One home furnishings stock emerged unscathed in Trump’s tariff move

HIGH POINT – Following the news from the Trump administration that tariffs on goods from Canada and Mexico would go into effect today, the stock market tumbled and took with it all but one home-furnishings-related stock.

Share prices from Italian leather brand Natuzzi bucked the downward trend in the market close Monday.

Other industry share prices didn’t fare as well, with declines ranging from a 0.76% drop for Bassett Furniture to a 9.81% decline in Sleep Number shares.

On Monday, President Trump imposed tariffs on Mexico, Canada and China. In response to the 25% tariffs on Canada and Mexico with an additional 10% on goods from China, the countries announced retaliatory measures. Canada set 25% tariffs on imports of U.S. goods, and China imposed tariffs as high as 15% on some U.S. exports.

The comments were made during a press conference announcing Taiwan-based TSMC’s plans to build chip factories in the U.S. During the conference, the President referenced North Carolina’s furniture industry and said “it’s been wiped out. All that business went to other countries, and now it’s all going to come back into North Carolina, the furniture manufacturing business.”

That short reference to the home furnishings industry wasn’t enough to deliver furniture stocks a boost.

The Dow Jones Industrial Average closed down nearly 650 points, or almost 1.5%, while the S&P Index fell 1.7%. The Nasdaq tumbled 2.6% on the news.

Today’s market, opening at 9:30 a.m. ET, will likely see more turmoil as the news cycle focuses on the trade war.

Here’s a look at how furniture-related stocks fared in Monday afternoon’s sell off.

• Amazon – down 3.42% to $205.02
• Arhaus – down 5.78% to $8.97
• Bassett Furniture – down 0.76% to $15.68
• Culp – down 2.08% to $5.19
• Ethan Allen – down 2.21% to $27.87
• Flexsteel – down 4.65% to $42.90
• GXO – down 3.48% to $38.05
• Havertys – down 2.45% to $22.27
• Hooker Furnishings – down 4.13% to $12.53
• J.B. Hunt – down 2.09% to $157.82
• La-Z-Boy – down 3.85% to $43.50
• Leggett & Platt – closed down 2.94% to $8.90
• Lovesac – down 6.78% to $19.53
• Manwah – down 0.214% to $4.67
• Natuzzi – up 1.27% to $4.80
• Purple Innovation – down 8.15% to $0.78
• RH – down 4.61% to $307.23
• Sleep Number –  down 9.81% to $12.69
• Somnigroup International – down 2.14% to $62.51
• Target – down 2.8% to $120.76
• TJMaxx – down 0.98% to $123.54
• Wayfair – down 7.41% to $36.62
• Williams Sonoma – down 3.54% to $187.69
• XPO Logistics – down 2.72% to $119.61

See also: Furniture industry expert explains the stock market downturn – how serious was it?