US stocks extended losses on Tuesday after President Donald Trump announced more tariffs on Canada.
Trump said he would raise tariffs to 50% on steel and aluminum coming from Canada.
“This will go into effect TOMORROW MORNING, March 12th,” Trump said in a social media post.
As of 11 AM Eastern time, the S&P 500 was down 0.9%, the Dow Jones Industrial Average was down 1.3%, and the Nasdaq Composite was 0.5% lower.
In the bond market, the yield on the 10-year Treasury slipped to 4.21% from 4.22% late on Monday.
Amid stock market turmoil, Trump will meet the CEOs of America’s biggest companies later on Tuesday, as recession and inflation fears soured consumer and investor sentiment.
The president is expected to speak with around 100 CEOs at a regular meeting of the Business Roundtable in Washington, an influential group of CEOs leading major U.S. companies from Apple to JPMorgan Chase and Walmart.
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Gainers and losers
Among megacap stocks, Elon Musk’s Tesla rose 1.7% and Nvidia gained 0.2%,
Oracle stock slumped 56% after the technology giant’s quarterly profit and revenue fell short of expectations.
Delta Air Lines stock plunged 8.5% after the company said it’s already seeing the change in confidence, which is affecting demand for close-in bookings for its flights.
Southwest Airlines shares rallied 5.6% despite the carrier cut its forecast for an important underlying revenue trend.
Bullion
Gold prices gained 1% on Tuesday amid a weaker US dollar and economic slowdown worries due to tariff wars.
Spot gold was 1% firmer at $2,919.29 an ounce as of 11:09 a.m. ET (1509 GMT). US gold futures were 0.9% higher at $2,926.30.
Spot silver added 2.2% to $32.82 per ounce.
Crude oil
Oil prices rose on Tuesday, helped by weakness in the US dollar.
Brent crude futures rose 56 cents, or 0.8%, to $69.84 a barrel by 10:43 a.m. EDT (1423 GMT). US West Texas Intermediate crude futures gained 53 cents, or 0.8%, to $66.56 a barrel.
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