Wall Street dipped slightly on Thursday, with all major indexes edging into the red as investors digested President Donald Trump‘s latest move on auto tariffs.

Late Wednesday, Trump announced a 25% tariff on all auto imports starting next week, with duties on auto parts set to follow in May.

European automakers took a hit, with Mercedes-Benz Group AG MBGAF and Porsche Automobile Holding SE POAHF sliding 2.5% and 5%, respectively.

Michigan-based carmakers didn't fare much better. Shares of Ford Motor Co. F fell 2.5%, while General Motors Co. GM plunged 6.5%, with the latter marking the worst performance on the S&P 500.

In contrast, U.S. electric vehicle makers rallied. Tesla Inc. TSLA rose 2.6%, and Rivian Automotive Inc. RIVN jumped 5%. The rally followed comments from Goldman Sachs analyst Mark Delenay, who pointed to their fully domestic production as a significant advantage under the new tariffs.

Meanwhile, gold extended its rally, climbing over 1% and testing record highs as the U.S. dollar softened. Silver gained 2%, while copper pulled back 2% after a strong run that had lifted it to all-time highs.

Bitcoin BTC/USD held firm at $86,875, signaling a cautious tone across the crypto market.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY inched 0.4% lower to $566.80.
• The SPDR Dow Jones Industrial Average DIA fell 0.5% to $422.32.
• The tech-heavy Invesco QQQ Trust Series QQQ dropped 0.5% to $482.05.
• The iShares Russell 2000 ETF IWM fell 0.6% to $204.29
• The Consumer Staples Select Sector SPDR Fund XLP outperformed, up 0.8%; the Energy Select Sector SPDR Fund XLE lagged, down 1%.

Thursday’s Stock Movers

• Dollar Tree Inc. DLTR rallied over 8% after the company announced that it would sell its Family Dollar business for $1.01 billion to Brigade and Macellum Capital.
• AutoZone Inc. AZO rallied 3.7% to fresh record highs in reaction to import tariffs on automotive parts.
• Shares of car rental firms also rallied amid potentially higher margins. Avis Budget Group Inc. CAR and Hertz Global Holdings Inc. HTZ both rocketed by about 20%.
• GameStop Inc. GME plunged 22% after it announced a private offering of convertible debt to buy Bitcoin.
• New Fortress Energy Inc. NFE tumbled more than 10% after the company announced plans to divest its natural gas assets and operations in Jamaica.
• Lululemon Athletica Inc. LULU will report its earnings after the close. Shares were up 0.7%.

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Image created using artificial intelligence via Midjourney.