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U.S. stocks fell Thursday as new sales in the tech sector rattle a market that is plagued with concerns about the impact of Donald Trump’s trade tariffs on the world’s largest economy.
The Blue Tip S&P 500 had fallen 1.9% by early afternoon, and consumer cycles and finances were the hardest hit in the sector.
Tech Heavy Nasdaq Composite lost 2.4%, while Chipmaker Marvell Technology plummeted 20% after a disappointment in its first quarter results.
Nvidia, which fell 4.8%, led Tech Read, with other chip makers like Broadcom falling below 5.5% of its revenue report after its end.
Wall Street stocks have weakened over the past two weeks as Trump’s tariffs on China, Mexico and Canada sparked concerns about growth.
They temporarily settled the loss on Thursday after allowing trading partners the latest tariff deferral before the US resumed decline. The White House said all products complying with the 2020 trade agreement with Canada and Mexico will be exempt from taxation for a month.
“We’ve been working hard to get the most out of our business,” said Luca Paolini, Chief Strategist at Pictet Asset Management.
Wobble on Thursday is the latest swing this week as investors weigh it against Trump’s radioactive descent on the three biggest US trade partners, the last-minute exemption from automakers and the wider tariff threats next month.
“We’re in the ping pong market,” said Mike Zigmont, co-head of trading at Visom Investment Group. “At this point, the market is (takes) the latest White House soundbite as fact, but is ready to go the other way with a heartbeat.”
Stocks have also been won over the past few weeks, as they exacerbated economic data, including manufacturers reporting sharp declines in orders in February.
Private sector employment data on Wednesday showed that only 77,000 jobs were created in February, comparing the estimated economists to 140,000. Non-farm payroll figures not closely monitored on Friday provide the latest indications of health in the U.S. labor market.
However, European stocks continued their recent rally this year, which has surpassed Wall Street. The European Stoxx 600 closed at 0.1%, but Germany’s DAX, which spiked after the historic 500 million euro spending package from Berlin, won 1.6%.
The euro rose recently on Thursday, rising 0.2% to $1.081, the highest level against the dollar since November. The US currency fell 0.2% against its rival basket.
Additional Reports by Ian Smith
