US open: Stocks mixed following Trump's tariff announcement
Wall Street trading got off to a mixed start on Tuesday after president-elect Donald Trump threatened to slap fresh tariffs on America's biggest trading partners.
As of 1530 GMT, the Dow Jones Industrial Average was down 0.58% at 44,476.77, while the S&P 500 advanced 0.20% to 5,999.27 and the Nasdaq Composite came out the gate 0.52% firmer at 19,153.01.
The Dow opened 259.80 points lower on Tuesday, taking a bite out of gains recorded in the previous session.
US president-elect Donald Trump has promised to institute new tariffs on China, Mexico and Canada from the first day of his presidency as part of an effort to stop illegal immigration and drug smuggling. Trump said he would sign an executive order that would slap all goods coming from Canada and Mexico with a 25% tariff, while China will be levied with an additional 10% tariff until Beijing cracks down on the illegal export of fentanyl to the US.
The tariffs will undoubtedly lead to a major escalation in tensions between the US and its top three trading partners, which account for roughly 40% of America's imports. It will also likely result in higher goods prices, given that tariffs are a form of tax on imports.
On the macro front, S&P Case-Shiller's 20-city housing price index increased 4.6% year-on-year in September, the smallest increase in the last twelve months, down from 5.2% in August and short of expectations for a reading of 4.8%.
Elsewhere, new home sales decreased to 610,000 units in the US during October, down from 738,000 in September, according to the Census Bureau.
Still on data, consumer confidence increased by 2.1 points in November to 111.7, according to the Conference Board, mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market.
Finally, the Richmond Federal Reserve's November manufacturing index remained unchanged at -14 in November.
Still to come, minutes from the Federal Reserve's latest two-day policy meeting were scheduled for publication at 1900 GMT.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Microsoft Corp. (MSFT) $424.92 1.46%
Walmart Inc. (WMT) $90.49 1.11%
Chevron Corp. (CVX) $161.66 0.81%
Cisco Systems Inc. (CSCO) $59.19 0.76%
Travelers Company Inc. (TRV) $262.48 0.48%
Apple Inc. (AAPL) $233.95 0.46%
Procter & Gamble Co. (PG) $178.15 0.43%
Salesforce.Com Inc. (CRM) $340.36 0.37%
Verizon Communications Inc. (VZ) $44.11 0.30%
International Business Machines Corporation (CDI) (IBM) $226.38 0.11%
Dow Jones - Fallers
Amgen Inc. (AMGN) $260.68 -11.33%
Walgreens Boots Alliance, Inc. (WBA) $8.72 -3.81%
Dow Chemical Co. (DOW) $44.46 -3.08%
Intel Corp. (INTC) $24.33 -2.19%
Boeing Co. (BA) $150.27 -1.85%
Nike Inc. (NKE) $78.26 -1.27%
Merck & Co. Inc. (MRK) $100.01 -1.14%
Johnson & Johnson (JNJ) $154.12 -1.06%
Goldman Sachs Group Inc. (GS) $597.85 -0.86%
JP Morgan Chase & Co. (JPM) $248.49 -0.72%
S&P 500 - Risers
J. M. Smucker Co. (SJM) $122.13 7.49%
NRG Energy Inc. (NRG) $98.59 7.31%
Macerich Co (MAC) $21.27 4.70%
Eli Lilly and Company (LLY) $784.70 3.93%
Western Digital Corp. (WDC) $71.89 3.55%
Hanesbrands Inc. (HBI) $8.74 3.49%
Analog Devices Inc. (ADI) $230.45 3.07%
Arista Networks Inc. (ANET) $409.92 2.55%
NetApp Inc. (NTAP) $128.99 2.23%
Amazon.Com Inc. (AMZN) $205.88 2.20%
S&P 500 - Fallers
Kohls Corp. (KSS) $14.26 -22.25%
Amgen Inc. (AMGN) $260.68 -11.33%
Best Buy Co. Inc. (BBY) $85.34 -8.27%
Align Technology Inc. (ALGN) $229.24 -4.69%
Constellation Brands Inc. Class A (STZ) $231.98 -4.01%
Walgreens Boots Alliance, Inc. (WBA) $8.72 -3.81%
Stanley Black & Decker Inc. (SWK) $89.14 -3.65%
Leggett & Platt Inc. (LEG) $12.60 -3.56%
Micron Technology Inc. (MU) $100.85 -3.47%
Celanese Corp. (CE) $74.00 -3.27%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $72.31 3.55%
Analog Devices Inc. (ADI) $231.22 3.42%
Amazon.Com Inc. (AMZN) $206.88 2.70%
Netflix Inc. (NFLX) $885.71 2.13%
Charter Communications Inc. (CHTR) $391.56 1.80%
Mercadolibre Inc. (MELI) $2,138.87 1.67%
Microsoft Corp. (MSFT) $424.84 1.44%
QUALCOMM Inc. (QCOM) $160.98 1.36%
T-Mobile Us, Inc. (TMUS) $242.67 1.14%
Seagate Technology Plc (STX) $102.87 1.10%
Nasdaq 100 - Fallers
Amgen Inc. (AMGN) $259.56 -11.71%
Align Technology Inc. (ALGN) $229.27 -4.68%
Qurate Retail Inc. (QRTEA) $0.41 -4.52%
Walgreens Boots Alliance, Inc. (WBA) $8.73 -3.70%
Micron Technology Inc. (MU) $101.18 -3.16%
Trip.com Group Limited (TCOM) $63.03 -2.32%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $355.02 -2.10%
Intel Corp. (INTC) $24.40 -1.91%
Dollar Tree Inc (DLTR) $68.46 -1.90%
Hasbro Inc (HAS) $63.18 -1.82%