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Stocks fell on Thursday after a massive rally on Wall Street spurred by President Donald Trump announcing a 90-day reprieve on some of his “reciprocal” tariffs.
The Dow Jones Industrials reversed some of Wednesday’s incredible gains, losing 919.42 points, or 2.3%, to open Thursday at 39,689.03.
The S&P 500 sank 157.86 points, or 2.9%, to 5,299.04
The NASDAQ lost 517.6 points, or 3% to 16,607.37
Leading the declines were Apple and Tesla, which pulled back more than 3% and 6%, respectively. Nvidia lost 5.4%, while Meta Platforms slipped 4%.
The moves come after a historic surge on the Street, where the S&P 500 soared more than 9% for its third-largest gain in a single day since World War II. The Dow also saw its biggest percentage advance since March 2020, while the Nasdaq scored its biggest one-day gain since January 2001 and second-best day on record.
During Wednesday’s session, there was an unusual trading volume of around 30 billion shares, the highest level in history, as per records dating back 18 years.
The rally took off after Trump announced a temporary drop in tariff rates for most countries to 10% for 90 days. Canada and Mexico won’t be subjected to an additional 10% duty, however. The European Union announced Thursday a similar 90-day pause on U.S. goods.
The latest consumer price index report showed inflation eased to 2.4% year-over-year in March, lower than the Dow Jones consensus estimate of a 2.6% rise.
Prices for the 10-year Treasury were up in the first hour, pushing yields down to 4.30% from Wednesday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices slid $3.30 to $59.05 U.S. a barrel.
Prices for gold spiked $78.10 to $3,157.50 U.S.