Wall Street today: Dow Jones, S&P 500, Nasdaq edge higher on signs of tariff relief for auto sector
US stock indices edged higher on Tuesday after President Donald Trump hinted at potential exemptions for the 25% tariffs imposed on imports of autos and auto parts.
But, worries overnew tariffs on pharma and semiconductor imports kept investors on edge.
According to Federal Register filings, the Trump administration was proceeding with probes into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both the sectors.
At 09:36 AM the Dow Jones Industrial Average rose 72.89 points, or 0.18%, to 40,597.68, the S&P 500 gained 13.16 points, or 0.24%, to 5,419.13 and the Nasdaq Composite gained 35.88 points, or 0.21%, to 16,867.36.
At the opening bell, the Dow Jones Industrial Average rose 3.0 points, or 0.01%, to 40,527.82. The S&P 500 rose 6.0 points, or 0.11%, to 5,411.99, while the Nasdaq Composite rose 10.9 points, or 0.06%, to 16,842.393.
The yield on the 10-year Treasury was steady at 4.38%.
Gainers and Losers
Bank of America shares surged 3.9% after the lender reported stronger first quarter profit.
Citigroup stock rose 2.3% after the bank topped earnings expectations.
Among the automakers, shares of Tesla rose1.71%, Ford Motorfell1.34%, and General Motors lost1.26%.
Boeing stock slid 1.4% after a media report said China has ordered Chinese airlines not to take further jet deliveries of the US planemaker.
Johnson & Johnson shares fell 1.24%despite the company beat estimates for first quarter revenue and profit.
Bullion
Gold prices surged on Tuesday on safe-haven demand and weaker US dollar.
Spot gold was up 0.4% at $3,223.41 an ounce as of 09:32 AM ET (1332 GMT). US gold futures added 0.4% to $3,238.70.
Spot silver eased 0.4% to $32.23 an ounce and platinum rose 1.4% to $964.80, while palladium gained 1.3% to $968.46.
Crude oil
Oil prices declined on Tuesday afterthe International Energy Agency slashed forecasts for global oil demand this year amid the brewing trade war.
The IEA also predicted a persistent supply surplus in 2026.
Brent crude futures were down 54 cents, or 0.8%, at $64.34 per barrel by 1222 GMT.
US West Texas Intermediate crude dipped 57 cents, or 0.9%, to $60.96 a barrel.
