Dow Turns Positive, S&P 500, Nasdaq Down; Trump Tariffs; Nvidia, Tesla, Ford, More Movers; Dollar Rises
The stock market was falling on Wednesday as Wall Street anxiously awaited updates on President Donald Trump’s plans for tariffs on Canadian imports.
The Dow was down 76 points, or 0.2%. The S&P 500 was down 0.7%. The Nasdaq Composite was down 1.1%.
Trump is expected to speak with Canadian Prime Minister Justin Trudeau later this afternoon. Stocks fell sharply to start the day after the White House over the weekend reiterated plans for 25% tariffs on Mexico and Canada and a 10% tariff on goods from China.
The market turned around a bit after Trump said he would delay the tariffs on Mexican goods for one month following a call with Mexican President Claudia Sheinbaum Pardo. Mexico will send 10,000 troops to bolster the border and prevent drug smuggling. Trump said his administration will also meet with Mexican officials to see if they can negotiate some kind of pact ahead of the new tariff deadline.
Whether Trump will accept a similar deal from Canada and delay tonight’s deadline for the tariffs remains to be seen. A trade war with Canada and Mexico could lead to higher consumer prices and hit economic growth.
