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U.S. stocks wobbled on Thursday, retreating from a bid to new records as AI optimism waned and markets waited for more details on President Donald Trump’s pricing plans.
The S&P 500 (^GSPC) fell nearly 0.2%, following a three-day winning streak that saw the benchmark index close Wednesday on the cusp of a new all-time high. The Dow Jones Industrial Average (^DJI) traded mostly flat, with a record still within reach.
Meanwhile, the Nasdaq Composite (^IXIC) fell 0.5% as technology stocks struggled to regain the momentum that fueled the previous day’s gains. Shares of Nvidia (NVDA) fell after fellow mega-cap tech companies Apple (AAPL) and Google parent Alphabet (GOOG, GOOGL) also lost ground.
Investors are still digesting Trump’s policy charge, which brought an AI push that boosted tech names but left unclear when the outlined tariffs on major trading partners — a risk to inflation and stocks — could hit. The focus now turns to Trump’s speech at the World Economic Forum in Davos later Thursday, for more insight into his “shock and awe” trade policy.
Yahoo Finance is present in Davos. Check out the latest news from the world’s business leaders here.
Shares in Amazon ( AMZN ) and Tesla ( TSLA ) moved lower after business shifts by tech leaders in Canada, a key tariff target for Trump. The e-commerce giant will close its warehouses in Quebec, with the loss of about 1,700 jobs, while Tesla plans big price increases for all its EV models sold in Canada.
Eyes are on the gains that will boost markets after Netflix (NFLX) sets the tone. Shares of GE Aerospace (GE) rose after the jet engine maker reported stronger annual profit and announced plans to increase share buybacks and dividends. But shares of American Airlines (AAL) fell amid gloomy profit forecasts for 2025. Meanwhile, shares of Alaska Airlines (ALK) rose after the airline posted a smaller-than-expected first-quarter loss forecast.
U.S. unemployment claims rose by 6,000 to 223,000, according to the latest government data released Thursday morning. Economists had expected a result of 220,000.
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