US stocks tanked to session lows on Thursday after more tariff whiplash from the Trump administration.
The Dow Jones Industrial Average ( ^DJI ) fell 1%, or over 400 points, while the S&P 500 ( ^GSPC ) dropped nearly 2%. The tech-heavy Nasdaq Composite ( ^IXIC ) plummeted more than 2.6%. The Nasdaq is now more than 10% off its December record high and officially entered into correction territory.
Trade-war uncertainty has persisted as investors weighed how far President Donald Trump would be willing to negotiate on tariffs . On Thursday, Trump said he would pause tariffs on some Mexican goods, and the White House later said the delay also includes goods from Canada.
The moves Thursday came a day after the Trump administration announced a one-month pause on Mexico and Canada duties for automakers.
Meanwhile, tech remains leading the retreat after Marvell's ( MRVL ) quarterly sales forecast disappointed investors expecting a bigger AI payoff. Its shares sank almost 19%, as fellow chipmakers Nvidia ( NVDA ), Broadcom ( AVGO ), and AMD ( AMD ) also lost ground.
Read more: Trump said to be eyeing agricultural exemptions after pausing auto tariffs
Investors assessed weekly jobless claims data released on Thursday morning showing 221,000 initial claims, down from last week and economist expectations. A recent run of soft economic data has spurred concerns that US economic growth is stalling, reviving the specter of stagflation . The report leads in to the all-important jobs report , set for release Friday morning.
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