US Stocks Mixed
The S&P 500 was around the flatline and the Nasdaq edged up 0.2%, while Dow Jones fell 70 points on Tuesday, as investors digested the latest trade developments. Markets responded to news that President Trump had announced revised tariff rates on 14 countries that have yet to reach trade agreements with the US.
Reports also indicated that the US has proposed a deal to the EU that would retain a 10% baseline tariff. Investors found some relief in the extended timeline for negotiations, as the new tariffs are not set to take effect until August 1st, allowing more time to reach agreements. The utilities sector was the biggest laggard while energy and health booked the biggest gains.
On the corporate front, Tesla shares rose nearly 1%, rebounding after a 6.8% decline on Monday. Other megacaps were mixed, with Nvidia (+0.4%), Meta (+0.2%), Broadcom (+0.6%), and Alphabet (+0.2%) booking gains while Microsoft (-0.2%), Apple (-0.6%) and Amazon (-0.3%) traded in the red.
Source: Trading Economics