Wall Street's stock indexes ended lower on Thursday in choppy trade as a slump in Tesla shares offset news of progress in tariff talks between U.S. President Donald Trump and Chinese leader Xi Jinping.

Market Snapshot

The Dow Jones Industrial Average fell 108.00 points, or 0.25%, to end at 42,319.74. The S&P 500 lost 31.51 points, or 0.53%, at 5,939.30 and the Nasdaq Composite dropped 162.04 points, or 0.83%, to 19,298.45.

Market Movers

Tesla - Shares of electric-vehicle company Tesla tumbled 14.3%, marking itsfourth loss in five trading days. Tesla declined 3.6% on Wednesday following disappointing sales data in China and Germany. Thegrowing splitbetween Musk and Trump has also been weighing on shares as the two men spar over Trump’s “One Big, Beautiful Bill Act.” The feud escalated on Thursday as Musk declared that Trump “would have lost the election” without his help. “Such ingratitude,” Musk said in a post on X.

Circle - Circle Internet Group, the issuer of the USDC stablecoin, opened for trading Thursday at $69 a share, well above itsinitial public offering priceof $31. The stock ended the day up 168.5% at $83.23.

Broadcom, Nvidia - Broadcom was down 0.4% ahead of fiscal second-quarter earnings from the semiconductor and software company.Shares of rival chip maker Nvidia declined 1.4%.

PVH - First-quarter adjusted earnings at PVH, the owner of the Calvin Klein and Tommy Hilfiger brands, beat Wall Street forecasts but the company’s updated earnings outlook for the second quarter and fiscal year came up significantly short of estimates. The company said its outlook reflects “an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S.” Shares declined 18%.

MongoDB - MongoDB earned an adjusted $1 a share in its fiscal first quarter, beating analysts’ estimates of 66 cents, and the software company said it anticipates second-quarter adjusted profit of 62 cents to 66 cents a share, better than forecasts of 58 cents. The stock jumped 12.8%.

Five Below - Low-cost retailer Five Below reported first-quarter adjusted earnings and sales that rose from a year earlier and topped Wall Street forecasts. The company opened 55 new stores in the first quarter. Five Below expects second-quarter sales of $975 million to $995 million, better than estimates of $955 million, while same-store sales were anticipated to increase 7% to 9%, also better than analysts’ expectations of 5.4%. The stock gained 5.6%.

Planet Labs - Planet Labs posted break-even first-quarter adjusted earnings compared with analysts’ estimates for a loss of 3 cents. Revenue of $66.3 million beat forecasts. The satellite-imagery company said it expects fiscal second-quarter revenue of $65 million to $67 million versus consensus of $65.2 million. The stock soared 49.4%.

Procter & Gamble - Procter & Gamble plans to cut 7,000 jobsover the next two years as the maker of Gillette razors and Tide detergent looks to streamline its business in a time of economic uncertainty. Executives at the consumer-products giant, speaking at a conference in Paris, also said they plan to trim the company’s product portfolio. Shares fell 1.9%.

Descartes - Descartes Systems Group posted first-quarter revenue that missed Wall Street forecasts and said it was reducing its global workforce by 7% because of the “economic and global trade uncertainty many Descartes customers are facing.” Shares of the provider of software as a service to the logistics industry declined 12.1%.

Brown-Forman - Brown-Forman, the maker of Jack Daniel’s whiskey, sank 17.9%. The company reportedweaker-than-expected fiscal fourth-quarter earningsand projected further challenges over the coming year, particularly from tariffs and soft discretionary spending.

ChargePoint - ChargePoint Holdings cratered 22.5% after posting awider-than-expected lossin the first quarter and saying it expects second-quarter revenue of $90 million to $100 million, below analysts’ calls for $108.4 million.

Verint - Verint Systems, the consumer engagement software provider, was up 2.4% after reporting better-than-expected first-quarter adjusted earnings and revenue and backing its fiscal 2026 adjusted earnings guidance of $2.93 a share at the midpoint, meeting estimates.

Ciena - Ciena declined 12.9%. The network technology company reported fiscal second-quarter adjusted earnings of 42 cents a share, missing analysts’ estimates of 52 cents. Revenue of $1.13 billion topped consensus of $1.09 billion.

Norwegian Cruise Line - Norwegian Cruise Line Holdings was up 5.2%. Citi Research analysts boosted their price target on the stock to $25 from $24 and reiterated a Buy rating in a Thursday note. The firm’s analysis found that Norwegian and peers saw a “sequential improvement” in web traffic and third-party pricing in May.

Market News

Trump, Xi Agree to More Trade Talks as Rare Earths Dispute Cools

US President Donald Trump and Chinese President Xi Jinping on Thursday agreed to further trade talks aimed at resolving disputes over tariffs and supplies of rare earth minerals at the heart of tensions between the world’s two largest economies.

Trump acknowledged Thursday the trade relationship with China had gotten “a little off track” but said now “we’re in very good shape with China and the trade deal.” Additional negotiations, Trump said, would occur “shortly” at “a location to be determined.”

US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Trump at the talks.

Musk, Trump Feud Explodes Into Threats and Recriminations

Elon Musk said he would end use of Space Exploration Technologies Corp.’s Dragon spacecraft and called for the impeachment of President Donald Trump, as a disagreement between the former allies exploded into an all-out public feud.

Musk’s Thursday ultimatum came after Trump proposed cutting the billionaire’s government contracts, following his onetime adviser’s repeated exhortations for Republicans to vote against the president’s signature tax legislation because of the cost.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Trump wrote to his social media site.