US Stock Market Move | Tariffs + US government's concerns about cost reduction difficult to dispel, IBM (IBM.US) falls more than 8%

On Thursday, IBM (IBM.US) opened with a drop of over 8%, marking its biggest decline in nearly a year, at $226.54. On the news front, the company's performance was not strong enough to appease investors' concerns that tariffs and the US federal government's reduced spending would weaken the company's business. IBM announced on Wednesday that its first-quarter sales rose nearly 1% to $14.5 billion, beating market expectations; earnings per share excluding certain items were $1.60, also beating market expectations. Furthermore, IBM stated that 15 government contracts were put on hold under the drive to cut costs at the government efficiency department managed by Musk.