The S&P 500 ticked lower on Thursday as uncertainty around the U.S. economy continued to weigh on equities, thwarting the market’s attempts at recovery from a monthlong rout. The broad market index pulled back 0.2%, while the Nasdaq Composite slid 0.4%, as Apple shares sank 1%. The Dow Jones Industrial Average hovered around the flatline. Tesla shares joined Apple in trading 1% lower, while Alphabet neared a 1% decline, all of which helped to drag down the market. Meta Platforms and Nvidia, however, were outliers among the “Magnificent Seven” stocks, rising more than 1% and nearly 1%, respectively. The moves comes a day after the latest Federal Reserve meeting, at which the central bank forecast two interest rate cuts this year and left interest rates unchanged. Fed Chair Jerome Powell pointed to tariffs as a source of concern, especially among consumers, which could put pressure on the economy. The central bank also raised its inflation outlook and lowered its economic growth projection. Traders largely expect the Fed to not make any moves before officials see the impact of President Donald Trump’s tariff plans. A tariff exemption on select Canadian and Mexican imports expires April 2. “Bull markets don’t die of old age. They die of fright, and what they’re most afraid of is recession,” said Sam Stovall, CFRA Research’s chief investment strategist. “We’re not heading into recession, but we still really don’t know, because of the tariffs, what exactly will happen.” Stocks rebounded Wednesday following the Fed’s policy decision. However, the S&P 500 – which briefly slipped into correction territory last week – remains more than 8% off its record high reached in February. Over the past month, it’s declined more than 7%. Tesla sees highest inflows from retail investors during buying streak in more than a decade, JPMorgan says Tesla has seen an unusually high influx of retail investor dollars over recent days, according to JPMorgan. Everyday investors have bought Tesla for the last 12 consecutive sessions, sending in $7.3 billion in total, firm data shows. That’s the highest magnitude of all past buying streaks going back more than a decade, per JPMorgan. This data underscores the ongoing support from mom-and-pop retail traders in Tesla despite recent losses. Tesla is on track to notch its ninth straight negative week, which would extend its longest losing streak on record. — Alex Harring Individual investors unusually bearish for 10th time in 12 weeks Optimism about the outlook for stocks over the next six months rose a touch among individual investors surveyed this week by the American Association of Individual Investors, but remained below the historic average for the 10th week in 12. Bullish views rose to 21.6% of the total from 19.1% last week, but was far below the historic average of 37.5%. Bearish views toward the market dipped to 58.1% from 59.2%, above its historic average of 31.0% for the 16th week in 18. The balance of respondents were neutral on the stock outlook. The latest AAII survey marked the first time in its history, which goes back to the late 1980s, that the percentage of bearish Main Street investors stayed above 57% for a fourth consecutive week. In response to a special question, nearly three quarters of those polled said a recession this year was either highly likely or more likely to occur than not, with 50.4% saying odds of an economic contraction were “higher-than-typical” and another 21.7% saying a recession was “highly likely.” Fewer than one in five, or 18%, said the odds of a recession were no more or less than they expect, while just 9.7% said a recession was unlikely. — Scott Schnipper General Motors and Hyundai Motor approaching EV deal General Motors and Hyundai Motor are nearing a deal for the South Korean automaker to share electric commercial van models with the U.S. manufacturer, according to a report from Reuters. The partnership could also result in General Motors providing Hyundai with pickup trucks to sell through its own brand, according to an unnamed source cited in the report. Shares of General Motors were last marginally higher. — Hakyung Kim Stocks making the biggest moves midday Angus Mordant | Bloomberg | Getty ImagesA pedestrian walks past a Five Below store in Kingston, New York, US, on Wednesday, Feb. 21, 2024.  Check out some of the companies making headlines in midday trading: Accenture — Shares dropped 7% after the consulting giant reported lackluster fiscal second-quarter results. The company earned $2.82 per share on revenue of $16.66 billion. Analysts polled by FactSet expected a profit of $2.81 per share on revenue of $16.62 billion.Jabil — The electronics manufacturer gained 5% after reporting fiscal second-quarter earnings and revenue that beat expectations. The company earned an adjusted $1.94 per share on revenue of $6.73 billion. Analysts expected a profit of $1.83 per share on revenue of $6.41 billion.Five Below — The discount retailer added 7% after fourth-quarter earnings and revenue came in above analysts’ forecasts. Five Below reported earnings of $3.48 per share on