent billions in aid to Africa. Here's what Trump's cuts will cost the continent. D.C. began removing its Black Lives Matter mural. Mark Carney, who now leads Canada's Liberals. Cole Burston for The New York Times Canada is getting a new leader. Here's what to know. Mark Carney, a former central banker, will soon be Canada's prime minister — ending Justin Trudeau's decade-long tenure as the country's leader. Carney dominated the Liberal Party's leadership race over the weekend, securing a victory at a moment when Canada is facing threats to its economy and sovereignty from the U.S. Carney will soon call a general election, because his party does not command a majority in Parliament. Just a few months ago, the Conservative Party had a double-digit lead in the polls over the Liberals. Now, thanks in part to Trump's attacks, Carney may hold on to power. More top news Supreme Court: The justices said they would hear a First Amendment challenge to a Colorado law banning conversion therapy. Syria: The Kurdish-led militia that controls part of the country agreed on to merge with the new government, a major victory in the effort to unify a country wrestling with violent turmoil. Iran: The country's mission to the U.N. expressed a willingness to participate in limited talks with the U.S. about its nuclear program. Court: The L.A. district attorney said he would not support resentencing the Menendez brothers. They still have paths to freedom. Medicine: Some scientists think that the future of organ transplants lies in genetically modified pigs. But substantial ethical questions remain. Health: Five years after Covid started to spread, a clearer picture of its long-term effects on the body is emerging. Media: A longtime Washington Post columnist resigned after the paper refused to run her critique of Jeff Bezos. Books: A new memoir by a former Facebook executive portrays feckless company leaders cozying up to authoritarian regimes. Theater: Jean Smart will star in a one-woman Broadway show. Entertainment: Michelle Obama announced her next act as a video podcaster. TIME TO UNWIND Arturo Holmes/Getty Images Lady Gaga wants us to party like its 2009 For the last 15 years, Lady Gaga proved herself to be one of music's great shape-shifters. She's infused pop music with dance, rock and country, all the while starring in a few blockbuster movies. Her new album, "Mayhem," shifts back to the over-the-top excess that first made her famous. Gaga doesn't sound like most of her pop-music peers, who in recent years have become quieter, breathier and more restrained. "In a world of so-called lowercase pop, Gaga still has the caps-lock on in a bold, 96-point font, like she did in 2009," our critic Lindsay Zoladz wrote in a review of the album. "Sometimes there's a benefit to sounding a little behind the times." For more: In an interview, Gaga talked to us about her latest experiment: happiness. M. Scott Brauer for The New York Times Humans often misinterpret dogs In a study published today, researchers found that humans struggled to differentiate a dog's reaction to positive stimuli from its reaction to negative stimuli. When we think we know what a dog's body language indicates about its emotions, we're more often being swayed by situational cues, the paper suggested. Bell Labs was the first office building with a mirrored glass exterior. Clark Hodgin for The New York Times Dinner table topics Real-life Lumon: An office building called Bell Works, which is the setting of the hit series "Severance," is now a tourist attraction for fans drawn to the architectural wonder. Emotional creations: You won't find DJ Morrow's balloon art at a child's birthday party. Get in line: During Ramadan, some Yemeni coffee shops are packed until 3 a.m. Behind the scenes: The early Hollywood star Merle Oberon had a secret that could have ended her career. WHAT TO DO TONIGHT Armando Rafael for The New York Times Cook: Serve these honey-habanero pork chops on top of grits or mashed potatoes. Watch: "Black Dog" is one of the best international movies to stream right now. Read: Our critic recommends a melancholy, hilarious Yiddish classic. Listen: King Charles III released a playlist. See what artists made the cut. Plan: Our writer devised a European grand tour, using four trains to travel across five cities. Wear: We have tips for styling neckties on women. Compete: Take this week's Flashback history quiz. Play: Here are today's Spelling Bee, Wordle and Mini Crossword. Find all of our games here. ONE LAST THING Graham Dickie/The New York Times For these actors, learning the lines is the easy part At a theater in Manhattan, large bare-chested men wrestle, slap and toss one another on a stage transformed to look like a sumo ring. The choreographed fight sequences, which are the centerpiece of the new Off Broadway play "Sumo," required months of physical training. Two fighting directors helped coach the cast through lower-body exercises that mimic sumo wrestlers' stances. Some of the actors also gained weight to prepare for the roles: "I think it's helped me feel more like I inhabit the role and that I'm living that lifestyle," one said. Have an athletic evening. Thanks for reading. I'll be back tomorrow. — Matthew Philip Pacheco was our photo editor today. We welcome your feedback. Write to us at evening@nytimes.com. Writer: Matthew Cullen Editors: Carole Landry, Whet Moser, Justin Porter, Jonathan Wolfe Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for The Evening from The New York Times. To stop receiving The Evening, unsubscribe. To opt out of other promotional emails from The Times, including those regarding The Athletic, manage your email settings. To opt out of updates and offers sent from The Athletic, submit a request. 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