Following one day of respite, the U.S. stock market returned to its downward spiral Thursday amid ongoing concerns tied to President Donald Trump’s proposed tariffs.
Media stocks briefly rallied on Wednesday when Trump announced a 90-day pause on the planned tariffs for non-retaliating countries while simultaneously instituting a 125% tax rate increase for imported goods from China.
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But the impressive spikes on that news didn’t hold more than 24 hours with many entertainment companies seeing their shares fall again by the time the market closed Thursday, including Disney at $85.23 per share (-6.8%), Warner Bros. Discovery at $8.10 (-12.5%), Netflix at $921.17 (-2.6%), Comcast at $33.68 (-4.3%), Paramount Global at $10.92 (-2%), and Amazon at $181.22 (-5%).
On the tech side, Apple was down to $190.42 per share (-4.2%), Meta to $546.29 (-6.7%), Alphabet to $155.37 (-3.5%), Nvidia at $107.57 (-5.9%), Microsoft at $381.35 (-2.3%) and Roku at $59.27 (-7.2%).
The tech-centric Nasdaq Composite index was down 4.31% and the S&P 500 fell 3.46%. The Dow Jones Industrial Average took a 2.5% hit, dropping 1,014 points.
By comparison, on Wednesday, the Dow Jones Industrial Average closed up 8% — its biggest one-day jump since March 2020. The tech-heavy Nasdaq soared 12%, marking that index’s biggest one-day gain since 2001. The S&P 500 rose 9.5%, its biggest bounce since 2008.
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