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Stocks fell Thursday, giving back half of the gains from the historic rally seen in the previous session after President Donald Trump announced a 90-day reprieve on some of his “reciprocal” tariffs. Investors worried that even with the short reprieve on some of the duties, economic activity will be slowed by Trump’s singling out of China with a much higher rate.
The Dow Jones Industrials lost 1,862.19 points, or 4.6%, to pause for lunch Thursday at 39,746.36
The S&P 500 sank 298.25 points, or 5.4%, to 5,158.65
The NASDAQ lost 1,066.19 points, or 3% to 16,056.91
Leading the declines were Apple, which docked more than 2%, and Tesla, which pulled back more than 5%.
Nvidia lost 3.6%, while Meta Platforms slipped 3.8%.
The moves come after a historic surge on the Street, where the S&P 500 soared more than 9% for its third-largest gain in a single day since World War II. The Dow also saw its biggest percentage advance since March 2020, while the Nasdaq scored its biggest one-day gain since January 2001 and second-best day on record.
The latest consumer price index report showed inflation eased to 2.4% year-over-year in March, lower than the Dow Jones consensus estimate of a 2.6% rise.
Prices for the 10-year Treasury trailed midday, pushing yields back up to 4.37% from Wednesday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.93 to $59.42 U.S. a barrel.
Prices for gold spiked $94.30 to $3,173.90 U.S.