Wall Street edged lower after getting pulled in opposite directions as President Donald Trump’s latest tariff escalation creates winners and losers among auto stocks.
The S&P 500 slipped 0.3 percent Thursday after drifting between small gains and losses. Better-than-expected data on the economy also helped support the market.
The Dow Jones Industrial Average dipped 155 points, and the Nasdaq composite fell 0.5 percent.
General Motors sank sharply after Trump announced 25 percent tariffs on imported cars. Foreign automakers likewise fell, but Rivian and Tesla held up better. So did companies that could benefit from U.S. drivers opting against buying new cars.
On Thursday:
The S&P 500 fell 18.89 points, or 0.3 percent, to 5,693.31.
The Dow Jones Industrial Average fell 155.09 points, or 0.4 percent, to 42,299.70.
The Nasdaq composite fell 94.98 points, or 0.5 percent, to 17,804.03.
The Russell 2000 index of smaller companies fell 8.14 points, or 0.4 percent, to 2,065.70.
For the week:
The S&P 500 is up 25.75 points, or 0.5 percent.
The Dow is up 314.35 points, or 0.7 percent.
The Nasdaq is up 19.98 points, or 0.1 percent.
The Russell 2000 is up 8.71 points, or 0.4 percent.
For the year:
The S&P 500 is down 188.32 points, or 3.2 percent.
The Dow is down 244.52 points, or 0.6 percent.
The Nasdaq is down 1,506.76 points, or 7.8 percent.
The Russell 2000 is down 164.46 points, or 7.4 percent.
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