Wall Street’s shares traded lower anew on Thursday, as investor sentiment continued to be dampened by President Donald Trump’s fresh tariffs on US imports.

The tech-heavy Nasdaq fell the heaviest, down 0.53 percent, followed by the Dow Jones at 0.37 percent, and the S&P 500 at 0.33 percent.

The market decline was mainly weighed down by the performance of car manufacturers after Trump announced a 25-percent tariff on all vehicles imported beginning April 2.

Ten companies mirrored the broader market decline. In this article, we listed Thursday’s 10 worst performers and detailed the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

10. SoFi Technologies Inc. (NASDAQ:SOFI)

SoFi Technologies dropped its share prices for a third straight day on Thursday as investors moved away from riskier stocks amid dampened consumer spending.

SOFI, a financial services technology firm, offers a wide range of products and services including credit cards, loans, and insurance, among others. With the ongoing economic uncertainties including the trade war and the path of the US economy, SOFI could potentially bear the brunt of lower demand for its products and services.

On Wednesday, the Conference Board reported that US consumer spending fell sharply to a new low as investors turned increasingly anxious about President Donald Trump’s trade war with other countries.

Further adding to the already dampened sentiment was the Federal Reserve’s comments that they are uncertain about where the economy is going next.

“Uncertainty is remarkably high,” Fed Chairman Jerome Powell said of the US economic outlook.

9. General Motors Inc. (NYSE:GM)

General Motors fell for a second day on Thursday, shedding 7.36 percent to end at $47.20 apiece as investors disposed of the company’s shares following President Donald Trump’s looming imposition of a 25-percent tariff on all imported vehicles, parts, and accessories.

While originally an American company, GM remains heavily affected by its potential exposure in Mexico and potential taxes on parts and services sourced internationally.

Following the tariff announcement, JP Morgan downgraded its rating for the company to $53 per share from $64 previously, as it expects between $10.5 billion and $13 billion tariff bill upon the imposition of levies.

It can be learned that GM was one of the automakers that received a one-month tax reprieve from Trump on their autos coming through the US, Mexico, and Canada. The reprieve is scheduled to end next week, on April 1.

8. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti dropped its share prices for a second consecutive day on Thursday, slashing 7.73 percent to end at $8.47 apiece as investors sold off positions to minimize risks from the generally pessimistic macroeconomic environment.

RGTI traded lower in line with its counterparts in the quantum computing sector, with IonQ Inc. down 7.73 percent, D-Wave Quantum Computing dropping 2.48 percent, and Quantum Computing Inc. dipping 0.87 percent.

Further dampening sentiment are uncertainties in the quantum computing industry, with Nvidia Corp. CEO Jensen Huang walking back earlier comments that the very use of quantum computers could still be between 15 and 30 years from now.

In the recently concluded Quantum Day organized by Nvidia, Huang apologized to quantum computing firms hit heavily by his comments, saying that he may be wrong about quantum computing. The panelists, however, did not buy the idea.

7. Reddit Inc. (NYSE:RDDT)

Reddit Inc. saw its share prices decline by 8.29 percent on Thursday to finish at $110.23 apiece after its website and mobile platform temporarily shut down in the afternoon.

According to the Downdetector website, it saw a huge number of users reporting trouble accessing the Reddit platform.

RDDT said its monitoring and investigation found that it suffered a degraded performance. Both platforms were restored shortly after.

Last week, RDDT earned mixed ratings from two investment firms, with Needham giving the company a “buy” rating, while Redburn gave the platform operator a pessimistic outlook, saying that its sustainability is a “gift” from Google.

Needham set a $220 price target for RDDT, more than double its last closing price. Meanwhile, Redburn believed that most of its users looking for answers to specific questions do not convert to RDDT log-in users, who are ultimately much more valuable.

6. Oklo Inc. (NYSE:OKLO)

Oklo shares fell for a third consecutive day on Thursday, slashing 9.67 percent to end at $23.82 apiece as investors sold off positions amid the pessimistic market environment, shunning fresh developments in the company’s operations.

In a statement, OKLO said it successfully raised the potential capacity of its Aurora Powerhouse reactor to 75 megawatts from 50 MW to meet the continued growth in demand from data centers.

According to the company, the higher capacity was a “customer-informed design decision” based on “where we see … the data center architectures progressing.”

In its latest earnings results, OKLO said net loss widened by 129 percent to $73.6 million last year from $32.17 million in 2023, amid a 183-percent jump in operating losses to $52.8 million from $18.6 million year-on-year.

