The decline came a day after the markets reached all-time highs, led by tech giant Nvidia which became the first company to cross the $4-trillion market cap.

Eastern time, the benchmark S&P 500 was up 0.3%, the Dow Jones Industrial Average rose 0.2%, and the Nasdaq Composite was 0.6% higher.

While tariffs are a tangible worry for investors, something far more nefarious (and important) can weigh on the stock market.

The S&P 500 rose 0.6% Wednesday. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite rose 0.9%.

Stocks are off to a sluggish start on Wall Street, while Delta Air Lines led a rally in airline stocks after releasing a solid outlook for the rest of 2025. The S&P 500 slipped 0.1% in the first few minutes of trading Thursday.

The Dow Jones chalked in a gain on Thursday, clawing back the early week’s losses and putting the major equity index back on the high side heading into the tail end of the trading week. The Dow is still holding steady near the 44,700 level, with bullish momentum poised to take another fresh crack at all-time highs just north of 45,000.

Stock futures are holding steady Thursday morning as investors keep close tabs on developments related to tariffs.