Stocks plummeted on Thursday as tech sold off following Nvidia’s (NVDA) latest earnings report while investors took stock of the economy amid President Trump’s latest tariff pledges.
The S&P 500 (^GSPC) fell more than 1.6%, while the tech-heavy Nasdaq Composite (^IXIC) dropped 2.8%. The Dow Jones Industrial Average (^DJI) dropped 0.4%.
Investors dug into Nvidia’s quarterly earnings beat, which signaled plenty of scope for growth as it eased worries about DeepSeek and faltering AI demand. The results initially met a muted response as its profit outlook raised doubts on Wall Street. Nvidia’s stock erased early morning gains to drop more than 8%.
Meanwhile, more signs emerged of a sluggish US economy. Data released Thursday showed GDP grew at an unrevised 2.3% annualized pace last quarter, confirming a slowdown from the previous quarter. Weekly initial jobless claims jumped to 242,000, higher than the 221,000 expected by economists in a sign of a softening labor market.
DJI – Delayed Quote•USD
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At close: February 27 at 4:52:03 PM EST
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Friday’s release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index will be the next data point investors will focus on for economic clues as the path to interest rate cuts is seen as increasingly uncertain.
Amid these latest economic signals, eyes were on the latest escalation of President Trump’s tariff threats after he said in a social media post that levies against Mexico and Canada would go into effect as scheduled on March 4. He also reiterated plans for additional tariffs on China. This follows the president’s pledge on Wednesday to impose 25% tariffs on the European Union.
Bitcoin (BTC-USD) prices — seen by some as a gauge of faith in Trump — continued to pull back from a post-election peak, falling below $84,000 to hover near their lowest point since November.
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Thu, February 27, 2025 at 9:49 PM UTC
HP Inc. reports profits in line with expectations, warns on Trump tariff impact
S&P 500, Nasdaq tank as Nvidia falls over 8%, Trump reaffirms tariff plans
Stocks fell on Thursday with Tech leading the losses as Nvidia (NVDA) tanked more than 8% and investors assessed President Trump’s latest confirmation that tariffs will be implemented against Mexico and Canada, with additional levies on China.
The tech-heavy Nasdaq Composite (^IXIC) led the losses to drop more than 2.8%, weighed by shares of Nvidia and other semiconductor stocks. The S&P 500 (^GSPC) fell nearly 1.6% while the Dow Jones Industrial Average (^DJI) fell 0.4%.
Nvidia and other semiconductor stocks fell as Wall Street analysts and investors parsed the chipmaker’s latest quarterly results, which came in better than expected, though its first quarter gross margin outlook came in lower than estimates.
On Thursday, President Trump reiterated tariffs against imports from Mexico and Canada will go into effect on March 4, as well as an additional 10% tariff on China on top of the 10% implemented earlier this month.
Thu, February 27, 2025 at 8:07 PM UTC
Losses accelerate on Nasdaq, S&P 500 as tech slides
The major averages sank to session lows with one hour of trading left on Thursday.
The tech-heavy Nasdaq Composite (^IXIC) fell more than 2% as shares of Nvidia (NVDA) fell more than 6%. The S&P 500 (^GSPC) dropped more than 1%, while the Dow Jones Industrial Average (^DJI) erased gains to fall 0.3%.
Thu, February 27, 2025 at 7:59 PM UTC
Uber shares drop on report Tesla applied for driverless taxi service permit in California
Uber (UBER) shares sank after a report from the Washington Post said EV giant Tesla (TSLA) applied for permission to operate a ride-hailing service in California, citing public records.
Earlier this year, Tesla CEO Elon Musk said the company has plans for a robotaxi service and anticipates a driverless ride-hailing network in some California cities by the end of the year.
Tesla stock continued trading lower following the report.
Thu, February 27, 2025 at 7:28 PM UTC
Nvidia stock sinks 5% to session low
AI chip heavyweight Nvidia (NVDA) dropped more than 5% to hit a session low on Thursday afternoon.
