U.S. stocks retreat; consumer inflation, Powell's comments in focus
stocks fell Tuesday, as investors digested President Donald Trump's tariffs on major metal imports and a slew of corporate earnings ahead of comments from Fed Chair Jerome Powell and the release of key inflation data.
At 09:35 ET (14:35 GMT), the Dow Jones Industrial Average fell 110 points, or 0.3%, the S&P 500 index dropped 16 points, or 0.3%, and the NASDAQ Composite slipped 55 points, or 0.3%.
President Trump followed up his threat late on Monday, and signed executive orders imposing 25% tariffs on steel and aluminum imports, while also stating that there would be no exceptions to the duties.
Major steel exporters such as Canada, Mexico, and Brazil were subject to some quota-based tariff exceptions, which will now be revoked.
Trump warned that tariffs on metals could go higher, and that he was considering tariffs on cars, chips, and pharmaceuticals. The president also flagged plans to raise U.S. import tariffs to match foreign duties on the import of U.S. goods.
Investors are now gauging if Trump will follow through on a separate threat to impose reciprocal tariffs, with worries swirling around a potential increase in international trade tensions.
Source: Investing.com
