Stocks fell on Thursday as investors weighed the latest tariff-related news from President Donald Trump, including his new tariffs aimed at foreign automakers.

The Dow Jones Industrial Average dropped 155.09 points, or 0.37%, to end at 42,299.70. The S&P 500 declined 0.33% to close at 5,693.31, and the Nasdaq Composite slid 0.53% to settle at 17,804.03.

Shares of several automakers declined after Trump on Wednesday evening announced 25% tariffs on "all cars that are not made in the United States," which will go into effect on April 2. General Motors pulled back more than 7%, while Ford slipped nearly 4%. Elon Musk's Tesla added 0.4%, however. Several Wall Street analysts see Tesla as a relative beneficiary of Trump's auto tariffs given the company's domestic production.

Trump has long discussed imposing duties on countries that have their own tariffs on U.S. imports and said on Wednesday that his retaliatory tariffs will be permanent for his entire second term.

Still, hints provided by the president this week about the upcoming April 2 levies have given investors some relief. He said Wednesday the tariffs would be "very lenient" and that he would be willing to reduce tariffs on China to help further a deal with ByteDance's TikTok. At the same time, using tariffs as a negotiating tactic, he threatened on Thursday to impose "far larger" duties on the European Union and Canada if they work together to combat levies.

Trump's announcements come as investors are already anxious about how his retaliatory tariffs will affect the broader U.S. economy, which is already showing some signs of weakness.

"I think it's just the almost scattershot way that trade policies being implemented that maybe has investors on edge … just the approach [the Department of Government Efficiency] has taken worries folks that something may fall through the cracks. It's not so much the policy, it's the way they're going about it," said Sameer Samana, Wells Fargo Investment Institute senior global market strategist.

"If in the next couple weeks we have a trade and tariff framework in place, and companies and consumers can start to make decisions again with some clarity, it's possible that this was all a near-term speed bump and we start to get kind of back on track," he added.

The major indexes are clinging to marginal gains this week. The S&P 500 has ticked up 0.5%, while the Nasdaq has gained 0.1%. The 30-stock Dow has added around 0.8% so far this week.

Stocks end Thursday in the red

The S&P 500 shed 0.33% to end at 5,693.31, while the Nasdaq Composite lost 0.53% to close at 17,804.03. The Dow Jones Industrial Average lost 155.09 points, or 0.37%, to settle at 42,299.70.

— Pia Singh

BofA downgrades UBS to underperform

The new regulatory environment for UBS in Switzerland is a tailwind for the financial giant, says Bank of America.

Analyst Antonio Reale lowered his rating on the stock to underperform from neutral. He also pulled back his price target to 28 swiss francs from 33 swiss francs, or from about $37.32 to $31.66.

"While UBS remains an attractive proposition on paper, uncertainty over the new regulatory framework appears set to drag on well beyond May, when a public consultation is slated to start," Reale wrote in a note on Thursday.

Shares declined more than 3% Thursday before the bell.

— Hakyung Kim

AppLovin shares drop after Muddy Waters' short report

Shares of AppLovin tanked more than 14% Thursday after short seller Muddy Waters revealed a short position and published a report questioning the business.

"APP is collecting and structuring user IDs from its key platform partners, which appears to be a major violation of the platforms' terms of service," Muddy Waters said in the report.

In February, short sellers Fuzzy Panda and Culper Research raised questions about the integrity of Applovin's AI-powered AXON software.

Applovin is on track for its worst day since March 6 and the stock has lost about 40% of its value since its record close.

— Yun Li

Individual investor bullishness recovered as last week's rally spilled into Monday-Tuesday

Individual investors grew more bullish on the six-month outlook for stocks as last week's recovery — when the S&P 500 snapped a four-week decline — spilled over into Monday and Tuesday this week.

Bullish opinion rose to 27.4% from 21.6% in the latest weekly poll by the American Association of Individual Investors, while bearish views dropped to 52.2% this week from 58.1% of respondents last week. The rest of those polled were neutral on stocks.

Still, bullish opinion is below the 37.5% historical average for the 11th week in 13, while bearish sentiment is above its average of 31.0% for the 17th time in 19 weeks, the AAII said.

Asked in a special question for their view of the Federal Reserve's decision last week to keep its benchmark lending rate unchanged at 4.25% to 4.50%, more than three quarters of respondents (77.3%) said it was the right move. Only about one in 10 (11.6%) said the central bank should have cut rates, and fewer than one in 20 (4.2%) said rates should have been raised. The rest of respondents had no opinion or were unsure.

— Scott Schnipper

Alibaba shares tick higher on AI model announcement

Shares of Alibaba gained more than 3% on Thursday after the company launched its latest AI model in its "Qwen series."

The Chinese e-commerce company's new "Qwen2.5-Omni-7B" is a multimodal model, meaning it can process inputs, including text, images, audio and videos, while also generating real-time text and natural speech responses, per an announcement on Alibaba Cloud's website. 

