The Dow Jones Industrial Average and other major stock indexes dropped Thursday as cooler-than-expected inflation data helped offset President Donald Trump's threats of more tariffs on European nations. Meanwhile, Adobe, Nvidia and Tesla lost ground.
Early Thursday, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 lost 0.6%. The tech-heavy Nasdaq composite declined 1% in morning trades.
The 10-year Treasury yield ticked higher to 4.34% early Thursday. And oil prices fell, as West Texas Intermediate futures traded near $67.15 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 1%, while the SPDR S&P 500 ETF lost 0.6% after the open.
In stocks, Adobe plunged nearly 8% after the company beat analyst estimates for its fiscal first quarter but offered a mixed outlook for the current period.
Tesla stock raced 7.6% higher on Wednesday, adding to Tuesday's gains. Shares remain more than 49% off their record high of 488.54, reached on Dec. 18. Tesla stock declined 4.8% Thursday.
Further, Nvidia rallied 6.4% Wednesday, rebounding from its lowest level since early September. Shares are sharply below their 50-day and 200-day moving averages and around 25% off their 52-week high. Nvidia stock reversed 1.4% lower in early trading.
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Trump Threats, Inflation Report
President Trump threatened new tariffs on the European Union Thursday morning. Trump warned in a Truth Social post that the U.S. will place a 200% tariff on all wines, champagnes and alcoholics products coming out of the EU unless it removes a 50% tariff on U.S. whiskey.
But in economic news, the U.S. Labor Department's producer price index, or PPI, inflation report for February showed that wholesale inflation was unchanged on the month, with a 3.2% year-over-year increase. Both were cooler than expected. Core wholesale inflation fell 0.1% on the month, with an annual increase of 3.4%, also lower than expected.
The PPI was expected to rise 0.3% on the month, with an annual increase of 3.4%. Core wholesale inflation, which excludes food and energy, was anticipated to rise 0.3% in February, according to Econoday estimates. The report plays a critical role when the Federal Reserve makes its decision on interest rates.
With its consumer price index report Wednesday, the Labor Department said inflation came in at 0.2% on the month, with an annual increase of 2.8%, compared with forecasts for 0.3% and 2.9% respectively. Core inflation rose 0.2% in February, with a year-over-year increase of 3.1%. Economists expected 0.3% and 3.2%, respectively.
Meanwhile, weekly unemployment claims unexpectedly fell to 220,000 vs. 221,000 in the previous week. They were expected to rise to 230,000, according to Econoday.
Other earnings movers Thursday included Dollar General and SentinelOne. Dollar General shares rallied nearly 5%, while SentinelOne stock lost 4% in early trading.
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Stock Market Today: Dow Jones Extends Losing Streak
On Wednesday, the Dow Jones Industrial Average dropped 0.2%, extending a losing streak to three sessions, while the S&P 500 gained 0.5% and the Nasdaq rallied 1.2%. Amid the ongoing stock market weakness, now is an important time to read IBD's The Big Picture column for the updated exposure level.
Among the best companies to watch in the current stock market are Tradeweb Markets, Uber Technologies and Veeva Systems.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and McDonald's.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: McDonald's Gives Up Buy Point
Dow Jones component McDonald's tumbled further below its cup-with-handle's 311.59 buy point, according to MarketSurge pattern recognition, with a 2.4% decline Wednesday. Shares are fighting for support at their 50-day line, as they rose 1% in morning action Thursday.
Outside the Dow, Tradeweb Markets is tracing a cup with handle that has a 140.48 entry and is seeing firm support at its 50-day line so far. Meanwhile, the RS line triggered the blue dot, which is a sign of strong stock market outperformance. Shares dropped 0.5% Thursday.
Uber has a handle entry at 82.10 and shares are testing their 50-day line amid the ongoing pullback. The stock was a recent IBD Stock Of The Day. Uber stock dipped 0.3% Thursday.
Finally, Veeva stock snapped a two-day skid Wednesday, but is still below an early entry at 240.95. Shares are forming a cup base that has a 258.93 buy point. Shares of the software leader dropped 2.3% Thursday morning.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Uber Technologies | 82.10 | Cup with handle | |
| McDonald's | 311.59 | Cup with handle | |
| Veeva Systems | 258.93 | Cup base | |
| Tradeweb Markets | 140.48 | Cup with handle |
Source: IBD Data as of March 11
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks continue to face heavy selling pressure as investors rotate out into fresh sectors or defensive names. Dow Jones component Amazon is at its 200-day line following big losses in recent weeks. Amazon moved down 2.1% early Thursday.
Apple, which took another dive Wednesday, fell further below its 200-day line in the process. Apple stock dropped 0.8% in morning trades Thursday.
Finally, software giant Microsoft fell 0.5% Thursday. Shares hit a new 52-week low this week.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
