Equity Markets On Track to Close Lower Following Trump's Auto Tariffs

US benchmark equity indexes are on track to close lower on Thursday, as markets weigh the impact of the new auto tariffs.

The Dow Jones Industrial Average dropped 0.2% to 42,387.6, while the Nasdaq Composite decreased 0.1% to 17,875.4. The S&P 500 was down 0.1% at 5,709.5. Consumer staples and consumer discretionary sectors had the biggest gains, and energy saw the steepest decline.

Dollar Tree (DLTR) was the top gainer on the S&P 500, with shares up over 10%. The discount retailer agreed to sell its Family Dollar business on Thursday to investment management firms Brigade Capital Management and Macellum Capital Management in a deal worth roughly $1.01 billion.

Abbott Laboratories (ABT) was up 4%. The company has received CE Mark certification in Europe for its Volt pulsed field ablation system to treat patients with heart rhythm disorders, such as atrial fibrillation.

General Motors (GM) shares were down 6.8%, the worst performer on the S&P 500. GM may be more exposed to a potential impact from new tariffs as its production in Mexico and Canada is more than double than that of Ford's (F), UBS Securities said in a note.

The 10-year US Treasury yield gained 1.5 basis points to 4.4%, while the two-year rate was down 2.7 basis points to 4%.

May West Texas Intermediate crude oil was up 0.3% to $69.86 a barrel.