Despite the performance, OKLO said it was optimistic about its business outlook for the year.

5. Jefferies Financial Group Inc. (NYSE:JEF)

Jefferies Financial declined by 9.85 percent on Thursday to finish at $54.35 each, following a dismal earnings performance that was attributed to increasingly more challenging capital markets.

In its latest earnings release, JEF said net income attributable to shareholders dropped by 14.6 percent in the first quarter of the year at $127.79 million from $149.64 million in the same period a year earlier, as revenues dropped 8.6 percent to $1.59 billion from $1.74 billion.

“The capital markets have become increasingly more challenging due to the uncertainties that have arisen around US policy and geopolitical events,” said JEF President and CEO Richard Handler.

“We remain very confident about our strategy, our team, and our long-term growth opportunities across our global businesses and we will navigate this period of uncertainty the way we always do, by focusing on our clients and helping them address their challenges and opportunities, while watching our risk, maintaining record liquidity and striving to gain market share across our firm,” he added.

4. TD SYNNEX Corporation (NYSE:SNX)

TD Synnex declined for a third day on Thursday, slashing 14.28 percent to finish at $107.54 apiece after reporting a dismal net income performance for the first quarter of fiscal year 2025.

In its latest earnings result, SNX said net income during the quarter dipped by 2.7 percent to $167.5 million from $172.1 million in the same period a year earlier, despite a 4-percent revenue growth in the same period at $14.5 million versus $13.97 million.

Earnings per share also stood at $2.80, missing analyst expectations by 3.64 percent.

Looking ahead, the company expects revenues to settle between $13.9 billion and $14.7 billion and a net income range of $137 million to $179 million.

SNX also announced a quarterly cash dividend of $0.44 per share for stockholders as of record date April 11, 2025, to be paid on April 25, 2025.

3. New Fortress Energy Inc. (NASDAQ:NFE)

New Fortress Energy traded 16.17 percent lower on Thursday to finish at $9.28 apiece following news that it was selling its Jamaican business for $1.055 billion.

In a statement, Excelerate Energy said that it entered into an agreement with NFE for the acquisition of the latter’s two LNG terminals and a 150-MW combined heat and power plant, all for $1.055 billion.

Under the terms of the agreement, Excelerate will acquire all assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power co-generation plants.

According to the company, the transaction is expected to be completed in the second quarter of the year, subject to regulatory approvals and the satisfaction of other customary closing conditions.

2. AppLovin Corp. (NASDAQ:APP)

AppLovin dropped its share prices for a second day, tumbling 20.12 percent to end at $261.70 apiece after another short seller accused the company of engaging in practices that could lead to deplatforming.

According to Muddy Waters Research, a significant portion of APP’s e-commerce conversions might be retargeting rather than new sales, with an estimated incrementality of only 25 to 35 percent.

The report raised concerns about APP’s methods in identifying high-value users, suggesting that it might be extracting proprietary IDs from major platforms such as Facebook, Snap, TikTok, Reddit, and Google.

Muddy Waters said this could be a violation of its terms and service and could result in APP being deplatformed, similar to what happened with Cheetah Mobile.

APP is currently embroiled in a class action lawsuit over allegations of possible securities violations.

According to the lawsuit, APP provided investors with material information concerning its financial growth and stability.

APP has yet to issue any statement about the allegations.

1. GameStop Corp. (NYSE:GME)

GameStop dropped its share prices by 22.11 percent on Thursday as investors resorted to profit-taking following Wednesday’s gains while repositioning portfolios amid the ongoing market uncertainties.

In recent news, GME announced plans to raise as much as $1.3 billion to buy Bitcoin. The company said it would attempt to raise the funds through convertible senior notes offering.

The planned purchase followed a photo of GME CEO Ryan Cohen a month ago with Strategy CEO Michael Saylor on social media X. While the photo did not mention any reason for the meetup, investors were quick to speculate a brewing cryptocurrency strategy between the two companies.

It can be learned that the gaming company had already ventured into cryptocurrency in 2022 with the establishment of a now-defunct cryptocurrency wallet that sent its share prices skyrocketing for days after the launch.

Just recently, reports also surged of GME closing several stores in the US, often with little to no warning. Since 2020 alone, GME has been shutting down more than 700 stores as the COVID-19 pandemic heavily weighed on its profits, further aggravated by a shift in consumption to online sales and video game makers resorting to digital-only access to games.

While we acknowledge the potential of GME as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as GME but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.