10 Firms Mirror Wall Street Slump on Thursday

Wall Street’s shares traded lower anew on Thursday, as investor sentiment continued to be dampened by President Donald Trump’s fresh tariffs on US imports.

The tech-heavy Nasdaq fell the heaviest, down 0.53 percent, followed by the Dow Jones at 0.37 percent, and the S&P 500 at 0.33 percent.

The market decline was mainly weighed down by the performance of car manufacturers after Trump announced a 25-percent tariff on all vehicles imported beginning April 2.

Ten companies mirrored the broader market decline. In this article, we listed Thursday’s 10 worst performers and detailed the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

A laptop and a computer monitor display a detailed stock market technical analysis chart. Photo by Jakub Zerdzicki on Pexels

10. SoFi Technologies Inc. (NASDAQ:SOFI)

SoFi Technologies dropped its share prices for a third straight day on Thursday as investors moved away from riskier stocks amid dampened consumer spending.

SOFI, a financial services technology firm, offers a wide range of products and services including credit cards, loans, and insurance, among others. With the ongoing economic uncertainties including the trade war and the path of the US economy, SOFI could potentially bear the brunt of lower demand for its products and services.

On Wednesday, the Conference Board reported that US consumer spending fell sharply to a new low as investors turned increasingly anxious about President Donald Trump’s trade war with other countries.

Further adding to the already dampened sentiment was the Federal Reserve’s comments that they are uncertain about where the economy is going next.

“Uncertainty is remarkably high,” Fed Chairman Jerome Powell said of the US economic outlook.

9. General Motors Inc. (NYSE:GM)

General Motors fell for a second day on Thursday, shedding 7.36 percent to end at $47.20 apiece as investors disposed of the company’s shares following President Donald Trump’s looming imposition of a 25-percent tariff on all imported vehicles, parts, and accessories.

While originally an American company, GM remains heavily affected by its potential exposure in Mexico and potential taxes on parts and services sourced internationally.

Following the tariff announcement, JP Morgan downgraded its rating for the company to $53 per share from $64 previously, as it expects between $10.5 billion and $13 billion tariff bill upon the imposition of levies.

It can be learned that GM was one of the automakers that received a one-month tax reprieve from Trump on their autos coming through the US, Mexico, and Canada. The reprieve is scheduled to end next week, on April 1.