The stock market experienced a mix of gains and losses in choppy trading on Thursday. The S&P 500 edged up 0.13% to close at 5282.70. The Dow Jones Industrial Average shed 527.16 points, or 1.33%, settling at 39142.23.
The Nasdaq Composite Index inched down 0.13% to end at 16286.45. This marked the third consecutive day of losses for both the Dow and Nasdaq. The market turbulence was fueled by ongoing concerns over tariffs and export controls.
UnitedHealth dropped almost 3%, contributing to the Dow’s decline. Nvidia also weighed heavily on the market, with a reported $5.5 billion quarterly charge tied to U.S. export controls on GPUs sold to China and other destinations. Despite these challenges, some well-known stocks showed upward momentum.
Eli Lilly surged 14% after positive results for its weight-loss pill. Netflix saw a 1% rise ahead of its anticipated earnings report. President Donald Trump’s comments about possible trade deals with China and the European Union briefly provided a boost to the market.
For the week, the major indexes posted losses, wrapping up trading early in observance of Good Friday. The Dow and Nasdaq each lost over 2% week-to-date, while the S&P 500 slid 1.5%. Investors have been particularly on edge since early April when Trump announced—and then retreated from—his plan for “reciprocal” tariffs.
UnitedHealth shakes market with earnings
Since then, the S&P 500 has dropped nearly 7%, with the Dow and Nasdaq experiencing similar declines. Rob Haworth, a senior investment strategist at U.S. Bank Wealth Management, remarked, “This is a market that is waiting and looking for direction …
Right now, it’s more about waiting to see what happens with those trade deals.”
Raymond James has downgraded Coty to a market perform rating from outperform, citing headwinds including challenges in Prestige Fragrance, weakened Consumer Beauty demand, and slower margin expansion. As the streaming giant prepares to release earnings, Wall Street remains optimistic about Netflix’s growth prospects. Shares were 1.6% higher on Thursday, standing out as shares have jumped 9.6% this year despite a broader market decline.
Loop Capital upgraded Warby Parker to a buy rating, suggesting shares could rally 89% from their Wednesday closing price. Global Payments suffered a steep decline of over 15% after announcing its acquisition of WorldPay for $22.7 billion, while also planning to divest Issuer Solutions for more than $13 billion to Fidelity Information Services. Apple was the sole member of the “Magnificent Seven” stocks to post gains on Thursday, rising over 1%.
In contrast, other tech stocks like Nvidia continued their declines due to export control concerns. Alphabet shares pulled back 1.2% following a federal judge’s ruling on its advertising business practices. Hertz surged 50% after Bill Ackman’s Pershing Square significantly increased its investment in the rental car company.
Small-cap stocks managed to dodge the week’s broader market weakness. The small cap-focused Russell 2000 rose nearly 1%, bringing its week-to-date gain above 1%, while the S&P 500 remained down for the week. Novo Nordisk was downgraded to market perform by BMO Capital Markets.
Analyst Evan David Seigerman highlighted that competitor Eli Lilly’s advancements in the GLP-1 space pressured Novo Nordisk’s lead. These were the main stories from a turbulent trading week influenced by geopolitical developments, corporate earnings, and market sentiments driven by tariff and export control news.
