Wall Street edged lower Thursday after getting pulled in opposite directions as President Donald Trump’s latest tariff escalation creates winners and losers among auto stocks.

The S&P 500 slipped 0.3% after drifting between small gains and losses several times through the day. Better-than-expected data on the economy also helped support the market. The Dow Jones industrial average dipped 155 points, or 0.4%, and the Nasdaq composite fell 0.5%.

General Motors sank 7.4% for one of the market’s sharper losses after Trump announced 25% tariffs on imported cars. Ford Motor dropped 3.9%.

Even U.S. automakers selling vehicles in the country can feel the pain of such tariffs because their supply chains are spread throughout North America. Trump says he wants more manufacturing to take place within the United States.

Automakers based outside the United States also sank. In Seoul, Hyundai Motor dropped 4.3%. In Tokyo, Honda Motor fell 2.5%, and Toyota Motor lost 2%.

But U.S. electric-vehicle makers Rivian and Tesla held up much better. They look to face less pressure from Trump’s tariffs because more of their production happens in the United States.

Rivian rallied 7.6%, and Elon Musk’s Tesla added 0.4% after paring an earlier, bigger gain.

Companies that could benefit from drivers opting against buying new cars also revved higher. Among auto parts retailers, AutoZone gained 4%, and O’Reilly Automotive climbed 3.1%. CarMax, which sells used autos, rose 2.5%.

One report on Thursday said slightly fewer workers applied for unemployment benefits last week than economists expected.

A second report said the U.S. economy’s growth during the final three months of last year was slightly stronger than earlier estimated.

The better-than-expected data helped Treasury yields in the bond market remain relatively steady. The yield on the 10-year Treasury edged up to 4.36% from 4.35% late Wednesday.

On Wall Street, Petco Health & Wellness jumped 31.6% after the retailer reported slightly stronger results for the latest quarter than analysts expected.

All told, the S&P 500 slipped 18.89 points to 5,693.31. The Dow dropped 155.09 to 42,299.70, and the Nasdaq composite fell 94.98 to 17,804.03.

In stock markets abroad, indexes fell across much of Europe after finishing mixed in Asia.

Japan’s Nikkei 225 fell 0.6% following the losses for many of its automakers, and Japanese Prime Minister Shigeru Ishiba said Thursday, “We strongly request that tariff measures not be applied to Japan.”

— Associated Press