US equity indexes traded mixed after midday Thursday as investors weighed a surge in jobless claims alongside Nvidia's (NVDA) "smallest" revenue beat in two years and President Donald Trump's plan to impose import levies on three of the country's biggest trading partners.

The Nasdaq Composite fell 0.4% to 18,996.5. The S&P 500 rose 0.1% to 5,962.3, clawing back earlier declines. The Dow Jones Industrial Average climbed 0.7% to 43,735.6. Utilities and technology were the steepest decliners, while financial services and energy were among the top gainers intraday.

Nvidia reported higher fiscal Q4 results overnight that beat analyst estimates. Shares, nevertheless, slid 2.6% intraday, the worst performer on the Dow.

Though Nvidia surpassed consensus, a modest beat and nothing major in terms of guidance meant the report failed to live up to the hype accompanying the chip giant's earnings over the past two years, according to a note from Deutsche Bank. "Indeed, it was the smallest revenue beat in two years, so that was underwhelming for investors used to much bigger upside surprises." Looking forward, sales guidance for the current quarter was "a little above the average estimate."

In economic news, US initial jobless claims rose to 242,000 in the week that ended Feb. 22 from an upwardly revised 220,000, beating forecasts for 221,000 in a survey compiled by Bloomberg. The four-week moving average increased by 8,500 to 224,000, the US Labor Department said Thursday.

US Treasury yields rose intraday, with the two-year up 2.6 basis points to 4.1% and the 10-year 4.9 basis points higher at 4.3%.

Trump said his administration would press ahead with import duties on Mexico and Canada next week. China would likewise get a 10% additional tariff from the same day, he said in a message on Truth Social. Mexico and Canada face 25% tariffs from March 4, with the latter likely to be hit with a 10% duty on energy exports to the US.

A stagnating economy coupled with rising prices is an economic quagmire that policymakers dread, Nigel Green, chief executive of independent financial advisory and asset management firm deVere Group said in a note. "It limits options, fuels uncertainty, and shakes investor confidence."

The Federal Reserve may have been preparing to ease rates, but this trade policy shift could force them to reconsider," Green said in the note. "Higher interest rates on ballooning government debt will further compound the crisis."

US pending home sales fell by 4.6% in January, below the 0.9% drop expected in a survey compiled by Bloomberg and following a 4.1% decrease in December, according to the National Association of Realtors. The monthly sales index was down 5.2% from January 2024.

The US dollar index rose 0.7% to 107.18.

Gold futures dropped 1.1% to $2,898.23, and their silver counterparts slumped 1.4% to $31.82.

West Texas Intermediate crude oil futures surged 2.3% to $70.18 a barrel.

President Trump revoked Wednesday Chevron's (CVX) permission to operate in Venezuela, from where it exported about 240,000 barrels of oil daily, Reuters reported. The Biden administration awarded the license in November 2022. The decision tightened a market focused on rising supply as prospects of the three-year-long Russia-Ukraine war ending have improved.