Key Takeaways
- The S&P 500 dropped 1.4% on Thursday, March 13, 2025, falling into a correction for the first time since 2023 amid worries about the economy.
- Adobe’s stock plummeted after its outlook came in lower than analysts expected.
- Intel named a new CEO, and shares of the chipmaker surged.
Major U.S. equities indexes lost ground Thursday amid worries about the economy and political uncertainty.
The S&P 500 dropped 1.4%, falling into a correction for the first time since 2023. The Dow closed the session 1.3% lower, nearing a correction as well, while the Nasdaq dropped 2%.
Adobe (ADBE) shares suffered the heaviest loss of any stock in the S&P 500, plunging 14.4% after the maker of web design, photo, and video software provided an underwhelming outlook.
Super Micro Computer (SMCI) shares also dropped, falling 7.1% to reverse gains posted in the previous session after a volatile run for the server maker’s stock.
Shares of Ticketmaster parent Live Nation (LYV) fell 6.5%. The company remains the subject of an antitrust lawsuit filed last year by the U.S. Department of Justice, and federal officials accused the company earlier this week of failing to preserve text and chat messages relevant to the case.
Intel (INTC) surged 14.2%, logging the S&P 500’s top daily performance, after the chipmaker announced former board member Lip-Bu Tan will become its new CEO. The move followed reports that TSMC (TSM) approached other chip firms about forming a joint venture to run Intel’s foundry business.
Dollar General (DG) reported better-than-expected sales for the fourth quarter, helping drive gains for shares of discount retailers. However, the company said a review of its store portfolio weighed on profitability and expressed caution about consumers’ spending capacity. Dollar General shares gained 6.1%, while shares of rival Dollar Tree (DLTR) were up 5.8%.
The spot price of gold popped to an all-time high, bolstered by concerns about tariffs and anticipation of potential interest-rate cuts by the Federal Reserve. Investors often turn to the metal as a safe haven in times of market uncertainty. The soaring price provided a boost for mining stocks including Newmont (NEM), the world’s largest gold producer, with shares climbing 4.8% Thursday.
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