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US stocks drifted lower Tuesday as investors considered the latest developments on President Trump’s tariffs, including a potential auto sector reprieve and a concrete step toward new semiconductor and pharmaceutical duties.
Compared to the last week, Tuesday was a relatively calm market day with not much chaos on the trade front either. In recent sessions, back-and-forth tariff whipsaw had become the primary catalyst for volatility as investors searched for further clarity on policy.
The benchmark S&P 500 (^GSPC) dropped around 0.2% while the Dow Jones Industrial Average (^DJI) shed just over 150 points, or around 0.4%. The tech-heavy Nasdaq Composite (^IXIC) fell around 0.1% after all three indexes ticked higher earlier in the trading day.
SNP – Delayed Quote USD
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On Monday, US stocks rose on the heels of a remarkably volatile week for markets following news the Trump administration would treat tariffs on key electronics separately from duties on specific countries and would impose them at a later date. The president also floated possible tariff exemptions for car companies, sending auto stocks soaring.
But any clarity emerging on Trump’s trade continued to remain elusive as the president simultaneously pushed forward with plans to place tariffs on pharmaceutical and semiconductor imports.
Read more: The latest on Trump’s tariffs
On Tuesday, in addition to staying vigilant on the trade front, investors assessed a slew of corporate earnings, including results from Bank of America (BAC), Citi (C), Johnson & Johnson (JNJ), and PNC (PNC).
Boeing (BA) stock fell around 2% Tuesday after Bloomberg News reported that China instructed its airlines to suspend additional Boeing jet deliveries.
Traders will remain vigilant for any early signs of how tariff turmoil might affect companies’ bottom lines as well as what — if any — guidance they can provide for future quarters.
LIVE 19 updates
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Stocks close lower in calm market day
It was a quiet day for markets — a noticeable shift from the norm — as investors waited for more clarity on President Trump’s back-and-forth trade policy.
The benchmark S&P 500 (^GSPC) dropped around 0.2% while the Dow Jones Industrial Average (^DJI) shed just over 150 points, or around 0.4%. The tech-heavy Nasdaq Composite (^IXIC) fell around 0.1% after all three indexes ticked higher earlier in the trading day.
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J&J CFO: Tariff impact from exports to China more than global imports
Johnson & Johnson (JNJ) stock fell around 1% on Tuesday despite the company reporting a beat on first quarter earnings, even as concerns linger about how President Trump’s tariffs will impact its medical device business.
Yahoo Finance’s Anjalee Khemlani reports:
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Stocks reverse gains in midday trade
Stocks reversed earlier session gains to trade firmly in the red on Tuesday.
Below is a look at the sector action, with Consumer Discretionary (XLY) falling over 1% while Financials (XLF) held strong following earnings from Bank of America (BAC) and Citigroup (C).
Notably, retail names dropped broadly across the sector, with Amazon (AMZN), Nike (NKE), and Lowe’s (LOW) each falling around 2%.
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Trump promises ‘expedited’ process for Nvidia’s US supercomputer plans as Big Tech pledges top $1.6 trillion
President Trump on Tuesday again touted Nvidia’s $500 billion commitment to building AI infrastructure in the US, pledging to expedite the process for the chip giant and any other company planning big US investments.
“This is very big and exciting news. All necessary permits will be expedited and quickly delivered to NVIDIA, as they will to all companies committing to be part of the Golden Age of America!” Trump said in a Truth Social post.
Nvidia’s announcement brings Big Tech’s investment pledges to US AI infrastructure to just north of $1.6 trillion since Trump’s inauguration as the tech world tries to navigate the potential hazards of the president’s trade war while staying on the right side of a malleable administration.
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Palantir stock surges 5%, extending gains after finalizing NATO deal
Palantir jumped roughly 5% Tuesday afternoon, extending the tech company’s 4.6% gain on Monday after cementing a deal with NATO.
NATO announced Monday that it had finalized the acquisition of an AI military system from the Denver-based defense tech firm.
Details of the deal were not disclosed, but NATO said it would begin using Palantir’s technology — the Maven Smart System NATO (MSS NATO) — in the next 30 days. MSS uses AI to compile and analyze data for “battlespace awareness and planning,” including the identification of military targets.
Palantir stock is now up 25% over the past five days, but shares remain far below their mid-February high of above $120.
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Investors no longer expect a ‘soft landing’: BofA survey
Investors’ consensus view of the macroeconomy has flipped on its head in the past month.
In the latest Bank of America Fund Managers Survey released on Tuesday, 49% of respondents said they expect a “hard landing” for the global economy — where economic growth deteriorates before inflation fully retreats — in the next 12 months. Last month, just 11% of respondents had expected this outcome.
Conversely, a “soft landing” — where inflation falls to the Fed’s 2% target without the economy tipping into recession — is no longer the consensus. In the latest survey conducted from April 4 to April 10, just 37% of respondents said they expect a soft landing. This is down from 64% expecting a soft landing a month ago.
