US benchmark equity indexes were lower intraday as traders tracked tariff updates, while a report showed that layoffs reached their highest level since July 2020.

The Nasdaq Composite was down 2.5% at 18,093.7 after midday Thursday, while the S&P 500 declined 1.9% to 5,732.1. The Dow Jones Industrial Average dropped 1.2% to 42,508.3. All sectors were in the red, led by consumer discretionary, real estate, and technology.

The US is pausing tariffs on Mexican items that are covered by a trade deal known as the United States-Mexico-Canada agreement, US President Donald Trump said in a social media post. This exemption runs through April 2.

On Wednesday, the Trump administration said it would grant a one-month delay for tariffs on automakers whose vehicle are in compliance with the USMCA.

US Treasury yields were mixed intraday Thursday, with the 10-year rate rising 1.5 basis points to 4.28% and the two-year rate little changed at 3.99%.

In economic news, US job cuts in February hit their highest monthly total since July 2020, driven by government workforce reductions, Challenger Gray & Christmas said in a report.

"With the impact of the Department of Government Efficiency actions, as well as canceled government contracts, fear of trade wars and bankruptcies, job cuts soared in February," said Andrew Challenger, senior vice president of Challenger Gray & Christmas.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 160,000 nonfarm jobs for February, which would mark a rise from a 143,000 gain posted for the month prior, according to a Bloomberg-compiled survey.

In company news, MongoDB (MDB) shares plunged nearly 25%, the worst performer on the Nasdaq. The database software maker late Wednesday issued a downbeat full-year financial outlook.

Burlington Stores (BURL) shares surged 9.3% intraday Thursday after the off-price retailer posted higher-than-expected fiscal fourth-quarter results and indicated that the ongoing economic uncertainty could benefit discount stores.

Kroger's (KR) fiscal fourth-quarter earnings came in ahead of market estimates, but revenue missed forecasts. The supermarket chain issued a full-year bottom-line outlook below Wall Street's expectations. The company's shares rose 2.4%.

West Texas Intermediate crude oil was little changed at $66.32 a barrel intraday.

Gold rose 0.1% to $2,927.40 per troy ounce, while silver gained 0.6% to $33.33 per ounce.