The stock dragged on the tech sector as Wall Street analysts and investors parsed the company’s latest quarterly results, which came in better than expected, though its first quarter gross margin outlook came in lower than estimates.
NasdaqGS – Delayed Quote•USD
120.15
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(-8.48%)
At close: February 27 at 4:00:01 PM EST
Thu, February 27, 2025 at 7:06 PM UTC
Energy, Financials outperform while Tech lags
Energy (XLE) and Financials (XLF) outperformed on Thursday while semiconductor stocks weighed on the Tech sector.
The major averages were mixed as bank stocks lifted the Dow Jones Industrial Average (^DJI) more than 200 points, or 0.5%, but the S&P 500 (^GSPC) struggled to stay in positive territory.
The tech-heavy Nasdaq Composite (^IXIC), which was down most of the session, fell 0.5% as shares of Nvidia (NVDA) erased their early trading gains to drop 3%.
Thu, February 27, 2025 at 6:40 PM UTC
Trump’s pick to run CFPB tells lawmakers ‘I will follow the law’ at embattled agency
Shares of Nvidia have come under pressure since January as investors and analysts have raised questions about Big Tech’s continued AI spending.
Other semiconductor-related stocks also fell on Thursday, including chip equipment maker ASML (ASML) and Nvidia competitor Advanced Micro Devices (AMD).
Concerns over a trade war with China and other countries may also be weighing on the sector. On Thursday morning, President Trump said he would add another 10% tariff on Chinese goods and move forward with levies against Mexico and Canada next week.
Thu, February 27, 2025 at 4:14 PM UTC
Stocks mixed after Trump says tariffs on Mexico, Canada moving forward, vows to double China levies
Stocks were mixed on Thursday mid-morning after President Trump confirmed tariffs against Mexico and Canada would go into effect next week and that he would also add another 10% levy on China.
The Dow Jones Industrial Average (^DJI) rose more than 300 points as Financials and Energy gained. The S&P 500 (^GSPC) rose slightly while the tech-heavy Nasdaq Composite (^IXIC) slid as tech stocks faltered.
The US dollar jumped while Canada’s loonie and Mexico’s peso fell on Thursday after President Trump confirmed that he would stick to the March 4 date for imposing tariffs on Mexico and Canada.
Bloomberg reports:
The euro and yuan also sold off on Thursday morning after Trump vowed fresh tariffs on the EU and an additional 10% tariff on China. The Nasdaq (^IXIC) slipped, the Dow (^DJI) rose, and the S&P 500 (^GSPC) hovered near the flat line as traders digested the latest tariff headlines.
Warner Bros. Discovery stock pops on strong streaming results
Warner Bros. Discovery (WBD) stock popped around 8% shortly after the opening bell on Thursday after the media giant reported subscriber guidance that came in ahead of estimates and a greater profit within its streaming unit.
The company ended 2024 with 116.9 million global streaming subscribers, an increase of 6.4 million global subscribers compared to the third quarter. This was above Wall Street’s expectations of 4.9 million net additions.
In the release, WBD said it expects “strong DTC subscriber growth to continue throughout 2025” and that “we now have a clear path to reach at least 150 million global subscribers by the end of 2026, with corresponding strong DTC revenue and adjusted EBITDA growth.”
Additionally, the streaming division posted profits of $409 million in the quarter compared to the loss of $55 million it reported in the year-ago period. Increased bundling with competitors, in addition to the subscriber gains in the quarter, helped aid profits.
Thu, February 27, 2025 at 3:26 PM UTC
Oil pops as Trump cancels Chevron license in Venezuela
Oil prices bounced above their yearly low on Thursday after President Trump canceled Chevron’s license to operate in Venezuela. Traders also assessed the potential impact of a new tariff on China and the impact of Canada and Mexico duties after the president said they would go into effect on March 4.
