Wall Street today: US stocks slip on Trump’s pharma tariff threats
US stock indices opened lower on Tuesday, after President Donald Trump threatens pharma tariffs and amid subdued corporate earnings.
At the opening bell, the Dow Jones Industrial Average fell 218.6 points, or 0.53%, to 41,000.19. The S&P 500 fell 44.5 points, or 0.79%, to 5,605.87, while the Nasdaq Composite dropped 221.0 points, or 1.24%, to 17,623.209.
Trump on Monday indicated that he plans to announce fresh tariffs on pharmaceutical imports over the next two weeks.
On Sunday, he had announced 100% tariffs on movies produced outside the US.
Meanwhile, investors are closely awaiting the Federal Reserve’s upcoming monetary policy decision on Wednesday.
Bullion
Gold prices gained on Tuesday amid concerns over potential US tariffs on pharmaceutical imports.
Spot gold rose 1.8% to $3,394.39 an ounce, as of 0936 ET (13:36 GMT). US gold futures were 2.4% higher at $3,403.00.
Spot silver rose 2% to $33.16 an ounce, platinum rose about 2.3% to $981.44 and palladium added 2.5% to $964.45.