The shifts in sentiment reflect how economists have been discussing the potential impact of President Trump’s tariffs, with many expecting the new policies to boost inflation and slow economic growth. Some even believe the tariffs could push an already slowing US economy into recession later this year.
“The Fed had accomplished what many had thought was impossible,” BNP Paribas chief US economist James Egelhof told Yahoo Finance, pointing to a recent strong jobs report and inflation hitting its lowest level in four years. “It had brought us to the brink of a soft landing. Now, the tariffs change everything.”
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HPE jumps on report of $1.5 billion activist stake
Shares of Hewlett Packard Enterprise Co. (HPE) jumped after news broke that activist investor Elliott Investment Management reportedly built a position worth more than $1.5 billion in the company.
Shares spiked as high as 8% but retreated to a gain of around 5% by the afternoon.
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EU-US trade talks make little progress: Bloomberg
Stocks moved higher Tuesday despite downbeat news on trade negotiations from the European Union (EU).
Trade talks between the EU and US reportedly made “little progress” over the past several days. Officials indicated the duties imposed on the EU would remain once President Trump’s “reciprocal” tariff pause resumes.
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Investors aggressively buy the dip as Trump’s tariff turmoil continues to shake markets
Yahoo Finance’s Josh Schafer reports:
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Markets stabilize — but technicals signal caution
As markets attempt to return to normalcy, recent trading action has been mixed.
According to data compiled by Yahoo Finance, the S&P 500 (^GSPC) is up two straight days with 85% of components in the green. Still, the benchmark index has formed a “death cross” technical pattern — a bearish analysis in which the 50-day moving average crosses below the 200-day moving average.
This often signals the potential for a major sell-off or downward trend.
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Meanwhile, the US bond market and the dollar (DX=F), which aggressively sold off last week, have been consolidating recent moves with Wall Street’s “fear gauge index” (^VIX) briefly dipping below 30.
Bitcoin (BTC-USD) is edging higher in early trade, trading just below $86,000 a coin. Gold (GC=F) continues to surge above $3,200 an ounce, trading at record highs.
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Stocks open higher
US stocks rose early Tuesday as investors continued to digest the latest trade policy headlines after a tumultuous week for stocks following back-and-forth tariff shocks from the Trump administration.
The benchmark S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) each opened about 0.2% higher, while the tech-heavy Nasdaq Composite (^IXIC) rose around 0.1%.
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US import prices unexpectedly fell in March
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Trending tickers in premarket trading: JNJ, Albertsons, Boeing, Netflix
Stock futures slid below the flat line an hour ahead of the opening bell as investors await new sector tariffs — or reprieves — from the Trump administration and earnings season picks up momentum.
Here are some of the trending tickers in premarket trading we have our eyes on:
On the earnings front:
In other news:
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Bank of America brings in highest-ever equities trading haul
Bank of America (BAC) stock rose 2% in premarket trading after the bank reported a jump in profits in the first quarter amid market volatility.
Like the other Wall Street banks that reported quarterly results — JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS) — Bank of America saw a pullback in investment banking but a rise in trading revenue.
Yahoo Finance’s David Hollerith has the details:
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The trade war uncovers new economies of scale
In today’s Morning Brief, Yahoo Finance’s Hamza Shaban writes that the most important distinction for Big Tech isn’t just size, it’s whether they can get a tariff carve-out:
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Good morning. Here’s what’s happening today.
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Boeing stock falls as China halts jet deliveries amid escalating trade war
Boeing (BA) stock dropped more than 2% in premarket trading on Tuesday after reports emerged that China has ordered its airlines to halt further deliveries of Boeing jets, according to Bloomberg News.
This move marks the latest escalation in what Yahoo Finance’s Senior Columnist Rick Newman refers to as the “giant trade war” that has unfolded between the US and China. As Newman highlights in his latest piece, this conflict, which initially began with targeted tariffs, has now morphed into a full-scale trade war, with China as the primary adversary and smaller skirmishes occurring with other nations.
This tit-for-tat escalation has significantly impacted industries, especially those reliant on global supply chains. The Boeing delivery halt is just one example of how the trade war continues to ripple through various sectors, with repercussions felt by businesses and consumers alike.
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Asian indexes rise on gains from auto industry tariff delay
Asian markets rallied, with Japan leading the surge, after President Donald Trump signaled a possible halt to planned auto tariffs—easing investor nerves already soothed by the decision to delay duties on certain consumer tech products.
Bloomberg reports
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Jamie Dimon offloads $31.5 million in JPMorgan shares
Jamie Dimon, CEO of JPMorgan Chase & Co (JPM), has sold roughly $31.5 million in stock of America’s largest bank. The sale is his second offload of stock since taking the role of CEO in 2005.
