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Stocks plummeted on Thursday as tech sold off following Nvidia’s (NVDA) latest earnings report while investors took stock of the economy amid President Trump’s latest tariff pledges.
The S&P 500 (^GSPC) fell more than 1.6%, while the tech-heavy Nasdaq Composite (^IXIC) dropped 2.8%. The Dow Jones Industrial Average (^DJI) dropped 0.4%.
Investors dug into Nvidia’s quarterly earnings beat, which signaled plenty of scope for growth as it eased worries about DeepSeek and faltering AI demand. The results initially met a muted response as its profit outlook raised doubts on Wall Street. Nvidia’s stock erased early morning gains to drop more than 8%.
Meanwhile, more signs emerged of a sluggish US economy. Data released Thursday showed GDP grew at an unrevised 2.3% annualized pace last quarter, confirming a slowdown from the previous quarter. Weekly initial jobless claims jumped to 242,000, higher than the 221,000 expected by economists in a sign of a softening labor market.
Friday’s release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index will be the next data point investors will focus on for economic clues as the path to interest rate cuts is seen as increasingly uncertain.
Amid these latest economic signals, eyes were on the latest escalation of President Trump’s tariff threats after he said in a social media post that levies against Mexico and Canada would go into effect as scheduled on March 4. He also reiterated plans for additional tariffs on China. This follows the president’s pledge on Wednesday to impose 25% tariffs on the European Union.
Bitcoin (BTC-USD) prices — seen by some as a gauge of faith in Trump — continued to pull back from a post-election peak, falling below $84,000 to hover near their lowest point since November.
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