KEY TAKEAWAYS
Major U.S. equities indexes tumbled midday Thursday, giving up some of Wednesday's gains after President Donald Trump said he would pause some tariffs for 90 days . The Dow fell 5%, while the S&P 500 dropped 6%, and the Nasdaq plunged 7%.
CarMax ( KMX ) shares fell sharply, leading losses on the S&P 500, after the used car retailer's quarterly earnings and sales came in below analysts' expectations.
Tesla ( TSLA ) shares, which soared Wednesday, fell as UBS and Mizuho lowered their price targets for the EV maker's stock on worries about the impact of tariffs on the auto sector.
Nvidia ( NVDA ), Broadcom ( AVGO ), Micron Technology ( MU ), Lam Research ( LRCX ), Applied Materials ( AMAT ), and other semiconductor stocks tumbled, dragging the PHLX Semiconductor Index ( SOX ) down around 10%.
Shares of gold miners Barrick Gold ( GOLD ) and Newmont ( NEM ) gained as investors sought out safe haven assets, boosting the price of the precious metal.
Crude oil futures fell and the yield on the 10-year Treasury note edged lower. The U.S. dollar lost ground against the euro, yen and pound. Prices for major cryptocurrencies sank.
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