Wall Street Wavers as Tariff Concerns Linger
In the afternoon trading session, US stocks experienced a lack of clear direction as investors deliberated over the potential consequences of imminent tariffs alongside prevailing economic uncertainties. The S&P 500 remained close to the break-even point, whereas the Dow Jones decreased by 54 points, and the Nasdaq saw a slight increase of 0.1%. The rally observed on Monday, which was fueled by optimism over possible limited tariff measures, lost momentum. This shift followed President Trump's indications that some nations might be exempted from the reciprocal tariffs scheduled to commence on April 2. Additionally, he hinted at new tariffs targeting the pharmaceutical and automotive sectors. After a 12% surge on Monday, Tesla's performance wavered, while Nvidia experienced a 0.7% decline. Meanwhile, KB Home dropped 5% following a reduction in its sales forecast, and UniFirst plummeted 12% after Cintas terminated acquisition discussions. Investors were also processing a significant drop in consumer confidence, which reached its lowest point in four years, with future expectations falling to their weakest level in 12 years. At the same time, traders increased their forecasts for Federal Reserve rate cuts anticipated in 2025, though market strategists remained divided over the future trajectory of equities.
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