US stock indices declined on Tuesday, after President Donald Trump threatened pharma tariffs and amid subdued corporate earnings.
At 12:52 PM EDT, the Dow Jones Industrial Average fell 0.77%, the S&P 500 lost 0.66%, and the Nasdaq Composite shed 0.76%.
At 09:55 a.m. ET the Dow Jones Industrial Average fell 435.80 points, or 1.06%, to 40,783.03, the S&P 500 lost 61.98 points, or 1.10%, to 5,588.40, and the Nasdaq Composite lost 240.21 points, or 1.35%, to 17,604.03.
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.
The central bank starts its two-day meeting on Tuesday. It is widely expected to keep interest rates on hold.
In the bond market, the yield on the 10-year Treasury slipped to 4.35% from 4.36% late Monday.
Gainers and Losers
Shares of Eli Lilly and Merck fell about 2.4% each, while Pfizer slipped 1.7% after the pharma tariffs threat.
Ford Motor stock pared its pre¬-market losses to rise about 1% as the carmaker suspended its annual outlook on Monday.
DoorDash shares dropped 8.5% after the meal delivery company said it would acquire British rival Deliveroo for about 2.9 billion pounds ($3.86 billion).
Palantir Technologies stock tumbled 13.5% despite the company reporting quarterly profit.
AI-chip giant Nvidia shares fell 2.4%.
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.
Crude oil
Oil prices climbed more than $1.50 per barrel on Tuesday on bargain hunting amid concerns about a market surplus. Brent crude futures were up $1.80, or 3%, to $62.03 a barrel by 1310 GMT, while US West Texas Intermediate crude added $1.81, or 3.2%, to $58.94 a barrel.
