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Takeaways
- The S&P 500 dropped 1.4% on Thursday, March 13, 2025, falling into a correction for the first time since 2023 amid worries about the economy.
- Adobe's stock plummeted after its outlook came in lower than analysts expected.
- Intel announced a new CEO and shares of the company surged.
Major U.S. equity indexes fell Thursday amid concerns about the economy and uncertainty in politics.
The S&P 500 dropped 1.4%, falling into a correction for the first time since 2023. The Dow ended the session with a drop of 1.3%, which is also close to a correction. Meanwhile, the Nasdaq lost 2%.
Adobe (ADBE) shares suffered the heaviest loss of any stock in the S&P 500, plunging 13.9% after the maker of web design, photo, and video software provided an underwhelming outlook.
Super Micro Computer (SMCI), which makes servers, also saw its shares fall 8%. This reversed gains that were made the previous day after a volatile session for the stock.
Shares of Live Nation (LYV), the parent company to Ticketmaster, fell 5.8%. The U.S. Department of Justice filed an antitrust suit against the company last year. Federal officials accused the company this week of failing preserve text and chat messages that were relevant to the case.
Intel (INTC) surged 14.6%, logging the S&P 500’s top daily performance, after the chipmaker announced former board member Lip-Bu Tan will become its new CEO. The move was made after reports that TSMC approached other chip firms to form a joint venture for Intel’s foundry.
Dollar General (DG), a discount retailer, reported better-than expected sales for the fourth-quarter. This helped drive gains in shares of discount retailers. The company stated that a review of their store portfolio had a negative impact on profitability, and expressed caution regarding consumers’ spending power. Dollar General shares rose by 6.8%. Dollar Tree (DLTR), a rival, saw their shares rise by 6.6%.
The spot gold price soared, driven by concerns over tariffs and expectations of interest rate cuts by the Federal Reserve. Investors often look to gold as a safe-haven during times of market uncertainty. The rising price of gold has given a boost to mining stocks such as Newmont (NEM), world’s largest producer of gold, with its shares rising 4.6% on Friday.
CORRECTION—March 13, 2025: This article has been corrected since it was first published to accurately reflect closing values.
