Stocks fell on Thursday afternoon despite President Donald Trump’s decision to temporarily exempt many Mexican imports from his 25% tariffs. The S&P 500, Nasdaq, and Dow Jones Industrial Average all saw significant declines, with the S&P 500 erasing its gains since Trump’s election win in November. The markets were also affected by news of a possible slowdown in the development of advanced AI systems, as well as reports of job cuts announced by various companies.
Trump’s announcement regarding Mexican imports failed to calm the market, which had already been on edge due to the AI news and signs of economic weakening. Despite the job cuts reported by Challenger, Gray & Christmas, some industries continued to show steady hiring. The upcoming official jobs figures for February are expected to show around 170,000 payrolls added, compared to the 143,000 job gains in January.
Overall, the market remains uncertain due to a combination of factors such as trade tensions, AI developments, and economic indicators. Investors are closely watching for any further developments that could impact the market’s performance moving forward.
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