Stock Market Today: Stocks ride Nvidia lift, but tariff concerns linger

U.S. stocks moved higher in early Thursday trading, supported by solid earnings from Nvidia but tamed by uncertainties tied to tariff threats from the Trump administration that continue to linger over global markets. 

Updated at 9:38 AM EST

Green open

The S&P 500 was marked 28 points, or 0.48% higher in the opening minutes of trading, with the Nasdaq rising 154 points, or 0.34%, with Nvidia gaining 0.66%.

The Dow gained 110 points and the mid-cap Russell 2000 edging 1 points, or 0.05% into the green following the GDP, jobs and durable goods data releases. 

“With Q4 GDP and Nvidia’s earnings report now in the rearview mirror, investor focus will shift to tomorrow’s PCE results,” said Bret Kenwell, U.S. investment analyst at eToro. 

“This report will be of particular interest, not just because it’s the Fed’s preferred inflation gauge, but because it comes after a higher-than-expected CPI report earlier this month,” he added. “At the very least, if the economy is going to slow, investors will want to see inflation slow down too.”

S&P 500 Opening Bell Heatmap (Feb. 27, 2025)$SPY +0.43% 🟩$QQQ +0.74% 🟩$DJI +0.13% 🟩 $IWM flat ⬜ pic.twitter.com/fU0JWQCWmm

— Wall St Engine (@wallstengine) February 27, 2025

Updated at 8:56 AM EST

New tariff threat

President Donald Trump said a 25% tariff on goods from Canada and Mexico would be imposed on March 4, clarifying comments in a cabinet meeting that suggested they could be delayed until April.

The President also said an additional 10% tariff would be applied to goods from China, although it was unclear whether this is a new duty on top of the ones he proposed last month.

Stocks immediately pared gains following the President’s comments, with the Dow Jones Industrial Average now called 10 points lower and the S&P 500 priced for an 18 point advance. 

45 minutes ago, Hassett told reporters that tariffs would not be implemented until April, and now Trump tweets that they will be in place in March.
Is anyone even in contact with him, or is he just firing off tweets from the hip while on the toilet? pic.twitter.com/36SFXhyJBR

— Andreas Steno Larsen (@AndreasSteno) February 27, 2025

Updated at 8:38 AM EST

Data dump

The U.S. economy grew at a 2.3% clip over the final three months of last year, the Commerce Department reported, an unchanged tally from its prior estimate which was the weakest of the year. 

The Atlanta Fed’s GDPNow forecasting tool. which will be updated tomorrow, pegs the current growth rate at 2.3%.

The Labor Department, meanwhile, said jobless claims rose by 22,000 to 242,000 last week, a bigger-than-expected tally and the highest in three months. The total, however, doesn’t include changes to the federal workforce from President Trump’s DOGE efforts, as federal employees use a separate compensate program. 

January durable goods orders, which are historically volatile on a monthly basis, rose 3.1%, but where unchanged from December once transportation sector orders were stripped away.

Stocks pared some of their earlier gains following the data releases, with the S&P 500 called 32 points higher and the Nasdaq priced for a 146 point opening bell gain.

Benchmark 10-year Treasury note yields eased 2 basis points to 4.285% and 2-year notes fell 2 basis points to 4.096%.

Initial Claims 4wk moving average jumps to the highest of the year pic.twitter.com/CPWEbgwBOd

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) February 27, 2025

Updated at 7:45 AM EST

Salesforce slide

Salesforce  (CRM)  shares pared some of their after-hours declines, but remain firmly in the red following a muted 2025 revenue forecast from the cloud-focused business software group.

Salesforce, which is betting heavily on demand for its AI-powered platform Agentforce, said it sees full-year sales in the region of $$40.5 billion to $40.9 billion, just behind Wall Street’s $41.35 billion forecast. Fourth quarter revenues also missed Street forecasts. 

“The monetization of Agentforce is still in the early stages of playing out and we believe that the company is taking a prudent approach to scaling that will pay off over the long-term with the AI Revolution now entering the software phase,” said Wedbush analyst Dan Ives.

Salesforce shares were marked 3.14% lower in premarket trading to indicate an opening bell price of $297.68 each. 

Today, we announced our $CRM Q4 FY25 results and updated guidance.
Take a look at the full earnings report: pic.twitter.com/jzX42GhaAK

— Salesforce (@salesforce) February 26, 2025

Stock Market Today 

Nvidia  (NVDA) , the market’s third-biggest stock, posted stronger-than-expected fourth quarter earnings after the close last night, while forecasting solid revenue gains over the coming months, as it continues to capitalize on the surge in AI investments from tech companies around the world. 

Its outlook, however, was only modestly firmer than analysts’ estimates, while profit margins and expected to narrow, suggesting Nvidia’s day of smashing Wall Street’s forecasts may now be behind it. 

“The powerful new Blackwell chips are more expensive to produce, and that’s putting pressure on Nvidia’s profit margins,” said Kate Leaman, chief market analyst at Dublin-based AvaTrade. “While revenue is soaring, analysts are keeping a close eye on whether this margin squeeze could impact the company’s long-term profitability.”

Shares in the group were marked 1.4% higher in premarket trading, but remain in negative territory for the year, while its Magnificent 7 peers notched modest premarket advances. 

Markets are likely to shift focus Thursday to a series of data releases over the coming days, including a second look at fourth quarter GDP growth, weekly jobless claims and Friday’s January PCE inflation report, amid signals of a slowdown in the world’s biggest economy.

The figures will arrive amid renewed concerns over the impact that tariffs, federal government job cuts and immigration policies will have on growth prospects. 

President Trump reiterated his vow to impose 25% levies on goods from Canada and Mexico during his first cabinet meeting yesterday, but creating some confusion over when they’ll be formally put in place. He also repeated his threat to place so-called ‘reciprocal’ duties on goods arriving from Europe, as well as other major economies, later this spring. 

Related: Nvidia earnings can kickstart a comeback for U.S. stocks

“There is growing confusion regarding the timing and extent of the tariffs the US administration will impose,” said George Vessey, lead FX & macro strategist at Convera. “Trump stated that the 25% tariffs on Mexico and Canada would take effect on April 2 instead of the previously mentioned March 4 date.”

“It remains unclear whether the president was granting these countries additional time or was confused about a different program,” he added. “The series of contradictions has fueled investor skepticism about Trump’s policy agenda.”

The U.S. dollar index was marked 0.2% higher against a basket of its global peers at 106.631 in overnight trading following Trump’s cabinet meeting, while 10-year Treasury note yields were steady at 4.305% heading into the GDP and jobs data release at 8:30 am Eastern time.

On Wall Street, stocks are set for a solid open to follow-up last night’s modest gains, with the S&P 500 priced for a 36 point advance and the Dow Jones Industrial Average called 130 points higher. 

The Nasdaq, meanwhile, is priced for a 147 point advance thanks largely to Nvidia and the broader Magnificent 7 gains.

More Wall Street Analysis:

• Analyst revisits Palantir stock forecast after annual report filing
• Veteran analyst sounds the alarm on Google and Mag 7
• Veteran stock analyst delivers blunt 3-word message on tariffs

In overseas markets, Europe’s Stoxx 600 fell 0.39% from yesterday’s all-time highs amid the renewed tariff threats from the Trump administration, while a weaker pound helped the export-focused FTSE 100 rise 0.1% in mid-day London trading.

Overnight in Asia, Japan’s Nikkei 225 rose 0.3% from the four-month low it touched earlier this week, while the regional MSCI ex-Japan benchmark gained 0.73% into the close of trading. 

Related: Veteran fund manager unveils eye-popping S&P 500 forecast

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