Stocks tumbled Thursday morning after major indexes posted their biggest gains in years yesterday following President Trump’s announcement of a pause in many of the tariffs that had spurred fears of an imminent recession and sent markets reeling.
The Dow Jones Industrial Average was down 2.3%, or more than 900 points, in recen trading, while the S&P 500 and tech-heavy Nasdaq Composite slid 2.7% and 3.3%, respectively. The S&P 500 jumped 9.5% on Wednesday, its best performance since 2008, while the Nasdaq surged 12.2% for its biggest gain since 2001. The Dow, which rose 7.9%, or nearly 3,000 points, turned in its best performance in five years.
Wednesday’s surge came after Trump announced he would pause so-called “reciprocal” tariffs—varying levels of import taxes on trading partners around the world that had gone into effect about 12 hours earlier—for 90 days, during which the White House will negotiate with countries. A 10% base rate remains in effect for all countries, while China faces a 125% levy.
“The stock market rebound is a combination of speculative investors needing to cover short positions; less fear of recession and stagflation; and optimism that tariff rates will ultimately end up lower than they are threatened today,” Comerica Bank Chief Economist Bill Adams said Wednesday.
The yield on the 10-year Treasury, which has swung wildly in recent days as investors positioned themselves amid the recent stock market volatility, was at 4.32% this morning, down from 4.40% at yesterday’s close. The yield, which affects borrowing costs on all sorts of loans, rose as high as 4.52% yesterday, after moving as low as 3.86% on Friday, its lowest level since October.
Mega-cap technology stocks were down across the board on Thursday after leading the move higher yesterday. EV maker Tesla (TSLA) was down 5.5%, giving back some of Wednesday’s 23% gain. Chipmakers Nvidia (NVDA) and Broadcom (AVGO) slipped 3.5% and 5%, respectively, while Apple (AAPL) and Meta Platforms (META) each declined about 3%. Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) were also losing ground.
Chip stocks were broadly under pressure. Microchip Technology (MCHP) was down 10%, while On Semiconductor (ON) and Marvell Technology (MRVL) each dropped about 8%. The iShares Semiconductor ETF (SOXX) was off more than 6%.
Delta Air Lines (DAL) and United Airlines (UAL), which had soared more than 20% on Wednesday, were both down more than 8% as concerns about travel demand linger. Nike (NKE), which makes many of its products in countries subject to tariffs, plunged nearly 9% to lead Dow decliners.
Bitcoin was at $81,600, down from an overnight high of $83,600. The digital currency surged along with stocks yesterday as risk appetite returned following Trump’s announcement.
Gold futures were up 2.7% at $3,165 an ounce, approaching a new record high, while West Texas Intermediate futures, the U.S. crude oil benchmark, fell 4.2% to around $59.75 per barrel, giving back some of yesterday’s gains as concerns about global demand persist.
Intel Levels to Watch Amid Tariff-Induced Price Swings
32 minutes ago
Intel (INTC) shares tumbled Thursday morning after soaring yesterday, in line with moves by the broader chip sector following yesterday’s announcement of a pause in many U.S. tariffs.
After forming a double top between January 2020 and April 2021, Intel shares have trended sharply lower, with a countertrend rally to the 50-month moving average (MA) in December 2023 running into immediate selling pressure.
More recently, bears drove a brief sell-off below last year’s September low before bulls reclaimed this key level during Wednesday’s bullish reversal, potentially setting the stage for follow-though buying. However, investors should brace for further volatility ahead, with trading volume picking up in the stock since August last year.
Investors should monitor key overhead areas on Intel’s chart near $25 and $35, while also watching a crucial zone of support between $18.50 and $17.
Intel shares were down about 6% at $20.20 in recent trading, giving back some of yesterday’s 19% gain. Through the close of trading Wednesday, the stock had lost 44% over the past 12 months amid uncertainty surrounding the chipmaker’s restructuring plans and constant deal speculation.
Read the full technical analysis piece here.
Modelo Parent Constellation Brands Issues Soft Outlook
1 hr 27 min ago
Constellation Brands (STZ) shares were wavering between gains and losses early Thursday, a day after the alcoholic drinks maker posted a soft outlook for the full year. The company, which imports Corona and Modelo beers from Mexico, also announced plans to sell some of its lower-cost wine brands.
For fiscal 2026, Constellation projected adjusted earnings per share (EPS) of $12.60 to $12.90, below the consensus from analysts surveyed by Visible Alpha. The company also slashed its enterprise net sales projection to a decline of 2% to a rise of 1%. Previously, it had projected an increase of 2% to 4%. It also trimmed its fiscal 2027 to 2028 forecasts.
Those lowered projections, Constellation said, reflects “the anticipated impact” of the reciprocal tariffs announced on April 2 as well as those against Canada on March 4.
Those changes to its outlook came as Constellation posted fourth-quarter adjusted EPS of $2.63 on net sales of $2.16 billion, ahead of analysts’ estimates.
The company also said that as part of a multi-year restructuring, it is also selling some of its lower-cost wine brands. It is keeping those brands “predominantly priced $15 and above” such as Robert Mondavi Winery and Kim Crawford.
Constellation shares fell nearly 5% in the opening minutes of trading but inched into positive territory recently. Coming into Thursday’s session, the stock had lost close to a third of its value over the past 12 months.
CarMax Earnings Disappoint, Growth Targets Suspended
1 hr 52 min ago
CarMax (KMX) shares plunged in premarket trading Thursday after the used-car retailer’s fiscal fourth-quarter profit and used-vehicle sales came in below analysts’ expectations.
The Virginia-based company reported earnings per share (EPS) of $0.58 on net sales and operating revenue of $6.00 billion, both up from $0.32 and $5.63 billion a year ago. Analysts polled by Visible Alpha, however, had projected $0.68 and $5.99 billion, respectively.
CarMax sold a total of 301,811 used vehicles, including 182,655 retail and 119,156 wholesale units, each below consensus. Analysts were looking for 312,800 units of combined sales, consisting of 185,900 retail and 126,900 wholesale vehicles.
The company didn’t give specific financial forecasts for fiscal 2026, but did suspend the timelines for its previously announced long-term growth targets “given the potential impact of broader macro factors.”
A year ago, CarMax said it expected to reach 2 million annual vehicle sales between fiscal 2026 and 2030. It said that before it reached that unit figure, it expected annual revenue to reach $33 billion and market share of up to 10-year-old used vehicles to hit 5%.
Analysts have said both new and used cars are likely to become thousands of dollars more expensive as a result of the Trump administration’s tariffs.
CarMax shares, which entered Thursday down 4% over the past 12 months, were down 11% shortly before the opening bell, outpacing the declines on the broader stock market this morning.
Stocks Still Below Pre-‘Liberation Day’ Levels
2 hr 20 min ago
Despite Wednesday’s historic gains, the major indexes are still below where they were just before Trump announced his plan for sweeping tariffs on April 2, a day the president referred to as “Liberation Day.”
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For the year, the Dow was down 4.6% coming through Wednesday’s close, while the S&P 500 and Nasdaq are down 7.2% and 11.3%, respectively, so far in 2025.
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Major Stock Index Futures Lose Ground
2 hr 44 min ago
Futures tied to the Dow Jones Industrial Average were down 1.3%, or about 500 points.
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S&P 500 futures slipped 1.8%.
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Nasdaq 100 futures were off 2.3%.
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