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Takeaways from the Key Takeaways
- Major U.S. equities indexes tumbled midday Thursday, giving up some of Wednesday's gains after President Donald Trump said he would pause some tariffs for 90 days.
- CarMax shares fell sharply, leading losses on the S&P 500, after the used car retailer's quarterly earnings and sales came in below analysts' expectations.
- Shares of gold miners Barrick Gold and Newmont gained as investors sought out safe haven assets, boosting the price of the precious metal.
Major U.S. stock indexes dropped at midday on Thursday, giving back some of the gains made on Wednesday after President Donald Trump declared he’d pause tariffs for a period of 90 days. The Dow fell 5%, while the S&P 500 dropped 6%, and the Nasdaq plunged 7%.
CarMax (KMX) shares fell sharply, leading losses on the S&P 500, after the used car retailer’s quarterly earnings and sales came in below analysts’ expectations.
Tesla (TSLA), which had soared on Wednesday, has fallen as UBS and Mizuho have lowered their price target for the EV manufacturer’s stock due to concerns about the impact of tariffs in the auto industry.
Nvidia (NVDA), Broadcom (AVGO), Micron Technology (MU), Lam Research (LRCX), Applied Materials (AMAT), and other semiconductor stocks tumbled, dragging the PHLX Semiconductor Index (SOX) down around 10%.
Shares of gold miners Barrick Gold (GOLD) and Newmont (NEM) gained as investors sought out safe haven assets, boosting the price of the precious metal.
Crude oil futures dropped and the yield of the 10-year Treasury note dipped. The U.S. Dollar lost ground against the Euro, Yen and Pound. Prices of major cryptocurrencies dropped.
