Stocks resumed their pullback on Thursday as the latest concessions from the White House on President Donald Trump's controversial tariff policies failed to calm rattled investors.
The Dow Jones Industrial Average traded 523 points lower, or 1.2%. The S&P 500 shed 1.8%, while the Nasdaq Composite lost 2.3%.
The major averages have each lost more than 3% this week as U.S. tariffs on Canadian, Mexican and Chinese imports took effect, rocking financial markets. Canada and China responded with retaliatory levies of its own, while Mexico said it would unveil measures over the weekend.
Despite this week's slide, the market got a boost on Wednesday after the White House it would grant a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement. Trump said Thursday that most Mexican imports in compliance with the USMCA trade agreement also received an extension, but that news did not deliver the same upward momentum in the market seen in the prior session as uncertainty around the policy mounted.
"You're just having confusion," said Keith Lerner, chief market strategist at Truist. "That confusion is permeating into the day-to-day swings of the market."
A continued unwind of the popular artificial intelligence trade that has boosted the market for more than a year also hurt stocks on Thursday.
Notably, chipmaker Marvell Technology
dropped more than 18% after the company issued mixed first-quarter guidance. Other semiconductor builders such as ON Semiconductor,
Taiwan Semiconductor and Nvidia also slid.
On top of that, a string of recent economic reports raised alarm that Trump's policies could hinder the U.S. economy. Those came ahead of Friday's closely watched jobs report.
The Federal Reserve's Beige Book and the Institute for Supply Management's manufacturing reading both indicated fear of rising input costs because of the tariffs. Data from Challenger, Gray & Christmas released Thursday showed layoff announcements soared to 2020 highs, which the outplacement firm found was driven by Trump and billionaire Elon Musk's efforts to shrink the federal government's workforce.(Cay)
Source: CNBC
European stocks edged higher on Thursday ahead of the ECB policy decision and the US CPI release. At 07:05 GMT, Germany's DAX rose 0.1%, France's CAC 40 +0.3%, and the UK's FTSE 100 +0.3%. Gains were ...
Asian stocks moved mixed on Thursday after Wall Street rallied and pushed the S&P 500 to a new record. A decline in US producer price inflation (PPI) bolstered confidence that the Fed could cut in...
The S&P 500 notched a second straight record-high close on Wednesday, as Oracle surged and cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rat...
European stocks closed mostly lower on Wednesday with losses from tech, consumer defensive companies, and miners as markets continued to assess the outlook on global rates and geopolitical risk. The E...
The S&P 500 jumped to a fresh record on Wednesday after a reading on wholesale prices unexpectedly declined, a welcome development for investors clamoring for a Federal Reserve rate cut next week ...
Gold weakened slightly on Thursday (September 11), but held near record highs well above $3,600, as a modest dollar recovery and profit-taking weighed on prices, while investors awaited US consumer inflation data due later in the day. Spot gold...
Gold prices weakened on Thursday (September 11th) after hitting a new record earlier this week. Selling pressure emerged as the US dollar strengthened and bond yields rose, reducing the precious metal's appeal as a hedge. Investors tended to take...
The EUR/USD pair recorded a slight decline on Thursday (September 11th), trading at 1.1695, but remained within the previous day's narrow range at the start of the European session. Investors were reluctant to place directional bets, awaiting the...
The United States (US) Bureau of Labor Statistics (BLS) will publish the 2025 preliminary benchmark revision to the Establishment Survey Data on...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...