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Following one day of respite, the U.S. stock market returned to its downward spiral Thursday amid ongoing concerns tied to President Donald Trump‘s proposed tariffs.
Media stocks briefly rallied on Wednesday when Trump announced a 90-day pause on the planned tariffs for non-retaliating countries while simultaneously instituting a 125% tax rate increase for imported goods from China.
But the initial impressive spikes on that news didn’t hold more than 24 hours with many entertainment companies seeing their shares fall again by the time the U.S. market closed Thursday, including Disney at $85.23 per share (-6.8%), Warner Bros. Discovery at $8.10 (-12.5%), Netflix at $921.17 (-2.6%), Comcast at $33.68 (-4.3%), Paramount Global at $10.92 (-2%), and Amazon at $181.22 (-5%).
Before the closing bell rang Thursday, Trump dismissed China‘s decision to reduce the number of U.S. films it allows to play in the country’s theaters. The China Film Administration confirmed the reduction earlier on Thursday and when Trump was asked about the move at a press conference, he responded: “I think I’ve heard of worse things.”
On the tech side, following a one-day burst, Apple was down to $190.42 per share (-4.2%), Meta to $546.29 (-6.7%), Alphabet to $155.37 (-3.5%), Nvidia at $107.57 (-5.9%), Microsoft at $381.35 (-2.3%) and Roku at $59.27 (-7.2%).
Looking at the market overall, the tech-centric Nasdaq Composite index was down 4.31% and the S&P 500 fell 3.46%. The Dow Jones Industrial Average took a 2.5% hit, dropping 1,014 points.
By comparison, on Wednesday, the Dow Jones Industrial Average closed up 8% — its biggest one-day jump since March 2020. The tech-heavy Nasdaq soared 12%, marking that index’s biggest one-day gain since 2001. The S&P 500 rose 9.5%, its biggest bounce since 2008.
