Stocks forfeit gains as Dow, bitcoin lead markets lower with all eyes on Nvidia
Stocks pared gains on Wednesday with tech leading the way lower after President Trump spoke about his tariff plans at a cabinet meeting Wednesday afternoon as investors also braced for Nvidia’s (NVDA) crucial earnings report due out after the bell.
The tech-heavy Nasdaq Composite (^IXIC) pared gains to dip below the flatline after rising as much as 1% earlier in the session after consecutive sharp losses for the index. The benchmark S&P 500 (^GSPC) fell as much as 0.3%, while the Dow Jones Industrial Average (^DJI) led losses, falling as much as 0.6% on Wednesday afternoon.
Bitcoin (BTC-USD), which has been retreating from its post-election highs and trading at its lowest levels since November, also took a leg lower with stocks on Wednesday, losing as much as 3% to fall below $85,000.
The leg lower in stocks and risk assets came after President Trump said tariffs against the EU would include 25% on autos among other goods, while levies against Mexico and Canada will go into effect on April 2.
As of 2:48:42 PM EST. Market Open.
^GSPC ^DJI ^IXIC
Investors are looking to Nvidia’s quarterly results due after the bell to potentially lift stocks more broadly, given the AI bellwether’s history of bullish reactions to earnings.
But Nvidia’s stock has lagged the S&P 500 so far this year, and the chipmaker’s prospects face headwinds from Trump’s tariff threats and export controls. Its shares rose around 2% in afternoon trading after sliding 2.8% on Tuesday.
Earlier in the session, investors had kept a close eye on the narrow passage of Trump’s tax and security measures in the House of Representatives, keeping the $4.5 trillion plan for deep tax cuts alive. Still, investors concerns have been growing about harm to the economy from Trump’s policies, reflected in recent consumer confidence and other data.
In earnings before the bell, Lowe’s (LOW) stock popped after the home improvement retailer posted a profit and revenue beat. General Motors’ (GM) plan to up its dividend by 25% and begin a new $6 billion stock buyback helped lift shares by about 5%.
Elsewhere in corporates, Super Micro Computer (SMCI) stock surged after the data center server maker met a deadline to submit delayed regulatory filings and avoid a Nasdaq delisting.
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