Stocks Slide As Auto Tariffs Boost Tesla, Rivian And Hit GM, Ford: What's Driving Markets Thursday?

Wall Street dipped slightly on Thursday, with all major indexes edging into the red as investors digested President Donald Trump‘s latest move on auto tariffs.

Late Wednesday, Trump announced a 25% tariff on all auto imports starting next week, with duties on auto parts set to follow in May.

European automakers took a hit, with Mercedes-Benz Group AG MBGAF and Porsche Automobile Holding SE POAHF sliding 2.5% and 5%, respectively.

Michigan-based carmakers didn't fare much better. Shares of Ford Motor Co. F fell 2.5%, while General Motors Co. GM plunged 6.5%, with the latter marking the worst performance on the S&P 500.

In contrast, U.S. electric vehicle makers rallied. Tesla Inc. TSLA rose 2.6%, and Rivian Automotive Inc. RIVN jumped 5%. The rally followed comments from Goldman Sachs analyst Mark Delenay, who pointed to their fully domestic production as a significant advantage under the new tariffs.

Meanwhile, gold extended its rally, climbing over 1% and testing record highs as the U.S. dollar softened. Silver gained 2%, while copper pulled back 2% after a strong run that had lifted it to all-time highs.

Bitcoin BTC/USD held firm at $86,875, signaling a cautious tone across the crypto market.

Thursday’s Performance In Major US Indices, ETFs

Major Indices	Price	Chg %
Nasdaq 100	19,840.57	-0.4%
Dow Jones	42,277.82	-0.4%
S&P 500	5,687.68	-0.4%
Russell 2000	2,060.90	-0.7%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY inched 0.4% lower to $566.80.
• The SPDR Dow Jones Industrial Average DIA fell 0.5% to $422.32.
• The tech-heavy Invesco QQQ Trust Series QQQ dropped 0.5% to $482.05.
• The iShares Russell 2000 ETF IWM fell 0.6% to $204.29
• The Consumer Staples Select Sector SPDR Fund XLP outperformed, up 0.8%; the Energy Select Sector SPDR Fund XLE lagged, down 1%.

Thursday’s Stock Movers

• Dollar Tree Inc. DLTR rallied over 8% after the company announced that it would sell its Family Dollar business for $1.01 billion to Brigade and Macellum Capital.
• AutoZone Inc. AZO rallied 3.7% to fresh record highs in reaction to import tariffs on automotive parts.
• Shares of car rental firms also rallied amid potentially higher margins. Avis Budget Group Inc. CAR and Hertz Global Holdings Inc. HTZ both rocketed by about 20%.
• GameStop Inc. GME plunged 22% after it announced a private offering of convertible debt to buy Bitcoin.
• New Fortress Energy Inc. NFE tumbled more than 10% after the company announced plans to divest its natural gas assets and operations in Jamaica.
• Lululemon Athletica Inc. LULU will report its earnings after the close. Shares were up 0.7%.

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Image created using artificial intelligence via Midjourney.