revenue of $1.39 billion. Analysts surveyed by LSEG were looking for $3.37 in earnings per share on $1.38 billion in revenue. Read the full list here. — Brian Evans Russell 2000 shows ominous “Death Cross.” But should investors worry? The Russell 2000 small-cap index is forming what technical analysts call a “death cross.” That’s when an asset’s 50-day moving average falls below its descending 200-day moving average. The signal can spark concern among traders, as it suggests short-term weakness amid a broader downtrend. The Russell 2000’s 50-day moving average has been above the 200-day moving average since the end of 2023, but recent equity weakness and economic uncertainty have weighed on stocks, and small caps especially. So far in 2025, the index has dropped 6.5%, underperforming the S&P 500, which is down 3%. But does it matter? History suggests that while the death cross often signals short-term pain, longer-term returns have been more resilient. In the past five instances, the Russell 2000 was negative one month later in four out of five cases. But looking one year out, the inverse was true and the index was higher four out of five times, with an average gain of 30%, including a more than 100% rally from late March 2020. So while the impending death cross may sound ominous, history suggests it could just as easily be the setup for a recovery. — Nick Wells Stocks will find it hard to rally the next two weeks, Goldman Sachs’ portfolio strategist says Stocks rose Thursday after the latest housing data alleviated concerns of an impending recession, but any rally over the next two weeks is unlikely to take hold, according to Ben Snider, senior U.S. portfolio strategist at Goldman Sachs. That is because the major averages will find it hard to find direction until after the tariff uncertainty has lifted, possibly on April 2 when several levies are expected to take effect, the strategist said. “The uncertainty between here and two weeks from now means it’s going to be pretty hard for the market to rally substantially over that short window,” Snider told CNBC’s “Money Movers” on Thursday. “The good news is, I think the market is already pricing a quite substantial increase in tariffs on April 2nd, or shortly after April 2. So, there’s two way risk around the announcement.” — Sarah Min Apple reshuffles AI executive ranks in efforts to turn around Siri Apple is shaking up its executive ranks for its artificial intelligence efforts to try to bolster its AI technology, notably its Siri virtual assistant, according to a report from Bloomberg News. Vision Pro creator Mike Rockwell will take over as the company’s AI head, replacing John Giannandrea. Apple is slated to announce the reshuffling later this week, according to the report. Shares last traded down 0.4%. — Hakyung Kim Madison Square Garden Sports stock rises after sale of Boston Celtics to investor group Shares of Madison Square Garden Sports advanced more than 2% on Thursday after the sale of the Boston Celtics to an investor group led by William Chisholm for $6.1 billion raised the bar for National Basketball Association team valuations. Madison Square Garden Sports owns the New York Knicks, as well as the Knicks’ development league team and National Hockey League team the New York Rangers. The Knicks’ home court and storied entertainment venue, Madison Square Garden, is owned through a separate holding company, Madison Square Garden Entertainment. The sale from Boston Basketball Partners to the investor group is pending approval from the NBA Board of Governors. — Brian Evans Elon Musk’s political involvement creates ‘brand crisis’ for Tesla, says Wedbush’s Dan Ives Kevin Lamarque | ReutersU.S. President Donald Trump talks to the media, next to Tesla CEO Elon Musk with his son X Æ A-12, at the White House in Washington, D.C., on March 11, 2025. Tesla CEO Elon Musk’s foray into politics has created a mess for shareholders, according to Dan Ives, global head of technology research at Wedbush. “It’s turned into what I’ll call a brand crisis — really a brand crisis tornado,” Ives said on CNBC’s “Squawk on the Street” on Thursday. “For Musk, he needs to balance this in terms of being Tesla’s CEO and DOGE. And I believe taking a step back from DOGE is crucial to the name.” Ives said Tesla has become a “political symbol,” which he said is “bad for any brand.” While Ives still sees Tesla’s technology as strong, he said investors are frustrated with Musk being distracted by his political efforts. “The clock struck midnight for Musk to continue to go down this path,” Ives said. “It’s the best disruptive technology out there, along with Nvidia. But this is a moment of truth for Musk.” — Alex Harring U.S. home sales rose more than expected in February Homebuyers are starting to reenter the market as more housing becomes available to buy, leading to a better-than-expected increase in February. According to the National Association of Realtors, sales of existing homes rose 4.2% in February from January, to a seasonally adjusted annual rate of 4.26 million units. However, sales were down 1.2% from