Dow, S&P 500 Slip as Trump Unveils Fresh Tariffs
Wall Street stocks dipped Tuesday, falling for a second straight session as President Donald Trump added tariff threats on copper and pharmaceuticals to his broadening trade agenda. Trump announced plans for a 50 percent duty on copper imports and a potential 200 percent levy on pharmaceuticals a day after the White House sent letters to Japan, South Korea and other countries about levies from August 1. The onslaught has reinstated trade top of mind on Wall Street after attention had focused on Capitol Hill and the Middle East in recent weeks. The Dow Jones Industrial Average finished down 0.4 percent following a rollercoaster session at 44,240.76. The broad-based S&P 500 slipped 0.1 percent to 6,225.52, while the tech-rich Nasdaq Composite Index was flat at 20,418.46. In contrast to Trump's spring tariff announcements which sent equities sharply lower, the market is "somewhat shaking it off," said Victoria Fernandez of Crossmark Global Investments, who noted Trump's record of tempering tariffs that were initially severe.
The market is in a "wait and see mode," Fernandez said. JPMorgan Chase and Bank of America fell more than three percent and Goldman Sachs dropped nearly two percent following downgrades from HSBC Securities. A note from HSBC called valuations of the banks "increasingly stretched." While the banks' operating fundamentals "appear healthy," macro uncertainties and slower economic growth "seem to be downplayed," it said. Boeing finished flat after announcing it delivered 60 planes in June, the most since December 2023, capping its most successful first semester in terms of planes to customers since 2018. Hershey fell 3.2 percent after naming Kirk Tanner to succeed Michele Buck as CEO. Tanner moves to the chocolate giant from the Wendy's Company, which dipped 0.1 percent. Buck had previously announced plans to retire.
