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 Dow Jones average fared the worst of the major indexes with its 0.5% drop, or loss of 224 points, despite a 3.2% gain for Apple AAPL. The 30-stock index sank below its 21-day exponential moving average. Caterpillar stock CAT was a loser on the Dow after a ratings downgrade.

U.S. stock futures pointed higher on Thursday morning, signaling a continuation of Wednesday’s strong rally, as investor sentiment was lifted by major corporate developments and a new push for domestic manufacturing.