Wall Street, already on edge over the next tariff announcements from President Donald Trump, turned lower early Thursday, according to the Associated Press. Futures for the S&P 500 lost 0.4%, while futures for the Dow Jones Industrial Average fell 0.2%, and Nasdaq futures slid 0.5%.
One of the big gainers overnight was Intel, which climbed more than 11% after naming former board member and semiconductor industry veteran Lip-Bu Tan as its CEO. Tan will take over the job next week, more than three months after Intel’s previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn at the once-dominant chipmaker.
On the losing side early Thursday was American Eagle Outfitters, which beat fourth-quarter sales and profit expectations but acknowledged that an “uncertain consumer and operating landscape” was stifling demand in the current quarter. The company’s lukewarm guidance gave investors pause, and American Eagle shares fell 9% before the opening bell.
Uncertainty has been the theme in recent weeks, with markets whipsawing back and forth every time Trump announces — or delays — a new round of tariffs. Markets have been rattled as investors and economists try to determine how much pain the economy will endure through tariffs and other policies.
