NEW YORK: Wall Street stocks retreated early Tuesday as the White House’s latest tariff plans drew a frosty response from trading partners, while markets awaited congressional testimony by the US Federal Reserve.
Canadian leader Justin Trudeau vowed a “firm and clear” response to Trump’s plan for 25 percent tariffs on steel and aluminium imports, while EU chief Ursula von der Leyen said the bloc would act to “safeguard its economic interests” as it navigates the latest levies.
Markets on Monday had largely shrugged off the latest US trade action.
But about 10 minutes into Tuesday trading, the Dow Jones Industrial Average was down 0.2 percent at 44,374.14.
Wall Street advances as tech stocks rebound
The broad-based S&P 500 declined 0.3 percent to 6,050.81, while the tech-rich Nasdaq Composite Index also dropped 0.3 percent to 19,655.38.
Investors are poised to hear from Federal Reserve Chair Jerome Powell, who will discuss the outlook for monetary policy in light of the tariff actions. Powell begins two days of congressional hearings later Tuesday.
Among individual companies, Coca-Cola jumped four percent after reporting an 11 percent increase in profits to $2.2 billion in results that topped estimates.
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