U.S. stock index futures fell on Thursday after a blistering rally in the previous session following U.S. President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries, while raising the levies on China.

Market Snapshot

At 07:53 a.m. ET, Dow E-minis were down 514 points, or 1.26%, S&P 500 E-minis were down 90.25 points, or 1.64% and Nasdaq 100 E-minis were down 371.75 points, or 1.93%.

Pre-Market Movers

Shares of Nvidia were falling 2.9% in premarket trading after the maker of artificial-intelligence chips finished Wednesday up 19% and gained $439.9 billion in market cap, the largest one-day market cap gain for any company on record, according to Dow Jones Market Data. A report from NPR said the White House has paused plans to put additional restrictions on sales of Nvidia's H20 artificial-intelligence chips after CEO Jensen Huang attended a dinner hosted by Trump and promised more investment in U.S.-based AI data centers.

Fellow chip maker Advanced Micro Devices closed Wednesday with a gain of nearly 24%, the most the shares have risen in a session since April 22, 2016. AMD fell 3.4% in the premarket session.

Apple was down 2.9% in premarket trading after the iPhone maker jumped 15% on Wednesday after Trump put a pause on most tariffs but increased China's tariff rate to 125%. Apple makes most of its iPhones in China through contract manufacturer Foxconn, meaning that prices on everything from iPhones to MacBooks would rise if the levies were to stick.

Apple also became the world's most valuable public company again, leapfrogging over Microsoft, which had taken the crown from Apple the day before. Apple's closing market cap value on Wednesday was $2.987 trillion, topping Microsoft's $2.903 trillion, according to Dow Jones Market Data.

Microsoft rose 10% on Wednesday and was down 1.5% in the premarket session at $384.42. Wedbush analyst Dan Ives cut his price target on Microsoft to $475 from $550. He maintained an Outperform rating on the stock but said "unfortunately the tariff 'game of poker' is adding a high level of near-term uncertainty to any company with supply chains/cost inputs around China and those tariffs remain very much on the table."

Tesla declined 3% in premarket trading after skyrocketing 23% on Wednesday to $272.10. It was the electric-vehicle maker's largest daily percentage increase since May 9, 2013, when it rose 24.4%. Trump's pause on tariffs was good news to Tesla CEO Elon Musk, who isn't a fan of broad tariffs and went so far as to say over the weekend that the U.S. and Europe shouldn't impose tariffs on one another. Analysts at Goldman Sachs Tesla reduced their Tesla price target to $260 from $275 and remained Neutral on the stock.

United States Steel was down 11% after Trump said the steel maker should remain an American company and not be be sold to Japan's Nippon Steel. Trump had said last week that his administration would conduct a new review of U.S. Steel's $14 billion combination with Nippon Steel. But Wednesday the president said, "U.S. Steel is a very special company, we don't want it to go to Japan or any other place."

Delta Air Lines rose 23% on Wednesday for the carrier's highest daily percentage gain since Sept. 16, 2008. The company scrapped its full-year financial guidance and warned " growth has largely stalled" given the uncertainty over how developments on global trade will affect the economy. But Delta came into the earnings report down 40% for the year, and it appeared the airline's first-quarter report may have been less bleak than feared. United Airlines finished up 26% on Wednesday for its best one-day percentage gain since Oct. 16, 2008. Delta fell 2.7% in premarket trading while United tumbled 3%.

Wayfair fell 4% in premarket trading, Nike fell 2.3%, and Deckers Outdoor, the maker of Hoka sneakers and Ugg boots, declined 1.9% in premarket trading after surging Wednesday following Trump's tariff pause. Wayfair had the biggest gain Wednesday, closing up 23%. Many retailers make a large portion of their products in Vietnam, which accounted for roughly 15% of textile and apparel imports to the U.S., and about 20% of furniture imports, according to trade data.

CarMax reported fourth-quarter earnings of 58 cents a share on sales of $6 billion. Analysts has been calling for profit of 66 cents on sales of about $6 billion. CarMax said used-unit sales in comparable stores during the quarter rose 5.1%. Shares of the company, which sells used vehicles, fell 7%.

Constellation Brands was falling 2.7% after the maker of Modelo beers and Kim Crawford wines issued a weaker-than-expected fiscal 2026 outlook even as fourth-quarter earnings and revenue beat analysts' estimates. The company also said it would be selling off some of its lower-costing wine brands to focus on more premium brands.

Costco Wholesale fell 0.3%. Sales in March at the warehouse retailer rose 8.6% year over year to $25.5 billion, slightly decelerating from the 8.8% increase in February. Same-store sales in March rose 6.4% year over year after increasing by 6.5% in February.

Trump Media & Technology Group rose 3.4%. Shares of the company, the parent of President Trump's Truth Social platform, soared 22% on Wednesday after Trump rolled back for 90 days some of his tariff plans.

Market News

EU pauses countermeasures following Trump's tariff reprieve

The European Union will pause its first countermeasures against U.S. tariffs after President Donald Trump temporarily lowered the hefty duties he had just imposed on dozens of countries, European Commission chief Ursula von der Leyen said on Thursday.

The bloc was due to launch counter-tariffs on about 21 billion euros ($23.25 billion) of U.S. imports from next Tuesday in response to Trump's 25% tariffs on steel and aluminium. It is still assessing how to respond to U.S. car tariffs and the broader 10% levies still in place.

CATL To Gain Hong Kong Stock Exchange Approval For $5 Billion Listing, Sources Say

Chinese battery giant CATL's Hong Kong listing to raise at least $5 billion is due to be approved by the city's stock exchange on Thursday, according to two sources with direct knowledge of the matter.

CATL's listing is set to happen in the second quarter of this year, according to two separate sources.