U.S. stocks slid on Thursday, with tech stocks leading declines as Trump’s tariffs ran headlong into a market already concerned about high valuations and slowing growth.
The tech-heavy Nasdaq Composite fell 0.7% Thursday morning, while the S&P 500 declined 0.6% and the Dow Jones Industrial Average was off 0.2%. Stocks rallied yesterday after the Trump administration announced a one-month delay to tariffs on cars and car parts from Canada and Mexico.
Stocks pared some losses on Thursday after Commerce Secretary Howard Lutnick said the Trump administration would likely delay tariffs on Canadian and Mexican goods that are compliant with the U.S.-Mexico-Canada Agreement. Still, Wall Street is concerned that Trump’s tariffs—and the counter-tariffs they inspire—could reaccelerate inflation and slow economic growth across North America.
Yesterday’s carve out for carmakers offered some relief, but Trump has promised more tariffs to come by April 2. Investors and business leaders are highly uncertain about what those tariffs will be, how long they’ll last, and how they’ll impact the economy.
Treasury yields were mostly higher ahead of tomorrow’s hotly anticipated February jobs report, which investors will be watching closely amid concerns about how Trump’s policies are affecting business sentiment. Layoffs soared to their highest monthly total since July 2020 last month, according to a report from outplacement firm Challenger, Gray, and Christmas.
The 10-year Treasury yield, which is influenced by investor expectations for inflation and Federal Reserve policy, stood at 4.34% in recent trading, up from 4.28% at yesterday’s close. Short-term yields were lower, with the 2-year hovering just below 4%.
Shares of Marvell Technologies (MRVL) tumbled about 16% Thursday after the chipmaker’s current-quarter outlook fell short of lofty expectations. Shares of database software company MongoDB (MDB) also slumped 20% on its disappointing outlook.
Big tech stocks were mixed after recovering from an early sell-off. Broadcom (AVGO), which is slated to report quarterly results after the bell, and Tesla (TSLA) were both down about 3%. Nvidia (NVDA) and Amazon (AMZN) were each down about 2%, and Meta (META) was off 1%. Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG) traded slightly higher.
Bitcoin traded around $89,900 Thursday morning, little changed from its price at the close of equity markets yesterday. The U.S. dollar continued to slump and was trading at its lowest level since before Trump’s election victory in November. West Texas Intermediate oil futures prices stabilized around $66.70 a barrel after tumbling yesterday. Gold futures traded around $2,925 an ounce.
Nvidia, Broadcom, and Other Chip Stocks Drop as AI Trade Falters
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Nvidia (NVDA) and other chip stocks fell in early trading Thursday as the artificial intelligence trade faltered.
Shares of the AI chipmaker were down more than 2% in recent trading. Advanced Micro Devices (AMD), Qualcomm (QCOM), and TSMC (TSM) were also lower, along with shares of Nvidia partners such as Supermicro (SMCI), Dell (DELL), and Micron Technology (MU).
Shares of Broadcom (AVGO), which is set to report earnings after the bell, were down more than 3%, pulling the PHLX Semiconductor Index down 2%, while shares of chipmaker Marvell Technology (MRVL) plunged 17% after its outlook failed to impress. The tech-heavy Nasdaq fell 1%.
Uncertainty about the impact of new U.S. tariffs weighed on stocks, along with worries about tightening chip export curbs, and competition from China as Alibaba unveiled its latest AI reasoning model, which it said rivals offerings from DeepSeek and ChatGPT maker OpenAI. Alibaba shares climbed about 1%.
Meanwhile, shares of AI play favorite Palantir (PLTR) dropped about 3.5%, nearly wiping away Wednesday’s gains on expectations the company’s software could be strongly positioned to support the Trump administration’s efforts to trim government spending. Jefferies analysts highlighted insider sales, with Palantir CEO Alex Karp moving to sell shares worth another $45 million in the last two weeks after dumping over $2 billion worth in 2024.
The rest of the Magnificent Seven aside from Nvidia—Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Tesla (TSLA), and Meta (META)—were little changed to slightly lower after a volatile stretch for big tech that has seen the major indexes give back all of their gains since November’s presidential election.
Marvell Technology Stock Tanks on Soft Outlook
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Shares of Marvell Technology (MRVL) plunged around 20% Thursday morning, a day after the semiconductor firm reported an outlook that disappointed some investors.
Marvell reported fourth-quarter adjusted earnings per share (EPS) of $0.60 on revenue that jumped 27% year-over-year to $1.82 billion, both slightly above Visible Alpha consensus.
Although Marvell’s current-quarter projections of adjusted EPS of $0.61, plus or minus $0.05, and revenue of $1.875 billion, plus or minus 5%, were mostly in line with estimates, Bank of America analysts had called for a “largely better” forecast.
After Marvell’s “solid” results Wednesday, Deutsche Bank analysts affirmed their “buy” rating on the stock, writing that they “continue to see a positive risk/reward in MRVL, using the apparent ‘disappointment’ of tonight’s report/guide as a buying opportunity.”
U.S. Stock Futures Sharply Lower as Tariff Jitters Persist
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Futures contracts connected to the Dow Jones Industrial Average were down 0.9% in premarket trading on Thursday.
S&P 500 futures were off 1.1%.
Nasdaq 100 futures led stocks lower, falling 1.5%.
