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Most of the U.S. stocks declined on Thursday following President Donald Trump’s announcement that the tariffs on Canada and Mexico would proceed as planned on March 4.
As the day ended in New York, the S&P 500 dropped 1.5%, while the Nasdaq 100 shed 2.7%. Dow Jones Industrial Average declined 0.4%.
Read here: America’s economy is flashing warning signs of a slowdown
Additionally, initial jobless claims surged more than expected last week, according to the Labor Department. For the week ending Feb. 22, claims rose by 22,000 to a seasonally adjusted 242,000, exceeding the forecast of 225,000, according to the Labor Department.
The U.S. Bureau of Economic Analysis released its second estimate for fourth-quarter GDP in 2024, reporting an annualized growth rate of 2.3%. This marks a slowdown from the 3.1% expansion recorded in the previous quarter, highlighting a moderation in economic momentum.
Soaring mortgage rates and steep home prices are taking a heavy toll on the housing market. Pending home sales—measured by signed contracts for existing homes—tumbled 4.6% from December, reaching their lowest level since the National Association of Realtors began tracking the data in 2001. Year over year, sales fell 5.2% from January 2024.
These data show the potential signs of weakness in the economy.
Here are stocks to watch today:
eBay
EBay’s shares (EBAY-7.17%) declined in the afternoon trading as the online marketplace reported strong fourth-quarter results but fell short of its current-quarter revenue guidance fell short of expectations.
Nvidia
Nvidia (NVDA-7.37%) stock dropped in the afternoon, reversing earlier gains, a day after the chip giant surpassed fourth-quarter estimates with robust guidance, highlighting sustained demand fueled by the artificial intelligence boom.
Salesforce
Salesforce (CRM-3.63%) shares declined after the customer relationship management software giant reported weaker-than-expected quarterly revenue on Wednesday and issued a forecast that missed analysts’ expectations.
Snowflake
Shares of Snowflake (SNOW+5.86%) jumped on Thursday as the cloud and artificial intelligence company posted strong revenue and guidance in its latest earnings report.
Warner Bros. Discovery
Shares of Warner Bros. Discovery (WBD+5.81%) rose on Thursday despite weaker-than-expected fourth-quarter results, as the global media and entertainment company provided a strong outlook for the year. The company added 6.4 million global streaming subscribers in the fourth quarter, bringing its total to 116.9 million.