The Dow Jones Industrial Average other major stock indexes pared losses Thursday after a top official said some easing on tariffs was likely.
The Dow was down nearly 0.3% but had been down as much as 1.4%. The Nasdaq composite trimmed its loss to 0.9% while the S&P 500 lost 0.7%. The small-cap Russell 2000 was down 0.5%.
The Nasdaq is trying to regain its 200-day moving average, while the S&P is still holding above its 200-day line. Volume was running higher on the NYSE and Nasdaq compared with the same time on Wednesday.
Innovator IBD 50 ETF reduced its loss to 1.6%.
Commerce Secretary Howard Lutnick said that Canadian and Mexican imports compliant with the USMCA free-trade agreement President Donald Trump signed in 2020 likely won't have a tariff until next month.
Broadcom fell more than 4% but is finding support at the 200-day moving average. The chip company reports earnings after the close.
9:48 a.m. ET
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Chipmaker Marvell Technology was a big earnings loser, while Nvidia and Tesla sold off in morning action on the stock market today.
Early Thursday, the Dow Jones Industrial Average tumbled 1.4%, or 600 points, while the S&P 500 declined 1.5%. The tech-heavy Nasdaq composite lost 1.7% in morning trades.
The 10-year Treasury yield ticked higher to 4.29% early Thursday. And oil prices bounced, as West Texas Intermediate futures traded near $66.75 per barrel.
Among exchange traded funds, the Invesco QQQ Trust dropped 1.9%, while the SPDR S&P 500 ETF lost 1.3% after the open.
Nvidia stock advanced another 1.1% Wednesday, in a two-day rally that came after it hit its lowest level since Sept. 11. Shares, however, remain well below their 50-day and 200-day moving averages. Nvidia stock sold off 3% in morning trading.
Meanwhile, Tesla rebounded 2.6% Wednesday, still below its 200-day line after giving up that level for the first time since Aug. 14. But Tesla stock skidded another 4.5% in morning trades on Thursday.
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Tariff Woes, Jobless Claims, Earnings Movers
While a temporary tariff exemption for automakers from President Donald Trump fueled a broad-based rally Wednesday, that optimism appears to have dissipated as Wall Street questioned how effective that exemption will be. CNBC reported that traders were hoping for further exemptions, and worried that a wave of tariffs outside the auto industry would overwhelm the markets in coming days and weeks.
In economic news, the Labor Department's weekly unemployment claims fell sharply to 221,000 vs. 242,000 in the previous week. They were expected to rise to 244,000.
Marvell Technology plunged nearly 19% after the chipmaker narrowly beat estimates for its fiscal fourth quarter and guided modestly higher for the current quarter.
Other earnings movers were JD.com, Veeva Systems and Zscaler.
JD shares advanced nearly 1%, moving further above a 43.63 buy point. Veeva stock jumped nearly 7%, while Zscaler rallied 4% in morning trading.
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Stock Market Today: Dow Jones Rebounds
On Wednesday, the Dow Jones Industrial Average and S&P 500 both rallied 1.1%, while the Nasdaq advanced 1.5%.
Among the best companies to watch in the current stock market are Booking, Tradeweb Markets, Uber Technologies and Eli Lilly.
Along with Apple and Nvidia, Dow Jones components making notable moves Wednesday 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 Below Buy Point
Dow Jones component McDonald's is trying to break out past a cup-with-handle's 311.59 buy point, according to MarketSurge pattern recognition. Shares rose 0.2% in morning action Thursday.
Outside the Dow, IBD Leaderboard name Eli Lilly is at the top of the buy range above a handle entry at 889.36. Shares dropped 0.8% early Thursday.
Travel site Booking is building a cup with handle that has a 5,282 buy point. Shares lost 1.4% Thursday.
Tradeweb Markets is tracing a flat base that has a 141.69 entry and, so far, firm support at its 50-day line. Shares are just above an early entry at 134.85, the high on Feb. 21, with a solid rebound Wednesday. Shares tumbled by 2% Thursday.
Finally, Uber has a handle entry at 82.10 following a recent pullback. The stock was a recent IBD Stock Of The Day. Uber stock declined 1.2% Thursday.
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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 |
|---|---|---|---|
| Booking | 5,282 | Cup with handle | |
| Goldman Sachs | 612.73 | Flat base | |
| Wells Fargo | 78.13 | Cup base | |
| Tradeweb Markets | 141.69 | Cup base |
Source: IBD Data as of March 4
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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 triggered a sell signal after falling below a 233 buy point in recent weeks, but is trying to rebound. Amazon declined 2.4% early Thursday.
Apple, which edged lower Wednesday, is falling further below its 50-day line. Shares are building a cup with handle that has a 250 entry. Apple stock lost 0.3% in morning trades Thursday.
Finally, software giant Microsoft dropped 0.9% Thursday. Shares remain sharply below their 50-day line and at their lowest level since January 2024 despite Wednesday's rally.
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.
