The article discusses the current predicament of major U.S. stock markets, which are down as the S&P 500 retreats from record highs due to fears of increased tariffs announced by President Trump. Key players like Intel and Hims & Hers Health experience diverging fates—Intel's stock falls 5.5% amid profit-taking post-growth while Hims & Hers rises 20% after an acquisition announcement. The EV market faces turmoil with Nikola's bankruptcy causing a significant drop in its stock, while the performance of other tech stocks remains varied, including dips for Etsy and modest gains for Tesla and Microsoft.
The markets are trading lower with the S&P 500 retreating from its recently minted record high levels while the negative sentiment has also spilled over to the Dow Jones Industrial Average and Nasdaq.
Tariff-related fears appear to have sparked the sell-off, with President Trump warning that tariffs on autos, pharmaceuticals and semiconductors, which were originally targeting 25%, could rise higher.
The EV industry suffered a blow after Nikola Corp filed for bankruptcy protection, sending the stock reeling by 36%. The company was once a high-flying EV startup.
Etsy stock is down nearly 10% on the day after a Q4 revenue miss.
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