Wall Street Closes Mixed Ahead of Trump’s Tariff Announcement
Sector-wise, consumer discretionary (+1.14%), communications (+1.02%), and technology (+0.95%) led gains.
Markets remained cautious on Tuesday as investors awaited Donald Trump’s “Liberation Day”, set for Wednesday, where he will unveil new tariffs.
The three major Wall Street indices had mixed performances:
Dow Jones Industrial Average edged down 0.03% to 41,989.96 points.
S&P 500 gained 0.38% to 5,633.07 points.
Nasdaq Composite advanced 0.87% to 17,449.89.
Analysts expect some uncertainty to clear after Trump’s tariff plan is revealed, but overall market sentiment remains fragile. Confidence is weak, and positioning remains cautious.
Tech Stocks Lead Gains
Big tech stocks saw notable gains, with Tesla (+3.59%) rallying ahead of its Q1 vehicle deliveries report. Other major tech players also rose, including:
Sector-wise, consumer discretionary (+1.14%), communications (+1.02%), and technology (+0.95%) led gains, while healthcare (-1.75%) and financials (-0.16%) declined. In the Dow Jones, Johnson & Johnson saw the sharpest drop, plunging 7.6%.
Newsmax IPO Frenzy
A new “meme stock” emerged on Wall Street as Newsmax, the conservative media company, experienced a wild surge in its stock price after its IPO.
Shares soared over 2,000% on debut, triggering multiple trading halts. On Tuesday, the stock jumped another 180% to $33, following a 735% surge in its first trading session.
Newsmax’s stock price swung between $114.22 and $215, with over 7 million shares changing hands. Within the first 70 minutes of trading, volatility triggered five trading suspensions.
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