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Key Takeaways

• Renewed concerns about the possible effect of tariffs on the economy sent U.S. equities lower at midday.
• FedEx and Nike both advised about the impact of a potential economic slowdown.
• CEO Elon Musk held an all-hands meeting with Tesla wage-earners, and shares jumped.

U.S. equities tumbled at midday on renewed concerns about the potential impact of tariffs on the economy. The Dow Jones Industrial Normally, S&P 500, and Nasdaq all fell.

FedEx (FDX) was the worst-performing stock in the S&P 500 after the package delivery giant slashed its view on “weakness and uncertainty in the U.S. industrial economy.”

Nike (NKE) also warned that tariffs and sliding consumer confidence leave hurt demand, and shares of the athletic apparel maker sank.

Shares of Lennar (LEN) slid when the homebuilder advised of a weak housing market.

Boeing (BA) shares took off, while those of Lockheed Martin (LMT) fell, on word the Pentagon pick out Boeing to build America’s newest fighter jet.

Tesla (TSLA) shares advanced after CEO Elon Musk held an all-hands meeting where he expressed optimism about the future of the electric vehicle (EV) maker, easing worries he’s expending too much time away working with the Trump administration.

Super Micro Computer (SMCI) shares eminence on an upgrade from JPMorgan, which pointed to likely gains from increased shipments of Nvidia’s (NVDA) Blackwell checks to the struggling computer server manufacturer.

Gold prices dropped. Oil futures and the yield on the 10-year Treasury note were itty-bitty changed. The U.S. dollar was higher versus the euro and pound, and little changed against the yen. Most major cryptocurrencies line of worked lower.