Key Takeaways

Major U.S. equities indexes resumed their downtrend on Thursday, ceding some of the big gains posted in Wednesday's session. Relief over President Trump's decision to postpone higher tariffs on trading partners around the world gave way to concerns about escalating tensions with China, with the White House confirming that the levy on goods from the country now stands at 145%.

The S&P 500 slid 3.5%. The Dow ended the session 2.5% lower, while renewed weakness among tech stocks pressured the Nasdaq, which fell 4.3%.

Shares of health care diagnostics and drug discovery services provider Charles River Laboratories ( CRL ) plummeted 28.1%, the steepest decline of any S&P 500 stock on Thursday. The downturn came after Barclays analysts cut their price target on the stock, suggesting that potential pharmaceutical tariffs could weigh on budgets in the industry and stifle Charles River's performance.

Carmax ( KMX ) shares plunged 17% after the used-car retailer reported lower-than-expected sales and profits for its fiscal fourth quarter. The company opted not to provide specific financial forecasts for fiscal 2026 and stepped away from its previously announced long-term growth targets, noting that macroeconomic factors could affect its timeline for reaching those objectives. Analysts have suggested that tariffs could result in higher prices for new and used vehicles.

After yesterday's blistering rally for semiconductor stocks , downward pressure on chipmakers resumed on Thursday. A day after securing the S&P 500's top performance, shares of microprocessor manufacturer Microchip Technology ( MCHP ) tumbled 13.6%. Shares of power module specialist Monolithic Power Systems ( MPWR ) also gave back a portion of Wednesday's strong gains, falling 13.7%.

Warner Bros. Discovery ( WBD ) shares lost 12.5% after the China Film Administration said it would cut down the number of American films imported into the country as trade tensions escalate between the world's two largest economies. The entertainment giant announced late last year that it would split its TV business from its streaming and film operations.