S&P 500 Falls 1.6%, Erasing 2025 Gains. Nasdaq Falls 2.8%.

S&P 500 Falls 1.6%, Erasing 2025 Gains. Nasdaq Falls 2.8%.

The stock market tumbled again on Thursday after worries about President Donald Trump’s tariffs overshadowed a strong report from Nvidia.

The S&P 500 fell 1.6%, and is now down slightly year to date. The Nasdaq Composite sank 2.8%, and is down 4% this year. The Dow Jones Industrial Average fell 193 points, or 0.5%.

Though Nvidia’s earnings report and outlook initially prompted an AI stock rally, investors took profits in the AI trade and selling accelerated throughout the day. The report was strong, but it just wasn't enough to counter a wave of pessimism that traders got over their skis in bidding up stocks that may benefit from future AI demand.