By Joe Woelfel

Stocks declined sharply Thursday, a day after Wall Street's historic rally following President Donald Trump's move to pause most reciprocal tariffs for 90 days. Stock failed Thursday to react to a cooler-than-expected U.S. consumer inflation reading in March. The data were tabulated for a period before Trump announced his global tariffs plan on April 2.

These stocks were making moves Thursday:

Shares of Nvidia were falling 4.8% $108.82 after the maker of artificial-intelligence chips finished Wednesday up 19% and gained $439.9 billion in market cap, the largest one-day market cap gain for any company on record, according to Dow Jones Market Data. A report from NPR said the White House has paused plans to put additional restrictions on sales of Nvidia's H20 artificial-intelligence chips after CEO Jensen Huang attended a dinner hosted by Trump and promised more investment in U.S.-based AI data centers. Morgan Stanley analyst Joseph Moore kept Nvidia as a top pick, reiterating his Overweight rating and price target of $162.

Fellow chip maker Advanced Micro Devices was down 7.8%. It closed Wednesday with a gain of nearly 24%, the most the shares have risen in a session since April 22, 2016.

Apple was down 4.9% after the iPhone maker jumped 15% on Wednesday after Trump put a pause on most tariffs but increased China's tariff rate to 125%. Apple makes most of its iPhones in China through contract manufacturer Foxconn, meaning that prices on everything from iPhones to MacBooks would rise if the levies were to stick.

Apple also became the world's most valuable public company again on Wednesday, leapfrogging over Microsoft, which had taken the crown from Apple the day before. Apple's closing market cap value on Wednesday was $2.987 trillion, topping Microsoft's $2.903 trillion, according to Dow Jones Market Data.

Microsoft rose 10% on Wednesday and was down 3.8% on Thursday at session at $377.80. Wedbush analyst Dan Ives cut his price target on Microsoft to $475 from $550. He maintained an Outperform rating on the stock but said "unfortunately the tariff 'game of poker' is adding a high level of near-term uncertainty to any company with supply chains/cost inputs around China and those tariffs remain very much on the table."

Tesla declined 7.4% to $252.19 after skyrocketing 23% on Wednesday. It was the electric-vehicle maker's largest daily percentage increase since May 9, 2013, when it rose 24.4%. Trump's pause on tariffs was good news to Tesla CEO Elon Musk, who isn't a fan of broad tariffs and went so far as to say over the weekend that the U.S. and Europe shouldn't impose tariffs on one another. Analysts at Goldman Sachs Tesla reduced their Tesla price target to $260 from $275 and remained Neutral on the stock.

General Motors fell 4.7% to $43.60 and Ford Motor was down 4.1% to $9.12 after price targets on shares of the auto makers were cut at Goldman Sachs. Ford was downgraded to Neutral from Buy and the price target was reduced to $9 from $11. The firm kept its Buy rating on GM stock but cut the price target to $63 from $73. The companies still face 25% import tariffs on new vehicle imports and, eventually, car part imports, according to the White House. Jeep maker Stellantis tumbled 12%.

United States Steel was down 7.1% after Trump said the steel maker should remain an American company and not be be sold to Japan's Nippon Steel. Trump had said earlier this week that his administration would conduct a new review of U.S. Steel's $14 billion combination with Nippon Steel. But Wednesday the president said, "U.S. Steel is a very special company, we don't want it to go to Japan or any other place."

CarMax reported fourth-quarter earnings of 58 cents a share on sales of $6 billion. Analysts has been calling for profit of 66 cents on sales of about $6 billion. CarMax said used-unit sales in comparable stores during the quarter rose 5.1%. Shares of the company, which sells used vehicles, sank 21%. Competitor Carvana was down 7.4%.

Delta Air Lines rose 23% on Wednesday for the carrier's highest daily percentage gain since Sept. 16, 2008. The company scrapped its full-year financial guidance and warned " growth has largely stalled" given the uncertainty over how developments on global trade will affect the economy. But Delta came into the earnings report down 40% for the year, and it appeared the airline's first-quarter report may have been less bleak than feared. United Airlines finished up 26% on Wednesday for its best one-day percentage gain since Oct. 16, 2008. Delta fell 9.3% in trading Thursday while United tumbled 9.4%.

Trump Media & Technology Group fell 7.2%. Shares of the company, the parent of President Trump's Truth Social platform, soared 22% on Wednesday after Trump rolled back for 90 days some of his tariff plans.

Write to Joe Woelfel at joseph.woelfel@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 10, 2025 11:28 ET (15:28 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.