Stocks finished lower Wednesday, as investors looked for clarity on President Donald Trump’s tariff policies while awaiting key inflation data later in the week.
The Dow Jones Industrial Average tumbled 132.71 points, or 0.31%, to finish the session at 42,454.79, while the S&P 500 fell 1.12% to close at 5,712.20, and the tech-heavy Nasdaq lost 2.04% to close at 17,899.01.
Major tech names such as Nvidia, Tesla, Amazon, Meta Platforms, and Alphabet all ended in the red.
“The economy is probably not in recession at this point, but the uncertainty about Fed policy, interest rates, inflation, and trade wars put a damper on how consumers and businesses feel about current conditions,” said Jeffrey Roach, chief economist for LPL Financial.
“However, tracking the hard data can give us a fuller sense of how society is doing,” he added. “One stat to monitor is unemployment claims, which we expect to rise if we are getting closer to recession.”
Updated at 1:43 PM EDT
Ford Motor F and General Motors (GM) shares moved lower in afternoon trading following confirmation from the White House that President Trump will unveil specific tariffs on the auto sector later this afternoon.
Ford shares were marked 1.9% lower at $10.10 each while GM was last seen 1.86% lower at $51.61 each.
Broader markets were also in decline, with the S&P 500 down 67 points, or 1.16% and the Dow reversing its earlier gain to fall 153 points on the session.
Updated at 11:11 AM EDT
Nvidia shares are moving firmly lower in early trading following a report suggesting the chipmaker’s access to markets in China could be curbed by new environmental regulations.
London’s Financial Times said China’s economic planning director, the NDRC, has created new rules on energy efficiency that could prevent the sale of Nvidia’s H20 chips, which were designed to comply with U.S. export restrictions.
Nvidia shares were last marked 4.4% lower at $115.36 each, dragging the Nasdaq and the S&P 500 into the red.
Updated at 9:36 AM EDT
The S&P 500 was marked 36 points lower, or 0.1%, in the opening minutes of trading, with the Nasdaq down 73 points, or 0.4%.
The Dow gained 114 points while the mid-cap Russell 200 index rose 4 points, or 0.18%.
Updated at 9:09 AM EDT
GameStop shares, the meme-stock legend, powered higher in early trading after unveiling a move to bring digital currencies into its treasury holdings amid a slump in video game sales.
GameStop said it would use an undisclosed about of its cash, equity or debt issuance to buy bitcoin, following a change in policy two years ago that allows for “investments in certain cryptocurrency assets, including Bitcoin and U.S. dollar-denominated stable coins.”
GameStop shares were marked 9.85% higher in premarket trading to indicate an opening bell price of $27.89 each.
Stock Market Today
Stocks ended modestly higher last night, with the S&P 500 rising 0.16% to extend its winning streak to three sessions, amid hopes that Trump’s April 2 tariff deadline will deliver only targeted levies on goods from U.S. trading partners worldwide.
The president has provided, however, a series of mixed signals and commentary on his tariff ambitions, suggesting within a span of a few days that he might be flexible in bilateral negotiations, only to then suggest that “few exceptions” to the reciprocal duties he plans to impose will be made.
The on-again/off-again nature of his strategy, as well as the pullback in U.S. stocks and a slowing overall economy, has weighed on consumers, with the Conference Board’s March reading of consumer confidence, reported yesterday, slumping to the lowest level in more than four years.
Copper futures hit an all-time high in New York trading following comments from President Trump that he’ll bring forward tariffs on the industrial metal over the coming weeks.VCG/Getty Images
Markets are likely to remain sensitive to tariff-related headlines again today, although the focus is likely to shift to tomorrow’s jobless claims and fourth-quarter GDP data heading into Friday’s reading of March personal consumption expenditures inflation.
Copper futures, for example, hit an all-time high in New York trading, only to quickly retreat during London hours, after Trump commented that he’d bring forward tariffs on the industrial metal in coming weeks.
Treasury bond yields were marginally higher in the overnight session following yesterday’s stronger-than-expected auction of $69 billion in new 2-year notes, which drew impressive interest from foreign buyers.
Benchmark 2-year notes were last pegged at 4.007%, up from the auction’s 3.985% level, while 10-year notes eased to 4.323% heading into the start of the New York trading session.
The U.S. dollar index, meanwhile, was little changed and trading at 104.212 against a basket of six global currency peers.
Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500 suggest an opening-bell decline of around 14 points, with the Dow Jones Industrial Average called 85 points lower.
The tech-focused Nasdaq, meanwhile, is priced for a 60-point decline with Tesla (TSLA) , Nvidia (NVDA) and GameStop (GME) the most-active names in premarket trading.
More Wall Street Analysis:
In Europe, Britain’s FTSE 100 edged 0.05% lower in London ahead of a key budget statement from Finance Minister Rachel Reeves. The pound eased to 1.2907 against the U.S. dollar following cooler-than-expected inflation data for March.
The Europe-wide Stoxx 600 index, meanwhile, was marked 0.68% lower in midday Frankfurt trading.
Overnight in Asia, the MSCI ex-Japan benchmark rose 0.36% into the close of trading, while a weaker yen boosted the Nikkei 225 into a 0.65% gain for the session.