The new model is open-sourced on the platforms Hugging Face and Github, following a growing open-source shift in China after AI startup DeepSeek made its R1 model open-source.

— Pia Singh, Dylan Butts

UBS tells investors to 'stay invested in stocks' despite turmoil

Stocks are falling again on Thursday as the tariff rollout appears to be weighing on the market, but that doesn't mean investors should abandon equities, according to UBS.

Mark Haefele, the chief investment officer for UBS Global Wealth Management, said in a note to clients that investors should have well diversified portfolios but also be willing to buy stocks opportunistically.

"Our core message remains to stay invested in stocks. We expect a period of further stock market volatility in April. In the coming weeks, we would view levels in the S&P 500 starting at a peak-to-trough drawdown of -10% as a potential buying opportunity," Haefele wrote. "Investors should ensure portfolios are well diversified with assets such as quality bonds, gold, and alternatives to effectively navigate current challenges."

— Jesse Pound

GameStop shares tumble after company issues debt to buy bitcoin

GameStop shares plunged more than 24.5% on Thursday, putting the video game retailer turned meme stock on track for its biggest loss since June just after it announced plans to raise debt to buy bitcoin.

The company on Wednesday announced it is attempting to raise $1.3 billion through the sale of convertible senior notes due in 2030 to buy bitcoin. GameStop's board this week unanimously approved a plan to buy cryptocurrencies using corporate cash or future debt and equity proceeds, following in the footsteps of MicroStrategy.

— Pia Singh, Yun Li

Stocks making the biggest midday moves: General Motors, Petco and more

These are the stocks moving the most in midday trading:

• Auto stocks — Major automobile manufacturers slipped following President Trump's plans to impose a 25% tariff on "all cars that are not made in the United States," effective April 2. Shares of General Motors, Ford Motor and Stellantis respectively fell 6%, 2% and 1%.
• Petco Health & Wellness — Shares surged 34% after the pet supplies retailer said it expects its full-year adjusted earnings before interest, taxes, depreciation and amortization to come in between $375 million and $390 million, topping FactSet consensus estimates for $371.0 million.
• GameStop — The meme stock tumbled more than 17% Thursday, following an almost 12% rally the previous session.

Read the full list of stocks moving here.

— Lisa Kailai Han

BofA reinstates buy rating on Roku

Video streaming platform Roku has an "over the top opportunity" due to its high engagement level, says Bank of America.

Analyst Brent Navon reinstated the stock with a buy rating and $100 price target in a research note on Thursday.

Roku has amassed "a market leading position and substantial user base," wrote Navon. "We believe Roku is poised to enter the next phase of monetization which will drive revenue and profitability growth for the foreseeable future."

Roku's attractive growth and profitability outlook warrants a premium multiple, the analyst added.

Shares are up around 4.8% in 2025.

— Hakyung Kim

Auto parts makers struggle after tariff announcement

Shares of multiple auto parts companies took a hit following President Trump's announcement that cars made outside the U.S. would face 25% tariffs.

Adient and Lear, which are both tied to seats, both tumbled more than 8%. U.S.-listed shares of Canada-based Magna International also dropped more than 8%, while Borgwarner slid more than 4%.

On the other hand, Atlanta-based Genuine Parts Co. added more than 1%.

— Alex Harring

Consumer packaged goods and defensive stocks rally Thursday as market resumes sell-off

Consumer packaged goods companies such as Procter & Gamble and Colgate-Palmolive along with other defensive stocks such as Coca-Cola and Marlboro-maker Altria Group rose in early trading Thursday, bucking the broad market's resumed sell-off.

At their morning highs, P&G was ahead 1.1%, Colgate tacked on 1.2%, tissue manufacturer Kimberly-Clark added 0.8%, Coke rose 1.3% and Altria gained 1.2%.

All five yield far more than the S&P 500 dividend payout. At today's prices, P&G yields 2.42%, Colgate 2.26%, Kimberly 3.61%, Coke 2.91% and Altria 7.06%, while the S&P 500 yields 1.37% — down from 1.44% a year ago, according to Dow Jones data.

— Scott Schnipper

GameStop shares reverse Wednesday’s rally

GameStop shares are giving back their gains from Wednesday's rally after the video game retailer announced plans to raise debt to buy bitcoin.

The meme stock tumbled roughly 13% on Thursday, following an almost 12% rally the previous session. The reversal came after the video game chain announced plans to raise $1.3 billion through the sale of convertible senior notes due in 2030 to buy bitcoin.

— Yun Li

Stocks open in the red on Thursday

Shortly after market open, the Dow Jones Industrial Average slid 124 points, or 0.3%. The S&P 500 shed about 0.3%, while the Nasdaq Composite opened 0.2% lower.

— Pia Singh

Q4 economic growth rate revised up to 2.4%

The U.S. economy grew a little faster than expected in the final three months of 2024, according to a Commerce Department report Thursday.

