gyrated on Wednesday amid ongoing uncertainties tied to President Donald Trump's controversial tariffs.
The S&P 500 and Nasdaq Composite
added 0.2% and 0.4%, respectively. The Dow Jones Industrial Average
rebounded by 181 points, or 0.4%, after plunging more than 1,300 points over the last two sessions.
The three indexes swung between positive and negative territory for the day. If the averages end down, it would mark the third straight negative session for each.
Commerce Secretary Howard Lutnick said late Tuesday that he expected an announcement on an agreement with Canada and Mexico around tariffs. Lutnick added on Wednesday morning that Trump was considering which sectors of the economy to give relief to on the taxes.
Those updates boosted stocks like automakers that were hard hit due to concerns about rising costs for materials. General Motors
and Ford
advanced more than 3% and 2%, respectively.
Trump's tariffs — and subsequent announcements of retaliatory plans from China, Mexico and Canada — have rocked markets, with all three major indexes down more than 2% on the week. Though traders' desires for resolutions swirled, Trump said a "little disturbance" from his levies slapped on key trading partners was OK during a Tuesday night address to Congress.
The S&P 500 officially wiped out its gains since it closed on Election Day in November. The Nasdaq Composite sat within striking distance of correction territory at points during Wednesday's session.
A reading on the health of the service sector released Wednesday morning came in slightly better than economists expected, briefly boosting the market. But the ADP private payroll report released earlier in the day showed less job growth than anticipated, adding yet another data point to the growing body of evidence indicating the economy was cooling.
"The tariffs alone aren't enough to hurt the economy in a noticeable way," said Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management. "But when you take tariffs, plus broader worries about the economy, and a Fed that still might take its time on lowering rates, that's when you start to wonder if the record highs in stocks from earlier this year were justified.
Source: CNBC
European stocks edged higher on Thursday ahead of the ECB policy decision and the US CPI release. At 07:05 GMT, Germany's DAX rose 0.1%, France's CAC 40 +0.3%, and the UK's FTSE 100 +0.3%. Gains were ...
Asian stocks moved mixed on Thursday after Wall Street rallied and pushed the S&P 500 to a new record. A decline in US producer price inflation (PPI) bolstered confidence that the Fed could cut in...
The S&P 500 notched a second straight record-high close on Wednesday, as Oracle surged and cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rat...
European stocks closed mostly lower on Wednesday with losses from tech, consumer defensive companies, and miners as markets continued to assess the outlook on global rates and geopolitical risk. The E...
The S&P 500 jumped to a fresh record on Wednesday after a reading on wholesale prices unexpectedly declined, a welcome development for investors clamoring for a Federal Reserve rate cut next week ...
Gold weakened slightly on Thursday (September 11), but held near record highs well above $3,600, as a modest dollar recovery and profit-taking weighed on prices, while investors awaited US consumer inflation data due later in the day. Spot gold...
Gold prices weakened on Thursday (September 11th) after hitting a new record earlier this week. Selling pressure emerged as the US dollar strengthened and bond yields rose, reducing the precious metal's appeal as a hedge. Investors tended to take...
The EUR/USD pair recorded a slight decline on Thursday (September 11th), trading at 1.1695, but remained within the previous day's narrow range at the start of the European session. Investors were reluctant to place directional bets, awaiting the...
The United States (US) Bureau of Labor Statistics (BLS) will publish the 2025 preliminary benchmark revision to the Establishment Survey Data on...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...