Stocks Give Back Early Gains. Dow Drops 200 Points.

Early stock market gains faded Thursday as Wall Street tried to make sense of the state of play in President Donald Trump’s trade war following last night’s U.S. Court of International Trade ruling.

The Dow dropped 214 points, or 0.5%. The S&P 500 fell 0.1%. The Nasdaq Composite, which had rallied thanks to Nvidia’s earnings report, was heading back toward breakeven.

"We can argue whether the tariff news overnight was positive (the negative is that it is creating more uncertainty), but regardless a 2% rally in S&P futures from yesterday afternoon to this morning's high was largely reversed, and that sort of action always gives us pause," writes Jonathan Krinsky, BTIG’s chief market technician.