Stocks Slide As Auto Tariffs Boost Tesla, Rivian And Hit GM, Ford: What's Driving Markets Thursday?
Wall Street dipped slightly on Thursday, with all major indexes edging into the red as investors digested President Donald Trump‘s latest move on auto tariffs.
Late Wednesday, Trump announced a 25% tariff on all auto imports starting next week, with duties on auto parts set to follow in May.
European automakers took a hit, with Mercedes-Benz Group AG (OTCPK: MBGAF) and Porsche Automobile Holding SE (OTCPK: POAHF) sliding 2.5% and 5%, respectively.
Michigan-based carmakers didn't fare much better. Shares of Ford Motor Co. (NYSE:F) fell 2.5%, while General Motors Co. (NYSE:GM) plunged 6.5%, with the latter marking the worst performance on the S&P 500.
In contrast, U.S. electric vehicle makers rallied. Tesla Inc. (NASDAQ:TSLA) rose 2.6%, and Rivian Automotive Inc. (NASDAQ:RIVN) jumped 5%. The rally followed comments from Goldman Sachs analyst Mark Delenay, who pointed to their fully domestic production as a significant advantage under the new tariffs.
Meanwhile, gold extended its rally, climbing over 1% and testing record highs as the U.S. dollar softened. Silver gained 2%, while copper pulled back 2% after a strong run that had lifted it to all-time highs.
Bitcoin (CRYPTO: BTC) held firm at $86,875, signaling a cautious tone across the crypto market.
Thursday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % |
| Nasdaq 100 | 19,840.57 | -0.4% |
| Dow Jones | 42,277.82 | -0.4% |
| S&P 500 | 5,687.68 | -0.4% |
| Russell 2000 | 2,060.90 | -0.7% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) inched 0.4% lower to $566.80.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.5% to $422.32.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) dropped 0.5% to $482.05.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.6% to $204.29
- The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, up 0.8%; the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1%.
Thursday’s Stock Movers
- Dollar Tree Inc. (NASDAQ:DLTR) rallied over 8% after the company announced that it would sell its Family Dollar business for $1.01 billion to Brigade and Macellum Capital.
- AutoZone Inc. (NYSE:AZO) rallied 3.7% to fresh record highs in reaction to import tariffs on automotive parts.
- Shares of car rental firms also rallied amid potentially higher margins. Avis Budget Group Inc. (NASDAQ:CAR) and Hertz Global Holdings Inc. (NASDAQ:HTZ) both rocketed by about 20%.
- GameStop Inc. (NYSE:GME) plunged 22% after it announced a private offering of convertible debt to buy Bitcoin.
- New Fortress Energy Inc. (NASDAQ:NFE) tumbled more than 10% after the company announced plans to divest its natural gas assets and operations in Jamaica.
- Lululemon Athletica Inc. (NASDAQ:LULU) will report its earnings after the close. Shares were up 0.7%.
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Image created using artificial intelligence via Midjourney.