What goes up must come down? That’s the case for the stock market when a “buy first, ask questions later” rally sends the Nasdaq Composite to its second-largest gain on record.
The tech-heavy index was down 5.1% on Thursday after surging 12.2% on Wednesday. The S&P 500 was down 4.2%. The Dow was down 1,400 points, or 3.5%.
The major indexes surged on Wednesday in the wake of President Trump’s pivot to keep tariffs at 10% for most trading partners and instead raise tariffs on China to 125%.