S&P 500 is Little Changed as Traders Weigh Tariff Uncertainty, Weak Jobs Data
The S&P 500 was little changed on Wednesday, as the latest jobs data exacerbated concerns about the economy and appeared to pull attention away from hopes of a compromise on President Donald Trump’s controversial tariffs.
The S&P 500 added 0.1%, while the Nasdaq Composite lost 0.1%. The Dow Jones Industrial Average bounced by 162 points, or 0.4%, after plunging more than 1,300 points over the last two sessions.
Stock futures rallied overnight after Commerce Secretary Howard Lutnick said he expected an announcement on an agreement with Canada and Mexico. Lutnick added on Wednesday morning that Trump was considering which sectors of the economy to give relief to on the taxes.
Those updates boosted stocks like automakers that were hard hit due to concerns about rising costs for materials. General Motors and Ford advanced more than 3% and 2%, respectively. Elsewhere, luxury clothing maker Canada Goose jumped more than 2%.
But even as investors’ desires for tariff resolutions swirled, Trump said a “little disturbance” from his levies slapped on the two countries — along with China, which was also hit with a new import tax — was OK during a Tuesday night address to Congress.
Source : CNBC
