Wall Street today: US stocks mixed amid trove of earnings, General Motors drops 3% | Stock Market News
Source: Live Mint
US stock indices were mixed on Tuesday as markets digested a trove of earnings reports amid the US-China trade war.
At the opening bell, the Dow Jones Industrial Average rose 6.4 points, or 0.02%, to 40,233.98. The S&P 500 fell 19.9 points, or 0.36%, to 5,508.87, while the Nasdaq Composite dropped 95.4 points, or 0.55%, to 17,270.757.
Trump administration is planning to lessen the effect of auto tariffs by reducing taxes on foreign auto parts used in US-made vehicles.
On Monday, US Treasury Secretary Scott Bessent said several top trading partners had made “very good” proposals to avoid US tariffs.
China’s recent decision to exempt certain US goods from its retaliatory levies showed a willingness to de-escalate trade tensions, Bessent added.
Gainers and Losers
Shares of General Motors dropped 3% as the automaker reported better than expected quarterly profits, but said it was reassessing its forecast due to the tariffs outlook.
UPS stock gained 1% after announcing plans to cut 20,000 positions worldwide this year following a significant drop in business for Amazon.
Bullion
Gold prices slipped more than 1% on Tuesday as signs of easing US-China trade tensions reduced demand for safe-haven.
Spot gold fell 1.2% at $3,300.57 an ounce as of 9:50 AM ET (1350 GMT). US gold futures declined 1.1% to $3,310.20.
Spot silver gained 0.1% to $33.2 an ounce, platinum fell 0.3% to $983.26 and palladium lost 0.8% to $941.51.
