Source: Sharecast
At the close, the Dow Jones Industrial Average was down 2.50% at 39,593.66, while the S&P 500 lost 3.46% to 5,268.05 and the Nasdaq Composite saw out the session 4.31% weaker at 16,387.31.
The Dow closed 1,014.79 points lower on Thursday, giving back much of Wednesday's whopping 2,962.86 point gain that came as Donald Trump announced a 90-day pause on his so-called "reciprocal" tariffs.
Thursday's losses come hot on the heels of yesterday's surge, with the Dow Jones delivering its biggest percentage increase since March 2020 and the S&P 500 turning in its third-largest single-day gain since World War II.
When asked why he chose to pause the tariffs, Trump said he thought people were "jumping a little bit out of line" and had gotten" a little bit yippy, a little bit afraid". Trump also said he was not ruling out the possibility of an extension to the pause, stating, "we'll have to see what happens at that time".
While the president did choose to halt his tariffs until July, Trump also moved to up the tariff rate on Chinese-made goods from 104% to 125% to 145%, effective immediately, but stated Beijing and Washington were close to making a "very good deal".
On the macro front, the cost of living in the US came in under economists' forecasts in March, with inflation dragged down by a slump in energy quotes. According to the Department of Labor, in seasonally adjusted terms, the Consumer Price Index dipped by 0.1% month-on-month, missing consensus estimates for a drop of 0.2% and serving to push the year-on-year rate of advance in headline CPI down to 2.4%. Consensus had been that inflation would slow from 2.8% to 2.6%.
Energy prices dropped by 2.4% over the month, helping to offset a 0.4% rise in food prices by a big margin. Core CPI, which excludes food and energy prices, on account of their volatility, also undershot forecasts, with underlying Core CPI prices edging up 0.1% month-on-month and 2.8% year-on-year, missing estimates of a 0.3% and 3.0% increase, respectively.
Elsewhere, Americans lined up for unemployment benefits at an accelerated pace in the week ended 5 April, according to the Labor Department. Initial jobless claims rose by 4,000 to 223,000 last week, in line with market expectations, while continuing claims fell by 43,000 from the previous week's downwardly revised level to 1.85m, well below expectations of 1.88m. The four-week moving average, which aims to smooth out week-to-week volatility, was unchanged from the previous week's unrevised 223,000 print.
In the corporate space, companies with significant exposure to China traded lower on Thursday, with Tesla and Apple shedding 7.3% and 4.2%, respectively.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $19.88 9.23%
Apple Inc. (AAPL) $190.42 9.10%
Microsoft Corp. (MSFT) $381.35 6.94%
Cisco Systems Inc. (CSCO) $56.59 6.19%
Amgen Inc. (AMGN) $281.41 2.93%
Unitedhealth Group Inc. (UNH) $594.40 2.75%
Walgreens Boots Alliance, Inc. (WBA) $10.69 1.91%
Coca-Cola Co. (KO) $70.79 1.16%
Walmart Inc. (WMT) $90.61 1.13%
McDonald's Corp. (MCD) $306.49 0.93%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $27.29 -8.61%
Nike Inc. (NKE) $54.40 -8.29%
Chevron Corp. (CVX) $134.98 -7.57%
Walt Disney Co. (DIS) $85.23 -6.79%
American Express Co. (AXP) $246.78 -5.90%
Merck & Co. Inc. (MRK) $77.53 -5.32%
Goldman Sachs Group Inc. (GS) $489.80 -5.24%
Caterpillar Inc. (CAT) $288.72 -3.94%
3M Co. (MMM) $132.88 -3.87%
Salesforce.Com Inc. (CRM) $255.12 -3.79%
S&P 500 - Risers
Advanced Micro Devices Inc. (AMD) $88.70 11.39%
Align Technology Inc. (ALGN) $160.14 10.54%
Western Digital Corp. (WDC) $34.87 10.21%
Microchip Technology Inc. (MCHP) $38.81 9.63%
Lam Research Corp. (LRCX) $66.43 9.33%
Nvidia Corp. (NVDA) $107.57 9.25%
Intel Corp. (INTC) $19.88 9.23%
Apple Inc. (AAPL) $190.42 9.10%
United Airlines Holdings Inc (UAL) $62.75 9.02%
Ross Stores Inc. (ROST) $138.89 8.89%
S&P 500 - Fallers
Carmax Inc. (KMX) $66.45 -17.00%
Helmerich & Payne Inc. (HP) $18.42 -15.15%
Celanese Corp. (CE) $37.55 -14.40%
Kohls Corp. (KSS) $6.82 -11.86%
Alaska Air Group Inc. (ALK) $44.40 -11.46%
Delta Airlines Inc. (DAL) $39.36 -11.09%
Devon Energy Corp. (DVN) $27.75 -10.69%
Carnival Corp. (CCL) $17.60 -10.25%
Jefferies Financial Group Inc. (JEF) $42.42 -9.89%
Lincoln National Corp. (LNC) $29.74 -9.78%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $252.40 10.57%
Align Technology Inc. (ALGN) $160.14 10.54%
Western Digital Corp. (WDC) $34.87 10.21%
Microchip Technology Inc. (MCHP) $38.81 9.63%
Lam Research Corp. (LRCX) $66.43 9.33%
Nvidia Corp. (NVDA) $107.57 9.25%
Intel Corp. (INTC) $19.88 9.23%
Apple Inc. (AAPL) $190.42 9.10%
Ross Stores Inc. (ROST) $138.89 8.89%
Cadence Design Systems Inc. (CDNS) $254.02 8.68%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.15 -3.32%
Fiserv Inc. (FI) $203.98 -2.85%
Incyte Corp. (INCY) $55.17 -1.96%
Hologic Inc. (HOLX) $57.16 -1.28%
Shire Plc Ads (SHPG) $0.00 0.00%
Celgene Corp. (CELG) $0.00 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Citrix Systems Inc. (CTXS) $103.90 0.00%
Activision Blizzard Inc. (ATVI) $94.42 0.00%
Cerner Corp. (CERN) $0.00 0.00%