Gross domestic product accelerated at a 2.4% pace for the October-through-December period, the Bureau of Economic Analysis said in its last of three estimates. That was 0.2 percentage points ahead of the previous estimate and came from an upward revision to consumer spending, which grew at a 4% rate in the fourth quarter.

In addition to the upward change in GDP, the BEA said core inflation was a bit softer than previously indicated. Excluding food and energy prices, the personal consumption expenditures price index, which the Federal Reserve uses as its primary inflation gauge, increased 2.6%, down 0.1 percentage point from the prior estimate.

— Jeff Cox

Jobless claims total 224,000, close to forecast

Initial filings for unemployment insurance changed little last week, indicating employers are still reluctant to lay off workers, the Labor Department reported Thursday.

Jobless claims totaled 224,000 for the week ending March 22, down 1,000 from the prior week and close to the Dow Jones estimate for 226,000. On a four-week rolling basis, claims moved lower to 224,000, down 4,750 from the prior period.

Continuing claims, which run a week behind, also nudged down, falling to 1.856 million, a decrease of 25,000.

— Jeff Cox

Trump says he might cut China tariffs to help further a TikTok deal

President Trump said on Wednesday that he might reduce tariffs on China to help facilitate a deal that would have ByteDance sell the U.S. operations of TikTok. He also said it is possible he will extend the TikTok deadline again.

A national security law requires ByteDance to divest TikTok's U.S. operations or face an effective ban in the country, but Trump in January signed an executive order that delayed the deadline for a deal to April 5. The president has said that he wants the U.S. to have a 50% ownership position in TikTok via a joint venture.

— Pia Singh, Jonathan Vanian

See the stocks moving before the bell

These are some of the names making notable moves in Thursday's premarket:

• Auto stocks — Shares of automakers pulled back on the heels of President Trump's announcement for a 25% tariff on all cars not made in the U.S. that will go into effect next week. General Motors dropped more than 6%, while Stellantis and Ford each shed more than 1%.
• Jefferies — The bank stock slid more than 5% after earnings for the first fiscal quarter came in below what was recorded in the comparable three-month period a year ago.
• Alibaba — U.S.-listed shares of the Chinese technology firm added around 1% after Alibaba launched a new, open-source artificial intelligence model.

Click here for the full list.

— Alex Harring

RBC becomes bullish on Northrop Grumman

Positive sentiment and an improving revenue outlook will support Northrop Grumman shares, according to RBC Capital Markets.

The firm upgraded shares to outperform from sector perform. Its new price target of $575, up from $500, implies shares advancing 15% from Wednesday's close.

Analyst Ken Herbert believes the company is the likeliest choice for the Department of Defense's Navy F/A-XX Stealth Fighter program, which would be another positive catalyst for the stock.

"We believe the positive shift in NOC sentiment has significant room to run as the company is well positioned relative to shifting DoD priorities, execution on the B-21 remains strong, which could support an improved funding outlook, and the perception of NOC relative to defense peers has improved," Herbert wrote in a note Thursday.

Shares are up 8% year to date.

— Hakyung Kim

Asia-Pacific markets trade mixed after Wall Street declines on Trump's fresh tariffs on autos

Asia-Pacific markets traded mixed Thursday, tracking losses on Wall Street as investors weighed U.S. President Donald Trump's 25% tariffs on auto imports.

Japan's benchmark Nikkei 225 ended the day 0.6% lower at 37,799.97, while the broader Topix index was flat at 2,815.47.

In South Korea, the Kospi index fell 1.39% to 2,607.15, while the small-cap Kosdaq declined 1.25% to 707.49.

Mainland China's CSI 300 ended the day 0.33% higher at 3,932.42, while Hong Kong's Hang Seng Index closed up 0.41% at 23,578.80.

India's benchmark Nifty 50 was trading 0.52% higher while the broader BSE Sensex rose 0.49% as of 1:50 p.m. local time.

Australia's S&P/ASX 200 ended the day 0.38% lower at 7,969.

— Amala Balakrishner

GameStop stock slips after hours after announcing plans to offer convertible senior notes

Shares of meme stock GameStop slipped more than 7% in extended trading on Wednesday, after the company said it would offer $1.3 billion of convertible senior notes. GameStop said it plans to use some of the net proceeds to buy bitcoin.

On Tuesday, the firm's board unanimously approved a plan to use corporate cash to purchase bitcoin.

— Brian Evans

Trump announces 25% tariff aimed at imported cars

President Donald Trump said on Wednesday that he would impose a 25% tariff aimed at "all cars that are not made in the United States."

The duties on imported vehicles will go into effect April 2, the president said, which is the same day he plans to implement reciprocal tariffs.

— Brian Evans

Stock futures open lower

Stock futures fell on Wednesday, following news from the White House that President Donald Trump is implementing a 25% tariff on imported cars starting April 2.

Futures tied to the Dow Jones Industrial Average slipped 102 points, or 0.2%. S&P 500 futures fell 0.2%, alongside Nasdaq 100 futures.

— Brian Evans