US stocks opened mostly higher on Tuesday as investors weighed President-elect Donald Trump’s threat to impose new tariffs on China, Canada and Mexico, with Federal Reserve minutes on deck.
S&P 500 (^GSPC) rose about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) increased by about 0.4%. The Dow Jones Industrial Average (^ DJI) lagged behind, falling 0.3% from Its latest record As drug manufacturer Amgen (AMGN) broke down.
Markets were in the beginning Caught off guard By Trump’s promise by late Monday night Big tariff slap on America’s largest trading partners since his first day in office. His comments fueled fears of a trade war and lowered expectations on Wall Street Treasury Secretary nominee Scott Besant will rein it in Any extreme move by the new administration.
Wall Street cheered Trump’s move, stocks mostly Besant-bounce benefit on Monday which sent the Dow to a record high. The debate centered on Trump’s record as president Using policy threats As a starting point for a conversation, then not presenting them entirely.
During this time European car maker stocks It fell on the heels of Trump’s “America First” push. the nissan and Honda Motor (H.M.C), which has auto plants in Mexico, Came under pressure. in currencies, The Mexican peso and the Canadian dollar fell sharply As the US dollar has rallied.
In a more predictable vein, Fed minutes will be scored for release later on Tuesday Clues to the depth and speed of interest rate cuts In the coming year. Several policymakers have flagged that they expect to move more slowly than previously planned. The minutes will set the stage for Wednesday’s October reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditure (PCE) index.
Among individual stocks, Amgen fell nearly 10% Its once-monthly weight loss data GLP-1 injectable fails to impress Wall Street.
On the crypto front, Bitcoin (BTC-USD) retreated to trade around $92,840 per token as its bid for the $100,000 milestone ran out of juice, the largest digital currency Has created his longest losing streak Because Trump’s election victory has boosted optimism around crypto.
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