The S&P 500 and Nasdaq both slipped into the red, reversing early gains on Thursday, while the Dow Jones remained in positive territory in midday trading. NVIDIA Corp. (NASDAQ:NVDA) led the tech sector lower after the company posted its smallest revenue beat in years on Wednesday.

Wall Street digested a slew of new economic data including soaring jobless claims and pending home sales dropping to the lowest level on record in January. The second estimate of the fourth quarter 2024 real GDP showed signs of rising inflation with the personal consumption expenditures price index for the quarter revised up 0.1 percentage point, and core PCE revised up 0.2 percentage points. 

Read Next: Tesla Competes Against Chinese Rivals ‘With One Hand Tied Behind Its Back’: Analyst

Economist Mohamed A. El-Erian pointed to the GDP revisions, rising jobless claims and drop in pending home sales as signs of potential trouble ahead. 

"Once again, today’s U.S. economic data have somewhat of a scent of stagflation to them, adding to concerns that the global economy’s only reliable engine of growth risks playing a game of economic Twister with a foot on stagnation and a hand on inflation," El-Erian wrote in a social media post.  

President Donald Trump confirmed Thursday that 25% tariffs on Mexico and Canada will go into effect on March 4. He added that imports from China will also see an additional 10% tariff on March 4, fueling fears that his tariff policies could lead to slower growth and higher inflation. 

Bitcoin (CRYPTO: BTC) traded below the $85,000 level and the yield on the U.S. 10-year Treasury note rose slightly to 4.29%. 

Thursday's Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.3% to $592.78.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) climbed 0.4% at $436.08.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) dipped 0.91% to $509.88.
• The iShares Russell 2000 ETF (NYSE:IWM) eased 0.53% to $214.54.
• The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) was down 0.39% to $214.85.
• The Energy Select Sector SPDR Fund (NYSE:XLE) rose 1.1% to $90.11.

Thursday's Stock Movers 

Salesforce, Inc. (NYSE:CRM) shares dipped Thursday after the company reported worse-than-expected fourth-quarter sales results and issued FY26 and Q1 guidance below expectations. 

Stocks reacting to company earnings reports included: 

• NVIDIA Corp. (NASDAQ:NVDA) 
• IonQ, Inc. (NYSE:IONQ) 
• MARA Holdings, Inc. (NASDAQ:MARA) 
• Salesforce, Inc. (NYSE:CRM) 
• Snowflake, Inc. (NYSE:SNOW)
• eBay, Inc. (NASDAQ:EBAY) 
• C3.ai, Inc. (NYSE:AI) 
• Joby Aviation, Inc. (NYSE:JOBY) 
• Virgin Galactic Holdings, Inc. (NYSE:SPCE) 
• Beyond Meat, Inc. (NASDAQ:BYND)

Companies reporting after Thursday's closing bell include: 

• Rocket Lab USA, Inc. (NASDAQ:RKLB) 
• SoundHound AI, Inc. (NASDAQ:SOUN) 
• Dell Technologies Inc. (NYSE:DELL) 
• Duolingo, Inc. (NYSE:DUOL) 
• Sunrun Inc. (NASDAQ:RUN) 
• Archer Aviation Inc.  (NYSE:ACHR) 
• Talen Energy Corporation (NASDAQ:TLN) 
• Clover Health Investments, Corp. (NASDAQ:CLOV) 
• Edison International (NYSE:EIX)

Read Next:

• Mortgage Rates Drop To Lowest Levels Since December, But Housing Market Remains ‘Largely Stuck’ 

Photo: Shutterstock