Stock Market Today: Dow, S&P 500, Nasdaq Set to Open Down on Liberation Day; Trump Tariff News; Tesla, Nvidia, Palantir, More Movers

Oil prices were edging lower as uncertainty surrounding the scope of U.S. tariffs continued to pressure commodity markets.

Brent crude and WTI fell 0.6% to $74.02 and $70.74 a barrel, respectively, after settling at their highest levels in five weeks on Monday.

Fears that President Donald Trump’s sweeping tariffs on major trade partners could hurt global economic growth and demand for crude are weighing on sentiment.

However, losses are capped by concerns over tightening supplies after Trump’s threats against Russia and Iran.

Meanwhile, U.S. crude stockpiles rose by 6 million barrels, while gasoline inventories fell by 1.6 million barrels last week, according to reports citing the American Petroleum Institute ahead of official EIA data.

Traders now await Thursday’s OPEC+ ministerial meeting for further clues on whether the group will proceed with its planned output increase beyond April.