Traders work on the floor of the New York Stock Exchange during morning trading on March 4, 2025.
Michael M. Santiago | Getty Images
S&P 500 futures were flat early Thursday after the major averages rebounded on hopes for concessions on President Donald Trump’s tariffs.
Futures tied to the broad market index and the Dow Jones Industrial Average were little changed. Nasdaq 100 futures dipped 0.1%.
Stocks have had a volatile week so far. The three major U.S. indexes staged a comeback on Wednesday after posting back-to-back losses. The White House said that it would grant a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement. This fueled traders’ hopes that Trump could provide further exemptions, lifting the major averages.
In regular trading, the Dow Jones Industrial Average jumped 485.60 points, or 1.14%. The S&P 500 gained 1.12%, while the Nasdaq Composite added 1.46%. All three indexes are still down more than 1% week to date even after these gains.
Trump implemented tariffs on key U.S. trading partners Mexico, Canada and China earlier this week, which have each since announced retaliation plans, fueling uneasy sentiment.
“The pressure this week is broad based, with notable weakness in small caps and growth, while global markets continue to lead,” said Mark Hackett, chief market strategist at Nationwide. “The sharp market decline and collapse in investor sentiment are being driven by the ‘three-headed monster’ of growth challenges, inflationary pressures, and uncertainty in D.C.”
On the economic front, traders will have an eye on weekly jobless claims due Thursday. February’s big payrolls report will be out on Friday, and the results could sway the market.
A slate of companies are expected to report quarterly results Thursday, including Macy’s, Broadcom, Costco Wholesale and Hewlett Packard Enterprise.
More S&P 500 constituents are outperforming as leadership broadens, according to Fidelity’s Timmer
Market breadth is improving, even amid high levels of consolidation, according to Jurrien Timmer, director of global macro at Fidelity.
“So far, the S&P 500 has notched a 78% price gain since the 2022 low. That’s still below the average but in line with past cycles in which rising rates restrained equity prices,” Timmer wrote in a post on X. “Meanwhile, the narrow leadership has gotten slightly less narrow, with 40% of the index outperforming on a year-over-year basis (up from 26% in 2023).”
— Pia Singh
Marvell, Victoria’s Secret making moves after Wednesday’s close
Check out the companies making headlines in after-hours trading:
- Marvell Technology — Shares of the semiconductor solutions provider plunged about 13%. In the fiscal fourth quarter, Marvell reported adjusted earnings of 60 cents per share on revenue of $1.82 billion, while analysts polled by LSEG forecast earnings of 59 cents per share on revenue of $1.80 billion. The company also offered guidance for the first quarter that was just slightly higher than estimates.
- Zscaler — Shares of the cloud security company jumped 4% on the back of its strong quarterly financials. For its fiscal second quarter, Zscaler reported 78 cents per share in adjusted earnings on revenue of $648 million. Analysts surveyed by LSEG expected earnings of 69 cents per share and revenue of $636 million.
- Victoria’s Secret — The lingerie retailer slipped 5%. Victoria’s Secret said first-quarter revenue will range from $1.30 billion to $1.33 billion, while analysts polled by LESG sought $1.39 billion. Fourth-quarter revenue beat expectations, however.
For more, read here.
— Pia Singh