West Texas Intermediate crude (CL=F) rose more than 1.5% to hover around $70 per barrel. Brent futures (BZ=F) also popped to trade above $73 per barrel.
Oil moved higher on the heels of Trump’s social media post announcing the US would an oil concession with Venezuela dating back to November 2022. Though Chevron (CVX) was not mentioned by name, the agreement coincides with the date the US granted the company permission to produce and export Venezuelan oil, despite sanctions against President Nicolás Maduro’s government.
Meanwhile on Thursday morning Trump said tariffs against Mexico and Canada would go into effect as scheduled on March 4. While a full-blown tariff war could impact demand, the president’s plan presumably would include levies of 10% against Canadian petroleum imports.
Still, analysts believe Canada’s producers will eat most of the added tariff costs at first, since their infrastructure is not set up to export to many other markets besides the US.
Thu, February 27, 2025 at 2:32 PM UTC
Dow, Nasdaq rises as Nvidia gains after earnings beat, Trump tariffs loom
Stocks were mixed on Thursday as chip heavyweight Nvidia (NVDA) led the tech sector higher following fourth quarter results. Meanwhile, investors digested the latest US economic data, including GDP, against the backdrop of President Trump’s evolving tariff plan.
NasdaqGS – Delayed Quote•USD
120.15
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(-8.48%)
At close: February 27 at 4:00:01 PM EST
The tech-heavy Nasdaq Composite (^IXIC) moved up roughly 0.7%, while the S&P 500 (^GSPC) gained 0.5%. The Dow Jones Industrial Average (^DJI) rose above the flat line.
Shares of Nvidia popped in early trading after the company’s data center revenue clocked in at $35.6 billion versus expectations of $34 billion in the quarter.
Economic data released before the bell showed the US economy grew at an annualized rate of 2.3%, according to the Bureau of Economic Analysis’s second estimate of fourth quarter GDP.
Investors are assessing the impact of President Donald Trump’s tariff plan. On Thursday morning, the president said tariffs against Mexico and Canada will indeed move forward as scheduled on March 4. Trump also threatened new tariffs on the European Union on Wednesday.
Thu, February 27, 2025 at 1:53 PM UTC
Jobless claims jump to three-month high
Separately, data from the US Labor Department released Thursday showed 242,000 unemployment claims were filed in the week ending Feb. 22, ahead of Wall Street’s expectations for 221,000 and an increase of 22,000 from the previous week’s revised level. This marked the highest level of filed claims since December.
There was also a notable increase in D.C. jobless claims, with 2,047 claims filed last week versus 1,626 in the prior-week period. Overall, though, federal jobless claims did not show any obvious impact from DOGE-related layoffs, though economists warned the timing is still early.
Continuing weekly unemployment insurance claims also continued to hover at high levels, highlighting the ongoing challenge for workers to find a new job. Continuing claims during the week ending Feb. 15 ticked down slightly to 1.86 million, a decrease of 5,000 from the previous week’s revised level and below Wall Street expectations.
Thu, February 27, 2025 at 1:34 PM UTC
GDP: US economy grew at 2.3% annualized pace in Q4
The US economy grew at an unrevised 2.3% annualized pace last quarter, on par with consensus estimates.
The second estimate, based on more complete source data than the advanced estimate, suggests that economic growth in the fourth quarter was slower than the 3.1% annualized growth seen in the third quarter.
The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment, according to the BEA.
A third and final estimate for Q4 GDP growth will be released at the end of March.
Nvidia issued solid revenue guidance as CEO Jensen Huang stated that “AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”
However, as Yahoo Finance’s Brian Sozzi writes, investors also keyed in on Nvidia below-consensus outlook for profit margins.
The margin outlook of 71% is “a little concerning,” Benchmark Company managing director and senior research analyst Cody Acree said on Market Domination. “I think that’s indicative of more pricing pressure, more competition from AMD, and more price sensitivity at their customers as they’re investing their own dollars to create their own ASICs [application specific integrated circuits].”
