US benchmark equity indexes ended lower Thursday following a rally in the previous session, as markets tracked tariff updates.

* Markets surged on Wednesday as Trump issued a partial retreat from his tariff threats, pausing tariffs for 90 days and lowering levies to 10%. His unexpected move came as treasury markets staggered, with yields shooting higher. However the US president boosted levies on imports from China to 125% and then to 145% on Thursday, with China on Thursday lifting its tariffs on U.S. products to 84%.

* The tariff pause reduces immediate downside risks to the US economy, but prolonged uncertainty is expected to further weaken consumer and business spending, Morgan Stanley said in a note e-mailed Thursday.

The European Union will put a 90-day pause on its counter tariffs against the US as it wants to "give negotiations a chance," European Commission President Ursula von der Leyen said Thursday.

* May West Texas Intermediate crude oil closed down $1.95 to settle at $60.41 per barrel, while June Brent crude, the global benchmark, was last seen down $1.90 to $63.58 after Donald Trump partially backed off his blanket tariff threats, but hiked levies on China as the world's two largest economies descend into a trade war.

* China will lower the number of US films allowed to enter the Asian country in response to the escalating trade tensions between the two nations, China's National Film Administration said. Warner Bros. Discovery (WBD) shares slumped 12.5% while Walt Disney (DIS) declined 6.9%.

* CarMax (KMX) shares sank over 16% after the used-car retailer's fiscal Q4 earnings missed Wall Street expectations. The company suspended the timeframes related to its long-term objectives due to macro uncertainties.