US open: Stocks lower as Trump's tariffs remain in focus

(Sharecast News) - Major indices were in the red early on Thursday amid ongoing uncertainty regarding Donald Trump's latest tariff announcements.

As of 1515 GMT, the Dow Jones Industrial Average was down 1.36% at 42,421.96, while the S&P 500 lost 1.61% to 5,748.33 and the Nasdaq Composite came out the gate 1.91% firmer at 18,198.43.

The Dow opened 584.63 points lower on Thursday, reversing gains recorded in the previous session after Commerce Secretary Howard Lutnick said the US might meet Canada and Mexico "in the middle" to "work something out" on tariffs.

Trump announced tariffs on automakers would be delayed by one month, provided their vehicles comply with the US, Mexico and Canada agreement, bolstering hopes that he would make further concessions. However, stocks headed south again after these exemptions failed to materialise. Lutnick later said that one-month exemptions for more than just carmakers would be likely.

On the macro front, Challenger Gray and Christmas revealed job cuts had surged to an almost five-year high last month, up from 49,795 in January to 172,017 in February, due to the actions of the Department of Government Efficiency, as well as cancelled government contracts, trade war fears, and bankruptcies.

Elsewhere, unemployment claims fell by more than expected during the previous week and remained at a historically low level. According to the Department of Labor, in seasonally adjusted terms, initial unemployment claims fell by 21,000 over the week ended 1 March to 221,000, falling short of consensus estimates for an increase of 235,000. Of particular interest, the number of federal government workers filling first-time claims rose by 1,634, against a 614 rise over the previous week. The four-week moving average, which aims to smooth out the variations in the data from one week to the next, edged up by 250 to 224,250, while secondary unemployment claims rose by 42,000 to 1.897m.

Still on data, wholesale inventories increased 0.8% month-on-month to $906.2bn in January, according to the Census Bureau, slightly higher than advance estimates of 0.7% and following December's revised 0.4% fall.

In the corporate space, lingerie group Victoria's Secret was in the red after revealing Q1 revenues would fall short of analyst expectations, while retailer Macy's posted better-than-expected quarterly figures early on Thursday but issued downbeat sales and profit guidance for FY25 as a whole.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Amgen Inc. (AMGN) $317.17 1.92%

Microsoft Corp. (MSFT) $397.49 1.49%

Verizon Communications Inc. (VZ) $42.94 0.23%

Nike Inc. (NKE) $77.94 0.17%

Dowdupont Inc. (DWDP) $0.00 0.00%

Apple Inc. (AAPL) $235.09 -0.05%

Procter & Gamble Co. (PG) $173.91 -0.40%

Cisco Systems Inc. (CSCO) $63.01 -0.41%

Johnson & Johnson (JNJ) $164.25 -0.53%

Coca-Cola Co. (KO) $69.69 -0.55%

Dow Jones - Fallers

Visa Inc. (V) $343.30 -2.66%

Goldman Sachs Group Inc. (GS) $578.73 -2.42%

JP Morgan Chase & Co. (JPM) $245.77 -2.29%

Walgreens Boots Alliance, Inc. (WBA) $10.62 -2.25%

Intel Corp. (INTC) $20.47 -2.15%

Boeing Co. (BA) $160.22 -1.80%

American Express Co. (AXP) $279.24 -1.74%

Walt Disney Co. (DIS) $107.62 -1.55%

International Business Machines Corporation (CDI) (IBM) $247.78 -1.42%

Dow Chemical Co. (DOW) $37.25 -1.40%

S&P 500 - Risers

Dollar Tree Inc (DLTR) $70.17 5.01%

Kroger Co. (KR) $65.43 4.65%

Ipg Photonics Corp. (IPGP) $63.00 4.51%

Ross Stores Inc. (ROST) $140.34 3.96%

Fastenal Co. (FAST) $77.13 3.85%

D. R. Horton Inc. (DHI) $133.08 2.87%

PACCAR Inc. (PCAR) $103.94 2.83%

PulteGroup Inc. (PHM) $108.72 2.60%

Mosaic Company (MOS) $24.69 2.32%

DENTSPLY Sirona Inc. (XRAY) $16.17 2.18%

S&P 500 - Fallers

Brown Forman Corp. Class B (BF.B) $34.37 -4.50%

Broadcom Inc. (AVGO) $182.22 -4.15%

NRG Energy Inc. (NRG) $94.64 -4.12%

Carnival Corp. (CCL) $21.43 -4.07%

Oracle Corp. (ORCL) $155.40 -3.81%

Royal Caribbean Cr (RCL) $222.74 -3.71%

Norwegian Cruise Line Holdings Ltd (NCLH) $20.54 -3.57%

Quanta Services Inc. (PWR) $244.16 -3.56%

Eaton Corporation plc (ETN) $277.58 -3.53%

Public Service Enterprise Group Inc. (PEG) $78.80 -3.50%

Nasdaq 100 - Risers

JD.com, Inc. (JD) $45.92 8.71%

Trip.com Group Limited (TCOM) $64.15 5.22%

Dollar Tree Inc (DLTR) $70.17 5.01%

Ross Stores Inc. (ROST) $140.34 3.96%

Fastenal Co. (FAST) $77.13 3.85%

Baidu Inc. (BIDU) $92.90 3.26%

PACCAR Inc. (PCAR) $103.94 2.83%

NetEase Inc. Ads (NTES) $104.50 2.24%

DENTSPLY Sirona Inc. (XRAY) $16.17 2.18%

Electronic Arts Inc. (EA) $135.35 2.15%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.26 -8.79%

Broadcom Inc. (AVGO) $182.22 -4.15%

Western Digital Corp. (WDC) $42.66 -3.46%

Starbucks Corp. (SBUX) $108.04 -3.38%

Seagate Technology Plc (STX) $89.67 -2.69%

Expedia Group Inc. (EXPE) $185.32 -2.66%

Booking Holdings Inc. (BKNG) $4,766.15 -2.63%

Marriott International - Class A (MAR) $265.23 -2.46%

Netflix Inc. (NFLX) $951.00 -2.37%

Walgreens Boots Alliance, Inc. (WBA) $10.62 -2.25%