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Stocks dipped on Wednesday, led lower by tech, as pressure on the tariff front mounted.
The Dow Jones Industrials lost 134.07 points to 42,453,43.
The S&P 500 Index faltered 64.45 points, or 1.1%, to 5,712.20
The NASDAQ collapsed 372.84 points, or 2%, to 17,899.01
Other major tech names such as Meta, Amazon and Alphabet lost more than 2% each, while Tesla slid more than 5.5%.
Stocks hit session lows after the White House said that President Donald Trump will unveil new tariffs on auto imports during a press conference at 4 p.m. ET.
General Motors and Ford shares each dropped more than 1%, while Stellantis was down more than 2%.
This will come ahead of a broad array of additional levies expected to be revealed next week.
Trump on Tuesday said that these tariffs will likely be more “lenient than reciprocal,” reflecting a softened stance that added onto reports from earlier this week that the duties could be more
Prices for the 10-year Treasury faded Wednesday, hiking yields to 4.35% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices gained 74 cents to $69.74 U.S. a barrel.
Prices for gold handed back $3.70 to $3,022.20 U.S.
US Market Updates
