Stocks trim losses as good economic numbers ease recession fears

The S&P 500, the Nasdaq Composite and Dow Jones Industrial Average fluctuated aft fourth-quarter GDP maturation was revised up 2.4% annually from 2.3%, reflecting higher concern and a downward revision to import growth. New filings for jobless benefits remained dependable successful the week to March 22, arsenic did continuing claims for the priror week.

“Hard to spot recession successful these data, but the existent trial volition beryllium the archetypal work connected Q1 2025 GDP, erstwhile the commercialized shocks provender into the numbers — that whitethorn not look truthful rosy,” Jamie Cox, managing spouse for Harris Financial Group, said successful an email. “The labour marketplace is acold stronger and resilient than folks appreciate.”

Automakers weren’t a large beneficiary of the batter data, arsenic they look higher costs nether Trump’s tariffs that they’ll either person to sorb oregon walk connected to customers. JPMorgan (JPM) downgraded its terms targets for GM, Ford (F) and Ferrari (RACE).

GM banal plunged 6.5%, Ford declined 2%, and Stellantis (STLA) fell 1.5%. The U.S.-traded shares of immoderate overseas automakers slid, with Toyota (TM) and Honda (HMC) some falling much than 2%. Ferrari reversed an earlier diminution aft saying it’ll rise American prices for its cars by up to 10% aft the tariffs spell into effect April 2.

Tesla (TSLA), 1 of the automakers slightest affected by the tariffs, rebounded from archetypal lows to commercialized much than 3% higher. Elon Musk said the electrical conveyance makers, which relies connected immoderate imported parts, volition instrumentality a deed from the tariffs.

Nvidia (NVDA) banal slid astir 1.2% aft dropping 5.7% yesterday. Beijing has asked firms successful China to usage energy-efficient chips successful information centers, the Financial Times reported connected March 25. GameStop (GME) plunged 25%, much than surrendering its summation yesterday aft it announced plans to rise $1.3 cardinal by selling convertible elder notes owed 2030 to concern Bitcoin investments.

Jefferies (JEF) banal plunged much than 9% aft the concern bank’s quarterly net missed expectations, with gross 14.5% beneath the StreetAccount statement forecast and net per stock 39% lower.

Concentrix (CNXC) banal jumped 37% aft the outsourcing company’s quarterly per-share nett of $2.79 exceeded expectations by astir 8.1%, and CEO Chris Caldwell utilized the net telephone to explicit assurance successful the firms AI strategy.