The S&P 500 Index ($SPX) (SPY) Thursday closed down -1.59%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.45% and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.75%. March E-mini S&P futures (ESH25) are down -1.56%, and March E-mini Nasdaq futures (NQH25) are down -2.70%.
Stock indexes sold off Thursday, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 falling to 6-week lows. Despite Nvidia reporting better-than-expected Q4 earnings, it slumped more than -8%, leading chip stocks lower due to concerns about gross profit margins and US tariffs. The broader market also came under pressure after President Trump said that the proposed 25% tariffs on Canada and Mexico would go into effect on March 4, and China would likewise be charged an additional 10% tariff on that date. Also, inflation pressures remain sticky after the Q4 core PCE price index was revised to a higher level. In addition, US weekly jobless claims rose more than expected to a 2-1/2 month high and Jan pending home sales posted their biggest decline in 9 months.
