Key Takeaways
- The S&P 500 and Nasdaq lost ground at midday as the Trump administration’s reciprocal tariffs are set to kick in this week.
- Tesla was among the automakers whose shares fell on worries about the upcoming auto duties.
- Discover Financial Services announced a deal that would keep interim CEO J. Michael Shepherd at the helm until Capital One completes its purchase.
Worries about the impact of new Trump administration tariffs set to go into effect Wednesday sent the S&P 500 and Nasdaq lower at midday. The Dow Jones Industrial Average bounced back from earlier losses to post gains.
Tesla (TSLA) and Stellantis (STLA) stock and U.S.-listed shares of fellow automaker Toyota Motor (TM) fell as the deadline for the new duties on cars made outside the U.S. neared. However, Ford Motor (F) shares advanced.
Nvidia (NVDA) and other chip shares also dipped as President Trump said no countries would get special treatment in the reciprocal tariffs.
Shares of Moderna (MRNA) and other vaccine makers slumped when a key Food and Drug Administration (FDA) vaccine regulator resigned in a dispute with Health and Human Services Secretary Robert F. Kennedy Jr.
Discover Financial Services (DFS) was the best-performing stock in the S&P 500 when the credit card provider struck a deal with interim CEO J. Michael Shepherd to keep him on until its $35.3 billion acquisition by Capital One Financial (COF) closes.
Shares of American International Group (AIG) jumped after the insurer announced a $7.5 billion stock buyback plan.
Oil and gold futures spiked. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up on the euro and pound and little changed against the yen. Prices for most major cryptocurrencies rose.
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