US stocks were lower on Wednesday, with three major indexes slipping about 0.3%, as markets pulled back after the S&P 500 reached a record high in the previous session.
Investor sentiment was weighed down by renewed concerns over trade tensions after President Donald Trump signaled he would likely impose 25% tariffs on automobile, semiconductor, and pharmaceutical imports, with an announcement expected as soon as April 2.
Traders also awaited the release of the FOMC minutes later in the day for further insight into the Federal Reserve's policy outlook. In its January meeting, the central bank paused its rate-cut cycle, with Chair Jerome Powell emphasizing that policymakers are in no rush to lower borrowing costs. Materials was the worst performing sector while energy outperformed.
Megacap stocks were mixed, with Nvidia (-0.1%), Microsoft (-0.2%), Amazon (-0.7%), and Meta (-1.6%) declining, while Apple was little changed and Tesla added 1%.
Source: Trading Economics
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