Wall Street stocks ended sharply lower on Wednesday, dragged down by losses in Nvidia and Tesla. U.S. President Donald Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war he kicked off upon regaining the White House this year in a move auto industry experts expect will drive up prices and stymie production.

Market Snapshot

The S&P 500 declined 1.12% to end the session at 5,712.20 points. The Nasdaq declined 2.04% to 17,899.02 points, while the Dow Jones Industrial Average declined 0.31% to 42,454.79 points.

Market Movers

GameStop announced plans for a private offering of $1.3 billion in convertible senior notes, aiming to use the proceeds for general corporate purposes, including to invest in Bitcoin. Shares of the videogame retailer and meme stock fell 7% in after-hours trading after closing up nearly 12% on Wednesday, as investors digested its cryptocurrency plans.

Tesla declined 5.6% after shares of the maker of electric vehicles rose for a fifth straight trading day on Tuesday, even after sales in Europe slumped in February.

President Donald Trump's administration on Wednesday evening announced tariffs of 25% on all cars not made in the U.S. and certain automotive parts, but appeared to omit levies on some car parts. Trump said the new auto tariffs will be collected starting April 3, which would be a day after his administration is slated to roll out a much-anticipated plan for reciprocal tariffs. Shares of General Motors Co. lost 7%, while Chrysler parent Stellantis $(STLA)$ and Ford Motor Co. $(F)$ fell over 4% in after hours trading.

Nvidia was down 5.7%. Regulators in China have been discouraging the country's large technology companies from purchasing Nvidia's H20 chip -- specifically designed to satisfy U.S. sanctions on exports -- as it breaches energy-efficiency rules, the Financial Times reported, citing people with knowledge of the matter.

Boeing fell 2.2% after a federal judge ordered the airplane maker to go to trial in June in a criminal case related to two 737 MAX crashes in 2018 and 2019. The Wall Street Journal reported Monday that Boeing sought to withdraw an earlier agreement to plead guilty in the case that blamed it for deceiving regulators before the crashes.

Dollar Tree reached an agreement to sell its Family Dollar business for more than $1 billion to private-equity firms Brigade Capital Management and Macellum Capital Management. The discount-retail chain also reported fourth-quarter adjusted earnings of $2.29 a share on sales of $5 billion. The stock was up 3.1%. Rival Dollar General gained 2.6%.

United Parcel Service was up 1%, a day after shares of the shipping giant tumbled 5.1% to $109.95, marking the stock's lowest close since June 29, 2020, when it finished at $109.48. Analysts at BofA Securities lowered their price target on the stock to $129 from $133 while maintaining a Buy rating. BofA also cut its first-quarter earnings estimate for UPS to $1.31 a share from $1.55, citing weak volumes and tariff uncertainty.

Chewy, the online retailer of pet products, was down 1% after reporting fourth-quarter adjusted earnings of 28 cents a share, beating Wall Street expectations of 21 cents. Net sales of $3.3 billion topped estimates of $3.2 billion.

Worthington Enterprises, the industrial manufacturing company, reported fiscal third-quarter adjusted earnings of 90 cents a share, topping analysts' estimates of 70 cents. Net sales declined 4% to $304.5 million but also beat forecasts. Shares soared 24%.

Playtika rose 20% to $5.30 after shares of the mobile games company were upgraded to Buy from Underperform at BofA Securities. The firm raised its target for the price to $6.50 from $6.

Cintas gained 5.8% after the supplier of uniforms, mops, restroom supplies, and safety products raised its fiscal-year earnings forecast. Its fiscal third-quarter earnings topped analysts' expectations.

Vertiv Holdings, which makes cooling systems for artificial-intelligence data centers, declined 11% to $81.62. Analysts at Barclays reduced their price target on the stock to $100 from $111 and maintained an Equal Weight rating on the shares.

Paychex rose 4.2% as the payroll and human-resources company posted fiscal third-quarter adjusted profit of $1.49 a share, 1 cent better than analysts' estimates. Revenue in the period rose 5% to $1.51 billion.

Market News

Trump says he may give China reduction in tariffs to get TikTok deal done

U.S. President Donald Trump said on Wednesday he would be willing to reduce tariffs to get a deal done with TikTok's Chinese parent ByteDance to sell the short video app used by 170 million Americans.

ByteDance has an April 5 deadline to find a non-Chinese buyer for TikTok or face a U.S. ban on national security grounds that was supposed to have taken effect in January under a 2024 law.

Goldman Sachs raises end-2025 gold price forecast to $3,300 per ounce

Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce from $3,100, citing stronger-than-expected ETF inflows and sustained central bank demand.

Goldman Sachs also raised its forecast range to $3,250-$3,520 from $3,100-$3,300 earlier, according to its research note.