US stocks ended lower on Thursday, as investors eyed the approaching deadline for US President Donald Trump's tariffs.
The Dow Jones Industrial Average fell 330.3 points, or 0.74 percent, to 44,130.98. The S&P 500 sank 23.51 points, or 0.37 percent, to 6,339.39. The Nasdaq Composite Index shed 7.23 points, or 0.03 percent, to 21,122.45.
Nine of the 11 primary S&P 500 sectors ended in red, with health and real estate leading the laggards by losing 2.79 percent and 1.73 percent. Meanwhile, communication services and utilities led the gainers by going up 2.08 percent and 0.59 percent, respectively.
The stocks trimmed earlier gains Thursday afternoon as Trump confirmed the tariffs will take effect Friday, coinciding with the rollout of several new trade agreements. Trump also announced a 90-day extension of current tariff rates with Mexico.
At the same time, the US personal consumption expenditures (PCE) price index – the Federal Reserve's preferred inflation gauge – showed a pickup in price growth in June, keeping inflation above the Fed's two percent target. The data was released a day after the central bank decided to leave interest rates unchanged, though two committee members dissented from the decision.
These developments partially overshadowed a strong earnings showing from the tech sector. Meta shares surged more than 11 percent on Thursday after the company beat earnings expectations and issued upbeat guidance, despite heavy investment in artificial intelligence.
Amazon rose 1.7 percent ahead of its earnings report due after the bell, while Apple was down 0.71 percent. Other major tech names were mixed: Broadcom and Tesla each fell around three percent, Alphabet declined 2.32 percent, and Nvidia slipped 0.78 percent.
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