U.S. Stocks See Downturn Amid Trade Jitters
(MENAFN) Wall Street experienced a downturn on Tuesday as investors navigated a flood of corporate earnings reports while keenly observing developments in trade negotiations and the commencement of the Federal Reserve's two-day monetary policy meeting.
The Dow Jones Industrial Average took a significant hit, dropping 389.83 points, or 0.95%, to settle at 40,829.00. Similarly, the S&P 500 index fell by 43.47 points, or 0.77%, closing at 5,606.91. The Nasdaq Composite Index also saw a decline, sliding 154.58 points, or 0.87%, to finish the day at 17,689.66.
A broad sell-off affected the majority of the S&P 500 sectors, with nine out of eleven ending in negative territory. The healthcare and consumer discretionary sectors bore the brunt of the losses, falling by 2.76% and 0.85%, respectively. In contrast, the utilities and energy sectors bucked the trend, posting gains of 1.23% and 0.10%.
Market activity fluctuated throughout Tuesday following a meeting between U.S. President Donald Trump and Canadian Prime Minister Mark Carney. This marked their initial formal negotiation since Carney assumed office. During the discussion, President Trump tempered earlier optimistic remarks regarding imminent trade agreements, stating plainly, "We don't have to sign deals." This comment represented a notable shift from his statements on Sunday, when he suggested that multiple agreements could be finalized as early as this week.
Investor focus is now squarely on the Federal Reserve, which is widely anticipated to maintain its benchmark interest rate at the current meeting. However, market participants are particularly awaiting Fed Chair Jerome Powell's commentary on Wednesday. His insights into how the Trump administration's tariff policies might be influencing the broader economic landscape will be closely scrutinized.
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