All three major US stock indexes were up in late-morning trading Thursday as investors weigh the latest tariff news emanating from the White House.
In company news, shares of big automakers fell Thursday following President Trump's late-Wednesday announcement of 25% tariffs on "foreign-made cars." The president said the tariff will take effect on April 2. Tesla (TSLA) will be the company least impacted by Trump's 25% tariffs, while General Motors (GM) and German carmakers will be the most negatively impacted, RBC Capital Markets said in a note to investors on Wednesday. Meanwhile, the EU is preparing a "robust" response to the tariffs, Reuters reported Thursday, citing European Commission spokesperson Olof Gill. Shares of Tesla were up 4%, while those of General Motors were down 7.0% around noon. Shares of Ford Motor (F), Toyota Motor (TM), Honda Motor (HMC) and Stellantis (STLA) were down 2.3%, 2.4%, 2.2% and 1.2%, respectively.
Nvidia-backed (NVDA) CoreWeave plans to cut its initial public offering to about $1.5 billion, down from a previous target of up to $2.7 billion, according to media reports. The cloud-computing company now plans to offer 37.5 million shares at $40 each, down from its earlier plan of 49 million shares at $47 to $55 each, Bloomberg reported, citing a source familiar with the matter. Meanwhile, Nvidia plans to anchor the company's IPO at $40 a share with a $250 million order, CNBC reported Thursday, citing a person familiar with the matter. Nvidia shares were down 0.4%.
Walmart's (WMT) Mexico y Centroamerica will invest $6 billion this year in Mexico and plans to create 5,500 jobs over that period, Bloomberg reported Thursday, citing Chief Executive Ignacio Caride, who spoke during President Claudia Sheinbaum's daily press conference. Walmart shares were up 0.4%.
Vanguard recently held talks with Carlyle Group (CG) and Blackstone (BX), among others, to explore potential partnerships that would market private assets to individual investors, Bloomberg reported Thursday, citing an unnamed person familiar with the matter. Carlyle shares were down 1.2%, while those of Blackstone were down 1.4%.
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