Stocks dipped on Wednesday, led lower by tech, as pressure on the tariff front mounted.
The S&P 500 lost 1.1%, while the Dow Jones Industrial Average
traded 205 points lower, or 0.5%. The tech-heavy Nasdaq Composite shed about 2%, as Nvidia shares dropped more than 6%. 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 narrow in scope and that sector-specific tariffs are expected to be delayed.
Worries over the impact of protectionist trade policies have weighed on equities recently. The S&P 500 dipped into correction territory earlier this month, briefly dipping more than 10% from a record high set in February.
Wall Street is coming off a winning session, with the S&P 500 on Tuesday posting its third straight advance.
Mark Hackett, chief market strategist at Nationwide, noted that the market appears to be stabilizing as the S&P 500 has gained 5% in eight sessions, recovering almost half of what it lost over the previous month.
"The emotion of the market is calming following a tumultuous period ... the collapse of technical indicators accompanying the recent market correction is showing signs of recovery," Hackett said.
Tech stocks come under pressure
Several well-known tech stocks took a beating on Wednesday.
All seven stocks in the "Magnificent Seven" tracked for losses, led down by Nvidia and Tesla with slides of nearly 6% each. Other notable names including Palantir, Advanced Micro Devices and Broadcom
also declined.
Those moves can help explain why the information technology sector performed the worst of the 11 that comprised the S&P 500.
The sector fell more than 2%, on track to snap a three-day win streak.
The tech-heavy Nasdaq Composite, meanwhile, was the worst performer of the three major indexes in the session. With a drop of nearly 2%, the index was also poised to record its first negative day in the last four.Wednesday Shares of several automakers declined after the White House said President Donald Trump will unveil new tariffs on auto imports during a press conference in the Oval Office at 4 p.m. ET on Wednesday.
Shares of General Motors and Ford each dropped about 1.3%.Stellantis
and Honda Motor each shed more than 2%. Toyota Motor and Nissan Motor also declined more than
Source: CNBC
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