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Key Takeaways

• U.S. equities dipped at midday as confusion over the new tariffs by President Donald Trump led to market uncertainty.

• Artificial intelligence chip shares tumbled following Marvell Technology's results.

• BJ's Wholesale Club Holdings shares traded at an all-time high on the warehouse retailer's results and expansion plans.

U.S. equities dipped at midday as confusion over the new tariffs by President Donald Trump led to market uncertainty. The Dow Jones Industrial Average, S&P 500, and Nasdaq were down.

Semiconductor stocks, including Nvidia (NVDA) and Broadcom (AVGO), moved lower after Marvell Technology's (MRVL) outlook didn't live up to expectations, raising worries about the artificial intelligence (AI) chip sector.

MongoDB (MDB) shares sank when the database software provider reported weaker-than-expected guidance as it warned of falling demand for all but its top product.

Tesla (TSLA) shares dropped on a price target reduction at Baird as the electric vehicle (EV) maker posted soft European sales and faced blowback against CEO Elon Musk for his work in cutting federal spending.

Two retailers were among the big winners today. BJ's Wholesale Club Holdings (BJ) shares traded at a record high when the warehouse retailer beat profit and sales estimates on higher membership fees, and announced it was expanding its locations, including in the Dallas-Fort Worth market. Burlington Stores (BURL) also had better-than-expected results and boosted its guidance as consumers looking for bargains flocked to its off-priced stores, and shares jumped.

Kroger (KR) shares gained when the biggest U.S. grocery store chain exceeded earnings estimates and gave better-than-anticipated guidance on higher e-commerce sales.

Oil futures slid. Gold futures were little changed. The yield on the 10-year Treasury note advanced. The U.S. dollar continued its decline versus the euro, pound, and yen. Prices for most major cryptocurrencies were lower.

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