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US stocks fell on Thursday as economic concerns grew and investors digested the latest inflation data, President Trump’s trade offensive, and a looming US government shutdown.
The S&P 500 (^GSPC) dropped 1.2% to head toward correction territory, while the tech-heavy Nasdaq Composite (^IXIC) shed 1.8% on the heels of a rebound for both gauges. The Dow Jones Industrial Average (^DJI) nudged 1% lower.
Markets remain on edge after days of being whipsawed by fresh headlines. Stocks got a boost on Wednesday amid relief about a cooler-than-expected inflation report, which buoyed tech shares, in particular.
DJI – Free Realtime Quote USD
As of 1:23:06 PM EDT. Market Open.
^DJI ^IXIC ^GSPC
But uncertainty around Trump’s tariff policy continues to grip Wall Street, and his trade war has only intensified this week. The president has vowed to respond to tariffs planned by the EU and Canada in response to US duties on steel and aluminum imports — most notably leading off Thursday by threatening a 200% tariff on imports of EU wines and spirits.
Read more: The latest on Trump’s tariff plans
Meanwhile, the risk of a US government shutdown adds another layer of worry for investors already assessing the impact of DOGE job cuts on the economy. Senate Democrats plan to block a Republican spending bill to avert the weekend shutdown, Minority Leader Chuck Schumer said.
Wholesale inflation data released on Thursday morning showed prices did not change in February, compared to an expected month-over-month increase of 0.3%. On an annualized basis, the Producer Price Index rose 3.2%, versus a consensus estimate of 3.3%.
The easing in price pressures is expected to factor into expectations for interest rate cuts ahead of the Federal Reserve meeting next week.
LIVE 17 updates
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Mortgage rates barely budge despite a wild week for financial markets
Yahoo Finance’s Claire Boston reports:
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Trump’s 200% tariff threat on EU wine, alcohol could ‘essentially eliminate’ the products from the US
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Losses on Dow, S&P 500, Nasdaq accelerate
Selling pressure accelerated on Thursday during midday trading as the Dow (^DJI), S&P 500 (^GSPC), and Nasdaq (^IXIC) sank to session lows.
The S&P 500 fell more than 1% to inch closer toward correction territory, while the tech-heavy Nasdaq Composite dropped 1.5%, on the heels of a rebound for both gauges. The Dow Jones Industrial Average also slipped more than 1%.
Tech stocks led the way lower, though nearly 11 sectors of the S&P 500 fell, giving up Wednesday’s rebound gains.
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Gold touches fresh record as analysts see prices climbing as high as $3,500
Gold touched new highs on Thursday as modest inflation data and an escalating trade war drove up prices. Meanwhile, Wall Street analysts have been raising their forecasts, with Macquarie Group now predicting a high of $3,500 in the third quarter.
On Thursday, gold futures (GC=F) rose to climb above $2,984 per ounce.
“Year-to-date, gold has been running ahead of our expectations,” wrote Marcus Garvey, head of commodities strategy at Macquarie on Thursday. “We are raising our gold price forecast to a 3Q25 quarter average peak of $3,150 per ounce and our single point price high to $3,500 per ounce.”
On Wednesday strategists at BNP Paribas called for prices to push above $3,100 an ounce in the second quarter.
“The Trump administration issuing a slew of tariff threats and the realigning of international relationships have added a new layer of macroeconomic and geopolitical uncertainty, providing a significant boost to gold,” BNP’s David Wilson wrote in a note on Wednesday.
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S&P pullbacks of 5%-10% are common
Tariff-related concerns have sent stocks reeling over the past month, with the S&P 500 (^GSPC) down about 5% year to date as of Thursday morning. Investors may want to remember that while policy shifts are unsettling, pullbacks of 5% to 10% in the benchmark index are not uncommon.
“On average, the index experiences three drawdowns of between 5% and 10% each year,” Jeff Buchbinder, chief equity strategist at LPL Financial, wrote in a note to clients. “In fact, the S&P 500 has had at least one 5% pullback in 94% of years going back to 1928 (including its predecessor S&P 90 Index).”
Buchbinder’s advice remains clear: “Be patient, stay invested, and most importantly, don’t panic.”
According to the note, stocks typically experience a correction of over 10% once a year, even in favorable years. With no corrections in 2024, a pullback was expected. Despite the volatility, stocks have averaged a 13% annual return since 1980.
Buchbinder has a year-end price target for the S&P 500 in a range offrom 6,275 to 6,375, aligning with other Wall Street expectations.
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Tesla drops 3% amid broader market pullback
Tesla (TSLA) stock fell more than 3% on Thursday, giving back some of Wednesday’s gains following a brutal month for shares of the EV maker.
