What Happened?

A number of stocks fell in the afternoon session after the major indices continued to retreat amid profit-taking and renewed concerns about tariffs. 

Investors reacted to a federal court ruling that most of President Trump's global tariffs were illegal, raising uncertainty over trade policy and the fiscal impact of potential refunds. Rising Treasury yields added to the pressure, with the 10-year climbing above 4.2% and the 30-year nearing 5%, intensifying worries about stretched equity valuations. September's historically weak track record for stocks further dampened sentiment, leaving traders cautious ahead of the jobs report later in the week and the Federal Reserve's upcoming rate decision.

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 National Vision (NASDAQ: EYE) fell 3.6%. Is now the time to buy National Vision? Access our full analysis report here, it’s free.
• Perishable Food company Freshpet (NASDAQ: FRPT) fell 3.6%. Is now the time to buy Freshpet? Access our full analysis report here, it’s free.
• Broadcasting company Gray Television (NYSE: GTN) fell 3.7%. Is now the time to buy Gray Television? Access our full analysis report here, it’s free.
• Custom Parts Manufacturing company Stratasys (NASDAQ: SSYS) fell 3.5%. Is now the time to buy Stratasys? Access our full analysis report here, it’s free.
• Property & Casualty Insurance company Erie Indemnity (NASDAQ: ERIE) fell 4.4%. Is now the time to buy Erie Indemnity? Access our full analysis report here, it’s free.

Zooming In On Erie Indemnity (ERIE)

Erie Indemnity’s shares are somewhat volatile and have had 10 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Erie Indemnity is down 17.5% since the beginning of the year, and at $337.75 per share, it is trading 38% below its 52-week high of $544.84 from September 2024. Investors who bought $1,000 worth of Erie Indemnity’s shares 5 years ago would now be looking at an investment worth $1,550.

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