Investors were focused on President Trump's tariff policy on Thursday as the president unveiled plans for new chips tariffs that included exemptions for companies building in the U.S., or that have committed to build.

The S&P 500 joined the Dow and gave back earlier gains, ceding 0.1%. The Nasdaq composite fared the best with a 0.4% increase. Small caps on the Russell 2000 crumbled with a 0.4% drop. Volume was modestly higher on the Nasdaq exchange and incrementally higher on the New York Stock Exchange compared with Wednesday.