S&P 500 Gains and Losses Today: GM Stock Tumbles After Trump Declares Auto Tariffs

Major U.S. equities indexes slipped as investors deciphered the implications of the latest shifts in trade policy.

President Donald Trump’s administration declared a 25% tariff on vehicles imported into the U.S. after markets closed Wednesday. After fluctuating for much of the day, the S&P 500 closed Thursday’s session 0.3% lower. The Dow industrials slipped 0.4%, while the tech-heavy Nasdaq lost 0.5%.

Shares of major carmakers moved lower following the tariff news. General Motors (GM) stock plunged 7.4%, falling the furthest of any S&P 500 constituent on Thursday. GM likely suffered a more drastic impact than its rivals because of the number of vehicles that the company imports, with outsized exposure to Mexico and South Korea. However, the other members of the “Big Three”—Ford (F) and Jeep manufacturer Stellantis (STLA)—also took a hit, with shares declining 3.9% and 1.1%, respectively.

Super Micro Computer (SMCI) shares fell 6.3%, extending a string of losses posted this week after Goldman Sachs analysts downgraded the stock to “sell,” citing heightened competition in the market for artificial intelligence (AI) servers. Concerns about tariffs and global trade have also contributed to broader pressure on AI-related stocks.

Shares of United Airlines (UAL) descended 5.6% after technicians represented by the Teamsters’ Union rejected a contract proposal from the carrier. According to reports, 99.5% of union mechanics who participated in the poll voted against the deal, which would have outsourced elements of their work to China.

Dollar Tree (DLTR) shares soared 11.2%, notching the top daily performance in the S&P 500. Thursday’s push higher extended gains posted in the prior session after the discount retailer announced a plan to sell its Family Dollar brand. JPMorgan analysts boosted their price target on the stock to reflect the expected benefits of Dollar Tree operating as a standalone business. Analysts at UBS Securities suggested the slimmed-down retailer is poised to benefit from consumers seeking value in the uncertain economic environment.

Shares of auto parts retailers gained ground as investors weighed the potential impact of tariffs on imported cars. Sticker shock stemming from the tariffs could encourage drivers to hold onto their older vehicles for longer, which would help drive sales for parts providers. AutoZone (AZO) shares jumped 4.0%, while shares of car parts rival O’Reilly Automotive (ORLY) gained 3.1%.

Abbott Laboratories (ABT) received earlier-than-expected approval from European Union health regulators for its Volt Pulse Field Ablation (PFA) system, a device designed to treat patients with the heart rhythm disorder known as atrial fibrillation. The approval allows Abbott to begin the commercial application of the device in the EU, and the company expects to expand its use throughout the second half of this year. Abbott shares advanced 3.8% on Thursday.