Stock Market Today: Stocks turn lower on tariff, growth risks

U.S. stocks tuned lower in Thursday trading, as early gains tied to solid earnings from Nvidia were tamed by uncertainties tied to tariff threats from the Trump administration that linger over global markets. 

Updated at 1:03 PM EST

Bear with us

The S&P 500 is now down 2 points, or 0.03%, on the session, with the Nasdaq down 153 points, or 0.81% to extends its one-month decline to around 2.2%. 

"The longer trend remains positive, but uncertainty is rising as the tariffs loom large," said Louis Navellier of Navellier Calculated Investing. 

"There are many factors in the wind from Trump 2.0: tax changes, a potential DOGE refund to taxpayers, and significant shrinkage of government spending," he added. "The fact that the S&P is only 2.8% below its recent all-time high with all these factors in play should be seen as a sign of strength."

$SPX with historical P/E values below. One thing is very clear - the market is very overvalued. $SPY Can it keep going? Yes, of course, but we are due for a correction - it **is** coming. pic.twitter.com/PccBTcnzYl— dmac (@dana_marlane) February 27, 2025

Updated at 11:06 AM EST

Bear with us

Nvidia shares reversed their earlier gains following a solid set of quarterly earnings that both underscored its dominance in the AI investment thesis and raised questions over the impact of ramping production of its top-of-the-line processors. 

Nvidia topped Wall Street forecasts for its January-quarter earnings, the last of its fiscal year, by posting revenues of $39.3 billion a 78% surge compared to last year, and operating income of around $25.52 billion.

Even from those lofty tallies, Nvidia sees current-quarter revenues rising another 10% sequentially, to around $43 billion, amid what the company described as "rapidly rising demand for AI reasoning models and agents."

Nvidia shares were marked 4.06% lower in early Thursday trading to change hands at $126.42 each, a move that would extend the stock's year-to-date decline to around 8.7%. 

Related: Analysts overhaul Nvidia stock price targets after Q4 earnings surprise

Updated at 9:38 AM EST

Green open for stocks

The S&P 500 was marked 28 points, or 0.48%, higher in the opening minutes of trading. The Nasdaq advanced 154 points, or 0.34%, with Nvidia gaining 0.66%.

The Dow gained 110 points and the midcap Russell 2000 edged 1 point, or 0.05%, into the green following the GDP, jobs and durable goods data releases. 

"With Q4 GDP and Nvidia’s earnings report now in the rearview mirror, investor focus will shift to tomorrow’s PCE results," said Bret Kenwell, U.S. investment analyst at eToro. 

"This report will be of particular interest, not just because it’s the Fed’s preferred inflation gauge, but because it comes after a higher-than-expected CPI report earlier this month," he added. "At the very least, if the economy is going to slow, investors will want to see inflation slow down too."

S&P 500 Opening Bell Heatmap (Feb. 27, 2025)$SPY +0.43%