Tesla is down more than 30% over the past month as data signaling sliding vehicle sales has weighed on shares while the brand has also been receiving some public backlash against CEO Elon Musk’s involvement in politics.
The stock has lost all of its post-election gains after reaching an all-time high in December.
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Charles Schwab CEO: Investors are buying the dips
Yahoo Finance’s Brian Sozzi reports:
Read more here.
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Dow, S&P 500, Nasdaq slip amid tariff worries
Stocks pulled back on Thursday as investors assessed the economic impact of an escalating trade war and the threat of a US government shutdown.
The S&P 500 (^GSPC) fell 0.5% while the tech-heavy Nasdaq Composite (^IXIC) dropped nearly 1%, on the heels of a rebound for both gauges. The Dow Jones Industrial Average (^DJI) also slipped 0.2%
SNP – Free Realtime Quote USD
As of 1:23:06 PM EDT. Market Open.
^GSPC ^IXIC ^DJI
The market action has been volatile in recent days with stocks rebounding on Wednesday following a cooler-than-expected inflation report.
On Thursday morning President Trump threatened the European U with a 200% tariff on imported wines, champagnes, and other alcoholic products if the bloc did not remove a duty on whiskey. The EU duties follow a 25% tariff on imports of steel and aluminum imposed by Trump.
Meanwhile, Senate Minority Leader Chuck Schumer said Democrats are planning to block a Republican spending bill to avert the weekend shutdown.
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PPI data shows wholesale inflation ticked down in February
Yahoo Finance’s Josh Schafer reports:
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Adobe shares fall after disappointing outlook
Adobe stock sank over 6% in premarket trading after the software maker’s revenue outlook for the current quarter disappointed investors.
From Bloomberg:
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Dollar General stock jumps as comparable sales beat estimates
Dollar General (DG) stock jumped 4.8% in premarket trading after the discount retailer reported holiday sales above estimates but a mixed outlook for the year.
Retailers, including Walmart (WMT) and Target (TGT), have largely issued more cautious forecasts for the year as they navigate new tariffs and a still-inflation-weary consumer.
For the quarter, Reuters reported that Dollar General posted annual same-store sales growth between 1.2% and 2.2%, compared with analysts’ expectations for a 1.82% rise, according to data compiled by LSEG. Dollar General’s 2025 earnings per share outlook came in at $5.10 to $5.80, below analysts’ average estimate of $5.85.
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The stock market’s fate all depends on tariffs
Stocks attempted a rebound on Wednesday, but as with most of the recent market action, the rally proved to be stop-and-go, Yahoo Finance’s Josh Schafer reports.
Read more here on why pricing tariffs into the stock market has become more difficult.
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‘Magnificent 7’ stocks aren’t the only high-flying techs getting hit hard
Big techs have led markets lower in what’s been a brutal month for stocks, mirroring their leadership in gains in 2023 and 2024.
But its worth digging deeper this time to see what’s going on, Yahoo Finance’s Alexandra Canal reports.
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Intel stock surges as Wall Street cheers new CEO
Intel’s (INTC) shares are jumping in premarket after the company found a new CEO willing to take on the tough job of turning around the struggling US chipmaker.
New boss Lip-Bu Tan is a former Intel board member who’s managed to stay under the radar while wielding significant influence in the chip industry.
Tan is taking over Intel in the midst of one of the darkest eras in the company’s history. The chipmaker has lost its lead in process manufacturing to rival chip builder TSMC (TSM) and ceded its opportunity to dominate in the AI space to Nvidia (NVDA), Yahoo Finance’s Daniel Howley reports.
The new CEO has already said he’ll keep working to make Intel a top foundry, making chips for others in the industry. That’s seen as signal he won’t split up its design and manufacturing businesses, as the likes of rivals TSMC and Broadcom (AVGO) eye its factories.
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Good morning. Here’s what’s happening today.
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Trending tickers in after-hours trading
Adobe (ADBE)
Shares in visual and digital media software giant Adobe fell 4% in after-hours moves after the company reported record quarterly revenue above analysts’ expectations. The earnings report did not provide investors with enough to latch onto for future outlook.
American Eagle (AEO)
Apparel retailer American Eagle warned of a drop in its operating income. Stocks in the company dropped 5% in after-market moves.
SentinelOne (S)
Cybersecurity firm SentinelOne announced earnings and issued a revenue forecast below Wall Street estimates. Shares in the company dropped 12% in extended trading.
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Intel stock leaps 11% after appointing Lip-Bu Tan as CEO
Intel (INTC) shares jumped up over 11% in after-hours trading after an announcement revealed Lip-Bu Tan as the company’s new CEO. Tan will be replacing interim co-CEOs David Zinsner and Michelle Johnston Holthaus.
Yahoo Finance’s Dan Howley reports:
