4:12pm: Wall Street finishes on a quiet note
Wall Street wrapped up a choppy, shortened trading week with a bit of a mixed bag. The Dow had a rough day, dropping 527 points—about 1.3%—mainly because UnitedHealth took a nosedive, falling 19% after cutting its profit outlook due to higher medical costs. Since the Dow is price-weighted, big moves from companies like UnitedHealth hit extra hard.
On the flip side, the S&P 500 managed to squeeze out a small gain of 0.1%, helped by strong showings from Eli Lilly and Taiwan Semiconductor. The Nasdaq dipped slightly, down 0.1%, as tech stocks stayed under pressure, especially chipmakers like Nvidia and AMD, which are still reeling from concerns about U.S. export limits and new tariffs.
Interestingly, small-cap stocks stood out—Russell 2000 rose 0.9%, suggesting some investors are looking for opportunities outside the big-name players.
For the week, all the major indexes are in the red: the Dow and S&P 500 are both down over 1%, and the Nasdaq is off by about 2.5%, thanks to tech weakness and tariff worries. With markets closed Friday for Good Friday, Thursday marked the week’s final trading day.
Looking ahead, all eyes are on upcoming earnings reports—Netflix is set to report soon—and on how the Fed and tariffs might shake things up next. In short, markets are searching for direction amid a swirl of mixed signals.
3:26pm: Economy showing resilience
The US economy continues to show resilience, though signs of slowing growth are beginning to emerge, according to a new report from Wells Fargo.
Real GDP growth is moderating but has yet to feel the full impact of anticipated tariff-related pressures, the firm said. Retail sales posted a solid gain in March, while industrial production declined overall, even as manufacturing output managed an increase.
In housing, starts fell sharply last month, but a rise in building permits suggests some forward momentum in construction activity.
Looking ahead, investors will watch for updates on new home sales, existing home sales, and durable goods orders due next week.
Wells Fargo highlighted tariffs as a growing concern, particularly for the construction industry. "Broad-based tariffs stand to pressure the construction industry, where still-elevated input costs and interest rates have crimped activity," the report noted.
2:27pm: What's in store for Netflix?
Netflix Inc (NASDAQ:NFLX, ETR:NFC) continues to attract bullish sentiment from Wall Street analysts heading into the streaming giant’s first quarter earnings report due after US markets close.
The company is expected to report earnings per share of $5.73 on revenue of $10.5 billion, representing year-over-year growth of about 9% and 12%, respectively.
Netflix shares were up around 1.8% on Thursday afternoon prior to the release of its earnings report after the bell.
1:28pm: Bad news for Alphabet
Alphabet Inc (NASDAQ:GOOG) shares fell 1.5% on Thursday after a US federal judge ruled that Google unlawfully maintained monopoly power in its digital advertising business.
The ruling by Judge Leonie Brinkema found that Google violated antitrust laws by tying together its ad server and ad exchange technologies, enabling it to dominate the $31 billion market for matching advertisers with website publishers.
The decision marks the second significant antitrust victory for the US government against Google in under a year and follows a separate ruling that the company’s app store was also an illegal monopoly.
12:34pm: Midday markets mixed
It’s a mixed bag on Wall Street this Thursday, with major indexes moving in different directions as investors sort through a flurry of corporate earnings and economic signals before the markets close for Good Friday.
The Dow is down 0.9%, weighed heavily by steep declines in some of its biggest components. UnitedHealth Group is leading the drop after company-specific news sent its shares sharply lower, contributing to a nearly 500-point slump in the index earlier in the session. NVIDIA and Salesforce are also pulling the Dow down, with both trading well into the red.
Meanwhile, the S&P 500 is up 0.6%, lifted by gains in more defensive sectors like consumer staples and energy. Over in tech land, the Nasdaq is up just 0.1% as tech stocks struggle to gain their footing after early losses.
The split performance underscores how much sector rotation and big-name moves can sway the indices—especially the price-weighted Dow.
Caution is the name of the game for traders right now. Global trade tensions are flaring up again, and investors are also looking ahead to key economic data. Add in the strained relationship between the White House and the Federal Reserve, and it’s no surprise the market feels a bit unsettled.
"Fundamentally, issues remain unresolved," said Mohamed El-Erian, chief economic advisor at Allianz.
"The standoff between China and the U.S. continues, other nations are trying to navigate through this situation. Additionally, the tension between the administration and the Federal Reserve persists,"
11:53am: Thursday's headlines
Nvidia Corp (NASDAQ:NVDA, ETR:NVD) CEO Jensen Huang flew into Beijing on Thursday, days after the US tightened export rules on its H20 AI chips, cutting off a key product line to China.
UnitedHealth Group Inc (NYSE:UNH, ETR:UNH) shares plunged almost 20% after the health insurance company downwardly revised its full-year profit guidance, in addition to reporting an earnings miss for the first quarter.
Eli Lilly and Co (NYSE:LLY) shares jumped 12% in premarket trading on Thursday after the drugmaker said its experimental weight-loss pill, orforglipron, succeeded in a late-stage trial in patients with type 2 diabetes, showing promise as a potential rival to injectable treatments like Ozempic.
