Key Stock Movements in the S&P 500 on Thursday
5 hrs 57 mins ago
- Decliners:
- Concerns over new tariffs led to significant declines in tech manufacturing shares. Dell Technologies experienced the largest drop, falling 19%.
- HP shares dropped 15%, while Western Digital, a data storage tech manufacturer, fell 18%.
- Best Buy saw an 18% decline in stock prices after Citi downgraded the company, citing expected pressures on same-store sales due to possible price increases resulting from tariffs, predicting a 5% drop in sales.
- Advancers:
- Lamb Weston Holdings was an outlier in the market, rising 10% thanks to better-than-expected quarterly earnings amid challenges with low restaurant traffic.
- Defensive stocks like Molina Healthcare, Centene, and Elevance Health saw gains of 7.5%, 5.9%, and 5.4% respectively.
- Dollar General shares climbed by 4.7%, benefiting from consumers seeking bargains amid potential economic downturns.
US Stock Indexes Trend Towards 6th Weekly Decline
6 hrs 14 mins ago
The main U.S. stock indexes began the week favorably but faced steep losses after the tariff announcement, with the S&P 500 and Nasdaq Composite on track to close with weekly losses for the sixth time in seven weeks.
Currently, the S&P 500 has declined by 3.3% this week, while the Nasdaq is down 4.5%, with the Dow Jones Industrial Average losing about 2.5% this week.
Impact of Market Selloff Amid Tariff Announcement
6 hrs 47 mins ago
Today’s market selloff reflected profound impacts due to President Trump’s tariff announcements:
- The S&P 500 posted a 4.8% decline, marking its worst daily performance since June 2020.
- The Dow Jones dropped 1,679 points, its most significant decline since June 2020.
- The Nasdaq Composite fell nearly 6%, bringing it dangerously close to bear market territory, sitting nearly 18% off recent highs.
Lamb Weston Surges Post Strong Earnings
8 hrs 25 mins ago
Lamb Weston was a standout performer, with a 10% surge in shares after reporting quarterly profits of $1.10 per share against expectations of $0.86. The firm is navigating operational challenges and was recently influenced by activist investor Jana Partners.
Auto Stocks Hit Hard by New Tariffs
8 hrs 51 mins ago
Shares in major automakers faced a downturn due to the implementation of new tariffs. Stellantis shares fell 9% as production halts were initiated, while GM and Ford saw declines of 4% and 6%, respectively, indicating the tariffs’ significant impact on auto production costs.
Market Response to Tariff Concerns
12 hrs 49 mins ago
Given the U.S. tariffs’ projected impacts, analysts suggested a shift towards more defensive consumer stocks. These include names like Walmart, Costco, and Church & Dwight, which are expected to perform better against potential market headwinds.
Treasury Yields Tumble to Near 6-Month Lows
13 hrs 49 mins ago
As stock markets tumbled, treasury yields also dropped significantly, with the 10-year yield falling to 4.00%, responding to concerns over economic growth and potential inflation stemming from the tariffs.
