US Stocks Slip on Tariff, Economic Fears [Video]

Tech stocks led a significant market sell-off on Thursday, as President Donald Trump’s latest threat to impose steep tariffs on imports from major trading partners added to investors’ concerns about the health of the American economy. The tech-heavy Nasdaq Composite closed down 2.8 percent, with Nvidia shedding 8.4 percent even after the chipmaker overnight reported an almost 80 percent jump in revenue.

Investors’ lukewarm response to Nvidia’s earnings left the market vulnerable to bad macroeconomic news. The president’s latest barrage of announcements on Chinese, Mexican, and Canadian imports, announced on Thursday, come after data released in recent days indicated a sharp drop in U.S. consumer and business sentiment.

“Nvidia didn’t save the world,” said Mike Zigmont, co-head of trading at Visdom Investment Group. “The results were great but not so mind-blowingly great that everyone wants to buy more stocks.”

“Bears are winning the battle right now,” he added.

Market Volatility and Economic Indicators

The blue-chip S&P 500 lost 1.6 percent, taking its decline since last Wednesday to 4.2 …