Nasdaq, S&P 500 sell-off as Nvidia sinks 8%, Trump reiterates tariff plans

Stocks plummeted on Thursday as tech sold off following Nvidia's  latest earnings report while investors took stock of the economy amid President Trump's latest tariff pledges.

The S&P 500  fell more than 1.6%, while the tech-heavy Nasdaq Composite  dropped 2.8%. The Dow Jones Industrial Average  dropped 0.4%.
Investors dug into Nvidia's quarterly earnings beat, which signaled plenty of scope for growth as it eased worries about DeepSeek and faltering AI demand. The results initially met a muted response as its profit outlook raised doubts on Wall Street. Nvidia's stock erased early morning gains to drop more than 8%.

Meanwhile, more signs emerged of a sluggish US economy. Data released Thursday showed GDP grew at an unrevised 2.3% annualized pace last quarter, confirming a slowdown from the previous quarter. Weekly initial jobless claims jumped to 242,000, higher than the 221,000 expected by economists in a sign of a softening labor market.