Stock Market Today: Dow Drops; Tech Stocks Fall

Big shifts in global government policy are rattling markets.

In the U.S., the dollar weakened and stocks dropped, reversing course after the rally that followed a partial rollback of tariffs Wednesday. Tech stocks stumbled, with Broadcom, Nvidia and Palantir among notable decliners.

Investors are unnerved by the day-to-day changes in the White House’s tariff policy, with delays and exemptions on the table. Stocks regained some ground in morning trading after Commerce Secretary Howard Lutnick said on CNBC that a one-month tariff reprieve could extend beyond just automakers.

“It’s likely that it will cover all USMCA-compliant goods and services, so that which is part of President Trump’s deal with Canada and Mexico are likely to get an exemption from these tariffs,” Lutnick told the television news network, referring to the 2018 trade deal struck between the U.S., Mexico and Canada.

Canada’s leader, Justin Trudeau, said his officials are talking with U.S. counterparts about easing the tariff fallout on some sectors.

Overseas, investors dumped government bonds, as Germany’s plans for a huge increase in spending rippled through markets. German bond yields extended Wednesday’s historic surge, while Japanese long-term yields hit their highest levels since 2009.

In recent market action:

Major stock indexes fell. The Dow industrials ticked lower, while the S&P 500 and the Nasdaq Composite each dropped more than 0.5%.

Global markets were mixed. The Stoxx Europe 600 was little changed. Asian indexes largely rose, with Hong Kong’s Hang Seng up 3.3%, driven by gains in Chinese tech stocks.

U.S. Treasury yields ticked higher, on pace to rise for a third straight session.

Bitcoin traded around $91,000.