the same period a year ago. But that was still better than what economists were anticipating. — Christina Cheddar Berk Baird stays bearish on Tesla Ethan Miller | Getty ImagesThe word “RESIST” is shown spray painted on the entrance of a Tesla Collision Center after an individual used incendiary devices to set several vehicles on fire in Las Vegas on March 18, 2025. Tesla’s near-term outlook looks challenged in terms of both demand and supply, per Baird. Analyst Ben Kallo reiterated his “bearish fresh pick” on the electric vehicle maker in a research note on Tuesday. In addition to deteriorating consumer demand due to CEO Elon Musk’s controversial political activities, the company’s supply re-ramp for its Model Y will likely lead to lower deliveries versus prior estimates, per Kallo. He expects the re-ramp and supply chain issues to linger in the second quarter. “It is challenging to separate the supply component from demand in deliveries for Q1 reported thus far from third-party sources,” Kallo wrote. He added, “Regardless of the root cause, we believe fears regarding Musk’s impact on the TSLA brand happening alongside the re-ramp of Model Y production will fuel bear arguments regarding demand which creates a near-term overhang.” For the long term, Kallo holds a positive view on the stock. — Hakyung Kim Stocks open in the red Stocks retreated on Thursday morning, reversing course from its Wednesday gains. Shortly after 9:30 a.m. ET, the S&P 500 fell 0.7%, and the Nasdaq Composite slid about 1%. The Dow Jones Industrial Average also pulled back 257 points, or 0.6%. — Sean Conlon Quantum stocks are lower ahead of Nvidia’s Quantum Day Justin Sullivan | Getty Images News | Getty ImagesNvidia CEO Jensen Huang delivers the keynote address during the Nvidia GTC 2025 at SAP Center in San Jose, California, on March 18, 2025. Quantum computing stocks fell Thursday, ahead of the Nvidia GPU Technology Conference’s first-ever “Quantum Day” at which CEO Jensen Huang is expected to speak with industry executives to explore what is possible with the technology. Rigetti Computing shares slid nearly 2%. Shares of D-Wave Quantum and Quantum Computing dropped 4% and 2%, respectively. IonQ shares were just slightly lower, after the company with Ansys announced a milestone in quantum computing outpacing classical computing in the design of important medical devices. Quantum stocks have been sensitive in the past to commentary from the Nvidia CEO. On Jan. 8, at Nvidia’s analyst day, stocks tied to quantum computing tumbled after Huang expressed skepticism on the technology. He said any usefulness from the computers could be 15 to 30 years away. “If you said 15 years for very useful quantum computers, that would probably be on the early side,” Huang said. “If you said 30, it’s probably on the late side. But if you picked 20, I think a whole bunch of us would believe it.” — Sarah Min, Tom Rotunno Philadelphia manufacturing measure better than expected Factory activity in the Philadelphia area was better than expected in March as hiring intentions hit a multiyear high. The Philadelphia Federal Reserve’s manufacturing index posted a reading of 12.5 for the month, down from 18.1 in February but better than the Dow Jones estimate for 10. The index measures the percentage difference between companies reporting expansion against contraction. Hiring hit its highest level since October 2022, with the index rising to 19.7, jumping more than 14 points on the month. Prices indexes were mixed. — Jeff Cox Jobless claims up slightly as layoffs remain low Brian Snyder | ReutersRecently fired U.S. Agency for International Development (USAID) staff leave work during a send-off by former USAID staffers and supporters, outside USAID offices in Washington, D.C., on Feb. 21, 2025. Initial unemployment claims nudged higher last week but indicated that layoffs generally remain low despite the White House’s efforts to reduce the federal workforce. First-time filings for the week ending March 15 totaled a seasonally adjusted 223,000, up just 2,000 from the prior period and below the Dow Jones estimate for 225,000, the Labor Department reported Thursday. The four-week moving average inched up to 227,000. Continuing claims, which run a week behind, totaled 1.89 million, up 33,000 from the previous period. In Washington, D.C., where Elon Musk’s so-called Department of Government Efficiency has been paring back federal employment rolls, claims decreased by 246. — Jeff Cox Stocks making the biggest moves before the bell: Five Below, Microchip Technology and more These are the stocks moving the most in premarket trading: Five Below — Shares climbed 7.8% after the discount retailer posted a fourth-quarter earnings and revenue beat.Microchip Technology — The semiconductor manufacturer slipped 4.9% after announcing a $1.35 billion convertible stock offering plan.ProAssurance — The insurer rallied nearly 50% on news it will be acquired by The Doctors Company, a malpractice insurer, for $25 per share. Read the full list of stocks moving here. — Lisa Kailai Han Darden Restaurants shares slide after