U.S. stocks fell on Thursday, pulling back from a bid for new records as AI optimism waned and markets awaited more details on President Donald Trump’s tariff plans.

The S&P 500 (^GSPC) fell nearly 0.2%, following a three-day winning streak that saw the benchmark close Wednesday on the cusp of setting a new all-time high. The Dow Jones Industrial Average (^DJI) traded broadly with a record still within reach.

Meanwhile, The Nasdaq Composite (^IXIC) fell 0.5% as tech stocks struggled to regain the momentum they propelled the previous day’s earnings. Nvidia (NVDA) shares fell as fellow tech megacap Apple (AAPL) and Google’s main alphabet (GOOG, GOOGLE) also lost ground.

Investors are still digesting the political baggage of Trump’s early days, which brought a AI powers those dynamic tech names but it is unclear when the outlined tariffs could hit major trading partners, a risk to inflation and stocks. Focus now turns to Trump’s speech at the World Economic Forum in Davos later Thursday for more information on his “shock and awe” trade policy

Yahoo Finance is in Davos. Check out the latest from the world’s business leaders here.

Stocks on Amazon (AMZN) and Tesla (TSLA) went down after the business changes of the technology leaders Canada, a prime tariff target for Trump The e-commerce giant will close its warehouses in Quebec, with the loss of about 1,700 jobs, while Tesla plans sharp price increases on all of its electric vehicle models sold in Canada.

The eyes are on the profits to boost the markets, after Netflix (NFLX) sets the tone. GE Aerospace (GE) shares appeared after the jet engine manufacturer posted a stronger annual profit and announced plans to increase its share buybacks and dividends. But American Airlines (AAL) the stock slipped amid a the profit forecast for 2025 is negative. Meanwhile, Alaska Airlines (ALK) shares rose after the airline posted a lower-than-expected first-quarter loss forecast.

US jobless claims rose by 6,000 to 223,000, according to the latest government data released Thursday morning. Economists had expected a reading of 220,000.

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