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18 hours ago
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Thu, Mar 13, 2025, 8:30 a.m. 1 min read
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US stocks were set for a pullback on Thursday as economic concerns grew amid President Trump's trade offensive and a looming US government shutdown.
The S&P 500 (^GSPC) dropped 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) shed 0.4%, on the heels of a rebound for both gauges. The Dow Jones Industrial Average (^DJI) nudged 0.2% lower.
Markets remain on edge after days of being whipsawed by fresh headlines. Stocks got a boost on Wednesday amid relief about a cooler-than-expected inflation report, which buoyed tech shares in particular.
But uncertainty around Trump's tariff policy continues to grip Wall Street, and his trade war has only intensified this week. The president has vowed to respond to tariffs planned by the EU and Canada in response to US duties on steel and aluminum imports.
Read more: The latest on Trump's tariff plans
Meanwhile, the risk of a US government shutdown adds another layer of worry for investors already assessing the impact of DOGE job cuts on the economy. Senate Democrats plan to block a Republican spending bill to avert the weekend shutdown, Minority Leader Chuck Schumer said.
Wholesale inflation data released on Thursday morning showed prices did not change in February, compared to an expected month-over-month increase of 0.3%. On an annualized basis the Producer Price Index rose 3.2%, versus a consensus estimate of 3.3%.
The easing in consumer price pressures is expected to factor into expectations for interest rate cuts ahead of the Federal Reserve meeting next week.
LIVE 9 updates
PPI data shows wholesale inflation ticked down in February
Yahoo Finance's Josh Schafer reports:
Adobe shares fall after disappointing outlook
Adobe stock sank over 6% in premarket trading after the software maker's revenue outlook for the current quarter disappointed investors.
From Bloomberg:
Dollar General stock jumps as comparable sales beat estimates
Dollar General (DG) stock jumped 4.8% in premarket trading after the discount retailer reported holiday sales above estimates but a mixed outlook for the year.
Retailers, including Walmart (WMT) and Target (TGT), have largely issued more cautious forecasts for the year as they navigate new tariffs and a still-inflation-weary consumer.
For the quarter, Reuters reported that Dollar General posted annual same-store sales growth between 1.2% and 2.2%, compared with analysts' expectations for a 1.82% rise, according to data compiled by LSEG. Dollar General's 2025 earnings per share outlook came in at $5.10 to $5.80, below analysts' average estimate of $5.85.
The stock market's fate all depends on tariffs
Stocks attempted a rebound on Wednesday, but as with most of the recent market action, the rally proved to be stop-and-go, Yahoo Finance's Josh Schafer reports.
Read more here on why pricing tariffs into the stock market has become more difficult.
'Magnificent 7' stocks aren't the only high-flying techs getting hit hard
Big techs have led markets lower in what's been a brutal month for stocks, mirroring their leadership in gains in 2023 and 2024.
But its worth digging deeper this time to see what's going on, Yahoo Finance's Alexandra Canal reports.
Intel stock surges after chipmaker names new CEO
Intel's (INTC) shares are jumping in premarket after the company found a new CEO willing to take on the tough job of turning around the struggling US chipmaker.
New boss Lip-Bu Tan is a former Intel board member who's managed to stay under the radar while wielding significant influence in the chip industry.
Tan is taking over Intel in the midst of one of the darkest eras in the company's history. The chipmaker has lost its lead in process manufacturing to rival chip builder TSMC (TSM) and ceded its opportunity to dominate in the AI space to Nvidia (NVDA), Yahoo Finance's Daniel Howley reports.
The new CEO has already said he'll keep working to make Intel a top foundry, making chips for others in the industry. That's seen as signal he won't split up its design and manufacturing businesses, as the likes of rivals TSMC and Broadcom (AVGO) eye its factories.
Good morning. Here's what's happening today.
Trending tickers in after-hours trading
Adobe (ADBE)
Shares in visual and digital media software giant Adobe fell 4% in after-hours moves after the company reported record quarterly revenue above analysts’ expectations. The earnings report did not provide investors with enough to latch onto for future outlook.
American Eagle (AEO)
Apparel retailer American Eagle warned of a drop in its operating income. Stocks in the company dropped 5% in after-market moves.
SentinelOne (S)
Cybersecurity firm SentinelOne announced earnings and issued a revenue forecast below Wall Street estimates. Shares in the company dropped 12% in extended trading.
Intel stock leaps 11% after appointing Lip-Bu Tan as CEO
Intel (INTC) shares jumped up over 11% in after-hours trading after an announcement revealed Lip-Bu Tan as the company's new CEO. Tan will be replacing interim co-CEOs David Zinsner and Michelle Johnston Holthaus.
Yahoo Finance's Dan Howley reports:
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