US stocks have nasty hangover after Wednesday’s rousing party
US stocks gave back a big chunk of the prior session’s gains as the relief rally petered out.
The S&P 500 fell 3.5%, the Nasdaq 100 slumped 4.2%, and the Russell 2000 brought up the rear with a 4.3% decline.
A tip of the cap to Tom Hearden, who flagged that this is a record sixth-straight session with more than 20 billion shares traded across all US exchanges.
Every S&P 500 sector ETF declined, save for consumer staples. Energy brought up the rear with a massive 6.5% loss, while tech also lagged.
Used auto retailer CarMax tanked after removing timelines from its financial goals and selling fewer units than expected.
Constellation Brands managed to eke out a small gain despite issuing a downbeat outcome, citing tariffs and acute pressure on the Hispanic consumer.
Wall Street had its knives out today for a host of companies.
Shares of Royal Caribbean sank after the cruise line had its price target cut at Stifel and Morgan Stanley.
UBS analysts downgraded General Motors to “neutral” and cut its price target on the stock, as well as on shares of Tesla, Ford, and Rivian.
Nvidia fell more than 5% after Morgan Stanley analysts warned that the chipmaker and its peers still faced serious headwinds from tariffs that remain in effect, not to mention industry-specific levies that may be in train.
The White House also clarified that the tariff rate on China actually went up to 145%. All those US stocks with big exposure to China that outperformed the S&P 500 yesterday cratered today, losing more than 5%.
Prada’s deal to buy Versace overcame some last-minute wobbles to cross the finish line.