earnings Cheng Xin | Getty Images Darden Restaurants shares fell more than 2% in premarket trading on Thursday after the restaurant company’s third-quarter revenue missed Wall Street’s expectations. While earnings just beat analysts’ expectations for the quarter, Darden saw revenue come in at $3.16 billion, below the $3.21 billion that analysts surveyed by LSEG had penciled in. Same-store sales growth for both Olive Garden and LongHorn Steakhouse also disappointed analysts. Additionally, the company narrowed its full-year forecast, expecting to see adjusted earnings of $9.45 to $9.52 per share for the period. It had previously called for $9.40 to $9.60 per share. While the stock has pulled back in recent weeks, slipping more than 3% over the past month, it’s risen more than 10% in the past six months, outpacing the broader market. It’s also positive on the year, rising almost 1% year to date. — Sean Conlon, Amelia Lucas Buy SharkNinja on dip, BofA says SharkNinja’s retreat creates an opportunity for investors to buy in, according to Bank of America. “We believe SharkNinja (SN) continues to see robust near-term growth, both domestically and internationally,” analyst Alexander Perry wrote to clients on Thursday. His $140 price target implies upside of 55.1% over Wednesday’s close. Perry, who has a buy rating on the kitchen appliance maker, said the stock’s recent pullback makes for an “attractive” entry point. Shares have dropped around 14% in March, bringing its loss for 2025 to more than 7%. The analyst said SharkNinja should see upside to Wall Street’s expectation for first-quarter domestic sales growth. He also said the stock can be helped by new product launches this year and international expansion opportunities. — Alex Harring KKR has upside potential that’s ‘too compelling to pass up,’ Wells Fargo says Wells Fargo moved off the sidelines on KKR, seeing a potential to rally after a recent drawdown. Analyst Michael Brown upgraded the investment firm’s stock to overweight from neutral. While he cut $9 off his price target, the $141 estimate still presents 21% upside over Wednesday’s close. “Unclear if the knife has hit the floor yet, and if the very next move is up or down,” Brown wrote to clients in a Thursday note. “Still, upside potential is too compelling to pass up as KKR now has ‘room to run.'” Brown said forthcoming catalysts include monetization coming in better than feared and a fundraising beat for the first quarter, among others. Meanwhile, the analyst said headwinds were “manageable.” KKR shares jumped nearly 1% in premarket trading on Thursday. The stock has dropped more than 21% this year. — Alex Harring JPMorgan upgrades Freeport-McMoRan on potential tariff pricing boost President Donald Trump’s contentious tariff policy can benefit Freeport-McMoRan, according to JPMorgan. Analyst Bill Peterson upgraded the copper stock to overweight from neutral and lifted his price target by $4 to $52. Peterson’s new target reflects potential upside of 28.6% from Wednesday’s closing level. “Tariff risk is likely to maintain premium pricing for the company’s US-based footprint for the foreseeable future,” Peterson wrote to clients in a Thursday note. Freeport-McMoRan shares advanced around 1% before the bell on Thursday. The stock has added around 6% in 2025. — Alex Harring SoftBank will acquire Ampere Computing in a $6.5 billion deal SoftBank said on Wednesday that it would acquire chip designer Ampere Computing in a $6.5 billion deal. The transaction is expected to close in the second half of this year. Ampere will maintain its headquarters in Santa Clara, California. In extended trading, the VanEck Semiconductor ETF (SMH) was marginally higher. Read more on the SoftBank-Ampere deal from CNBC’s Jordan Novet and Dylan Butts here. –Darla Mercado Market volatility could last past April 2, Simplify’s Michael Green says Brendan McDermid | ReutersTraders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2025.  Whether it’s a currency deal that leads to the weakening of the U.S. dollar – referred to as the Mar-a-Lago accord – or it’s the reintroduction of tariffs on April 2 and changing U.S. policy, stocks may face more volatility beyond the upcoming tariff exemption deadline, according to Michael Green of Simplify Asset Management. “There’s a tremendous amount of uncertainty that is not going to be resolved by April 2,” the chief strategist said in an interview with CNBC. “Everything that it appears that the administration is attempting to do is about changing a longer-term perspective or condition at the expense of relatively short-term pain.” “I just think that we’re in for a period of uncertainty and lots and lots of debates around what is likely to occur,” Green continued. — Sean Conlon Stock futures open flat Stock futures hovered near the flatline on Wednesday after the Federal Reserve signaled two interest rate cuts were penciled in for 2025. Futures tied to the Dow Jones Industrial Average ticked up 13 points, or 0.03%. S&P 500 futures gained 0.07%, while Nasdaq 100 futures climbed 0.06%. — Brian Evans ...read more read less