U.S. stock markets displayed a mixed performance on Tuesday as investors reacted to disappointing economic indicators and growing concerns about potential tariffs from President Donald Trump. With Trump set to unveil new tariffs on his designated "Liberation Day" Wednesday, market sentiments remained cautious. By 10:45 AM ET, the S&P 500 had dipped by 0.2%, the Dow Jones Industrial Average fell by 0.5%, while the Nasdaq Composite managed a slight gain of 0.1%.
Economic Reports Spark Concerns
Recent data has indicated a slowdown in key economic sectors. The ISM report revealed that U.S. manufacturing activity experienced a decline in March, breaking a two-month growth streak. Additionally, a separate report highlighted a decrease in job openings, with employers advertising fewer positions at the end of February.
- S&P 500: -0.2%
- Dow Jones: -0.5%
- Nasdaq: +0.1%
- 10-Year Treasury Yield: Decreased to 4.14% from 4.23%
Stock Performances: Winners and Losers
In the stock market, notable movements occurred. Johnson & Johnson saw its shares drop by 4.6% following a bankruptcy court ruling that rejected its settlement plan concerning talc-based baby powder. Similarly, airline stocks continued to face challenges, with Delta Air Lines down by 4.3% and United Airlines slipping 4.6%.
Conversely, PVH Corp, the parent company of brands like Calvin Klein and Tommy Hilfiger, experienced a robust rise, with shares surging 15.8% after reporting a strong quarterly profit.
Gold Prices Hit Record Highs
In the commodities market, gold prices soared to unprecedented levels as investors sought safe havens amid looming tariff announcements by President Trump. As of 11:07 AM ET, spot gold was up 0.3%, trading at $3,132.43 per ounce. Earlier, it reached an all-time high of $3,148.88. U.S. gold futures also rose by 0.4%, reaching $3,164.20.
- Spot Gold: +0.3% at $3,132.43
- U.S. Gold Futures: +0.4% at $3,164.20
- Silver: -0.3% at $33.97
- Platinum: -0.5% at $987.30
- Palladium: +0.5% at $987.68
Oil Prices Remain Steady
Oil prices showed stability on Tuesday as geopolitical tensions influenced market dynamics. President Trump’s threats to impose secondary tariffs on Russian crude and potential military action against Iran added to the uncertainty surrounding global growth.
- Brent Crude: Up 3 cents, or 0.04%, at $74.80 per barrel
- U.S. West Texas Intermediate: Increased 4 cents, or 0.06%, to $71.52
In summary, the financial landscape on Tuesday was characterized by mixed stock performances, fluctuating commodity prices, and a cautious outlook ahead of President Trump’s tariff announcements. Investors are keeping a close eye on these developments as they navigate through this uncertain economic terrain.
