Markets edged lower Tuesday as investors weighed first-quarter earnings, trade developments, and a dip in Bitcoin, which fell below $84,000.
The Dow Jones Industrial Average shed 155 points, or 0.38%, while the S&P 500 and Nasdaq both declined by roughly 0.1%.
Bank stocks offered some relief. Bank of America and Citigroup rose over 4% and 2% respectively, after beating earnings expectations.
The broader SPDR S&P Bank ETF climbed nearly 2%. Still, the optimism was offset by weakness in other sectors and global uncertainty.
Boeing dropped nearly 2% following a Bloomberg report that Chinese regulators told airlines to halt new purchases of its planes. The move pulls Boeing deeper into the ongoing U.S.-China trade dispute.
Luxury stocks in Europe also fell, led by LVMH, which reported lower sales amid declining Chinese demand. Meanwhile, global carmakers like Toyota and Hyundai tracked modest gains following Monday’s U.S. auto rally, according to CNBC reporting.
Bitcoin (BTC) is currently trading at $83,950. The rest of the crypto market dropped with many major currencies dropping 1-4%, according to crypto.news data.
China and U.S. trade talks
President Trump reignited trade tensions, saying Tuesday that China must return to the negotiating table to reduce tariffs, as the U.S. consumer is “too important” to lose. While some electronics, like smartphones and semiconductors, were temporarily exempted from reciprocal tariffs, the White House signaled that exemptions could be short-lived.
Despite gains earlier this week, all three major U.S. indexes remain down from early April. The S&P 500 has dropped more than 4% since Trump’s April 2 tariff announcement, with the Dow and Nasdaq trailing by more than 3% each.
Wall Street’s “fear gauge,” the VIX, eased below 30 after hitting 60 last week, reflecting a calmer—if still uncertain—market environment.
Source link