US President Donald Trump has again called on the Federal Reserve to cut interest rates, adding that “termination cannot come fast enough” for the central bank’s chair Jerome Powell.
11:11am: UnitedHealth warning batters markets
Stocks are heading lower after UnitedHealth's disappointing earnings.
“Dow heavyweight UnitedHealth threw traders a nasty prognosis for coming months in its earnings today, dragging the headline US index lower and precipitating a renewed selloff across markets this afternoon," IG senior analyst Chris Beauchamp commented.
"The company’s warning about the outlook just piles on the uncertainty, a point reinforced by the IMF’s downgrade of the global outlook. Even talks between the US and Japan failed to stabilise sentiment, which remains vulnerable to any and all bad news.
“As if all this wasn’t bad enough, the US president seemed to wake up in a mood, renewing his criticism of the Fed, and specifically of its chairman. Confidence in the US as a safe haven is battered, and signs of a spat between administration and central bank could drive more outflows from US assets.”
10:45am: Powell prioritizes inflation control
Yesterday's comments from Federal Reserve Chair Jerome Powell seem to be on investor's minds Thursday after he maintained a cautious but steady tone.
In his remarks to the Economic Club of Chicago, Powell acknowledged that while the US economy is currently in a "solid position," elevated risks remain—especially from rising tariffs.
“The level of the tariff increases announced so far is significantly larger than anticipated,” Powell said, warning that the economic effects are also likely to be greater than expected, potentially leading to “higher inflation and slower growth.”
Despite the uncertainty, Powell reiterated the Fed’s current “wait and see” approach to monetary policy, stating, “For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance.”
"In simple words, Powell said inflation is their priority and that the best thing to do it to wait before cutting rates," Swissquote Bank senior analyst Ipek Ozkardeskaya commented.
9:46am: Wall Street opens mixed
Wall Street kicked off Thursday with a noticeable split in direction, as investors sifted through a fresh wave of corporate earnings and sector swings that sent the major indexes on divergent paths.
The Dow dropped sharply, falling 533 points, or 1.3%, to 39,137. The blue-chip index was dragged down almost singlehandedly by a steep drop in UnitedHealth shares, which were down over 19% at the opening bell.
Meanwhile, the S&P 500 inched higher, gaining 10 points, or 0.2%, to 5,286. The broader market got a lift from two big names: Eli Lilly and Taiwan Semiconductor. Lilly surged after reporting strong clinical trial results for its weight-loss drug, while TSMC jumped on a massive 60% surge in quarterly profits, driven by relentless demand for AI chips.
The Nasdaq Composite was flat, ticking down just 5 points to 16,302. The tech-heavy index reflected a market trying to find its footing—gains in Eli Lilly and TSMC helped counterbalance losses in other large-cap tech names. Investors appear to be weighing positive earnings news against ongoing worries about export restrictions and cautious corporate outlooks.
8:15am: All eyes on Netflix
It’s shaping up to be a choppy day on Wall Street.
Stock futures are sending mixed signals ahead of the open. Dow futures are deep in the red, down over 500 points, or 1.5%, while S&P 500 and Nasdaq-100 futures are showing small gains. That slight uptick suggests a tentative rebound after Wednesday’s tech-led tumble, but investor sentiment remains on edge.
A big reason for the unease? Fed Chair Jerome Powell. Speaking in Chicago, Powell warned that new trade tariffs could drive up inflation and slow economic growth — calling it a “challenging scenario” for the Federal Reserve. His comments poured cold water on hopes that the Fed might step in quickly to support markets if trade tensions worsen.
Still, there are bright spots. Shares of Eli Lilly are soaring, up more than 11% in premarket trading after the company reported impressive late-stage trial results for its experimental diabetes drug. Taiwan Semiconductor also offered some good news, posting a 60% jump in quarterly profit thanks to red-hot demand for AI chips.
Nvidia, which is closely tied to the AI trade, didn’t move much despite revealing a $5.5 billion charge tied to US export restrictions.
On the downside, UnitedHealth is taking a beating. The health insurer slashed its full-year profit forecast due to stubbornly high medical costs, and its shares are down a staggering 19% before the bell.
Looking ahead, attention will turn to Netflix after the close. With Big Tech rattled by Trump’s tariff announcements, the streaming giant is being counted on to deliver some much-needed stability — or even a surprise upside. Other earnings to watch today include American Express, Ally Financial, and DR Horton.
Economic data on tap includes initial and continuing jobless claims and March housing starts — more clues for investors trying to gauge the health of the consumer and the broader economy.
Meanwhile, gold is taking a breather after its record-breaking rally. Prices dipped slightly to around $3,325 an ounce following a monster one-day gain on Wednesday, as traders digest Powell’s cautious tone and signs of progress in US-Japan trade talks. Still, gold is up nearly 27% this year, fueled by global recession fears and dollar weakness.
Speaking of the dollar, it's struggling to mount a comeback. Despite a modest bounce this morning, it’s headed for a fourth straight weekly loss — another victim of tariff turmoil and shifting central bank expectations.
All in all, it's a day of mixed signals. Stocks are stuck between Fed caution, tariff anxiety, and standout corporate stories — and Netflix might just be the wildcard that determines how the week wraps up.