The Dow slips as Trump’s trade war heats up and Powell takes the hot seat
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The Dow and other stock market indices were down Tuesday morning following President Trump’s approval of tariffs on steel and aluminum earlier in the week. The European Union, meanwhile, has vowed to retaliate against the President’s tariffs.
The Dow Jones Industrial Average dipped 0.28% Tuesday morning. The tech-heavy Nasdaq and S&P 500 shed 0.34% and 0.28%, respectively. Meanwhile, the 10-year Treasury yield was up at 4.529%.
The price of gold is hovering at record highs following Trump’s recent trade-war moves, and gold exchange-traded funds (ETFs) have surged to an all-time high after their longest winning streak since 2020.
Investors on Tuesday are closely monitoring Federal Reserve Chair Jerome Powell’s first Congressional appearance since President Trump’s inauguration. The inflation data due on Wednesday will be pivotal for the Fed to decide whether or not to slash the interest rate this year.
Coca-Cola (KO+3.53%shares were up Tuesday morning as its earnings report exceeded revenue expectations. Chipmaker Super Micro Computer (SMCI-2.93%) is set to report its earnings after the closing bell, highlighting the developments in the AI sector.
