US Stock Markets Today: Dow Jones Opens Lower After Trump Tariff Warning, Fed Minutes Awaited
The Dow Jones dropped 0.31% on Tuesday following Trump's tariff announcement, while the S&P 500 and Nasdaq Composite posted gains ahead of the Fed's November meeting minutes.
US stock markets opened mixed as Dow Jones edged lower on Tuesday on the back of President-elect Donald Trump's social media post outlining plans to impose 25% tariffs on all products imported from Mexico and Canada. The Dow Jones Industrial Average fell 0.31% or 142.66 points.
The S&P 500 rose with gains of over 0.30% trading near its all-time high, whereas the tech-heavy Nasdaq Composite rose 0.54%, or 102 points.
This comes after the S&P 500 hit new intraday record on Monday and ended the session at an all-time high.
“One thing that will be a big hurdle to tariffs being imposed is if inflation expectations are starting to move up in the short term,” Justin Onuekwusi, CIO at St. James’s Place told Bloomberg.
The attention would later in the session turn to the release of the minutes of Fed's November policy meeting.
The US market is set to be closed on Thursday on the occasion of Thanksgiving holiday and it will also close early on Friday.
In the early minutes of trading, only five of the 11 sectoral indices were trading in green with S&P information technology leading the surge, while material and industrial sectors were among the indices edging lower.
Among major companies, Nvidia Corp., Amazon.com Inc. and Oracle Corp. logged gains, whereas Ford Motor Co., Amgen Inc. and General Motors Co. slipped in early trade.
As the US market opened on Tuesday, spot gold fell 0.22% to $2,619.27 an ounce. Crude oil prices rose, with the Brent trading 0.70% higher at $73.52 per barrel.
The Bloomberg Dollar Index rose 0.2%, with the British Pound also rising 0.2% at $1.2588, while the Japanese yen rose 0.6%.
Bitcoin, the largest traded cryptocurrency, fell 1.3% to $92,483.35.
