US benchmark equity indexes retreated Thursday amid a post-earnings sell-off in Nvidia's (NVDA) shares as markets braced for proposed tariffs on Mexico and Canada.

The Nasdaq Composite tumbled 2.8% to 18,544.4, while the S&P 500 decreased 1.6% to 5,861.6. The Dow Jones Industrial Average fell 0.5% to 43,239.5. Among sectors, technology saw the steepest decline, while energy led the gainers.

In company news, Nvidia shares slumped 8.5%, the worst performer on the Dow. Late Wednesday, the chip-making giant logged stronger-than-expected fourth-quarter results.

However, a modest beat and nothing major in terms of guidance meant the report failed to impress investors, Deutsche Bank said. "It was the smallest revenue beat in two years, so that was underwhelming for investors used to much bigger upside surprises."

Salesforce (CRM) saw the second-steepest decline on the Dow Thursday, down 4%. The customer relationship management platform's fiscal fourth-quarter revenue fell short of Wall Street's estimates late Wednesday.

Warner Bros. Discovery's (WBD) fourth-quarter loss widened unexpectedly Thursday, but the media and entertainment giant saw gains in subscribers and projected continuous growth for the metric. Its shares jumped 4.8%, among the top gainers on the S&P 500.

President Donald Trump said the proposed 25% tariffs on imports from Mexico and Canada will go into effect Tuesday and that China will be charged an additional 10% tariff on the same date. Earlier in February, Trump paused the Mexico and Canada tariffs for a month.

US Treasury yields were mixed, with the two-year rate falling 2.3 basis points to 4.051% and the 10-year rate rising 1.7 basis points to 4.266%.

In economic news, US real gross domestic product rose at a 2.3% annualized rate in the fourth quarter, in line with the Bureau of Economic Analysis' advance estimate and a Bloomberg-compiled consensus. The BEA's second estimate also showed Thursday that inflation sped up in the December quarter from its prior estimates.

Pending home sales in the US fell more than projected last month to an all-time index low, data from the National Association of Realtors showed.

Weekly applications for unemployment insurance in the US rose more than market estimates, reaching its joint-highest level since December, government data showed.

West Texas Intermediate crude rose 2.2% to $70.11 a barrel Thursday. "Oil prices increased due to renewed supply concerns following Trump's decision to revoke Chevron's (CVX) license to operate in Venezuela," D.A. Davidson said.

Gold declined 1.5% to $2,887.6 per troy ounce, while silver fell 2.2% to $31.85 per ounce.