More swerves hit Wall Street as Trump’s ‘Liberation Day’ nears

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on March 7, 2025, in New York City. —Photo by Charly Triballeau/Agen ce FrancePPresse

NEW YORK, United States — US stocks swerved through another shaky day of trading Tuesday, with uncertainty still high about just what President Donald Trump will announce about tariffs on his “Liberation Day” coming Wednesday.

The S&P 500 rose 0.4 percxent after roaring back from an early drop of 1 percent. The Dow Jones Industrial Average edged down by 11 points, or less than 0.1 percent, after pinging between a loss of 480 points and a gain of nearly 140, while the Nasdaq composite added 0.9 percent.

Wall Street has been particularly shaky recently, and momentum has been swinging not just day to day but also hour to hour because of uncertainty about what Trump will do with tariffs—and by how much they will worsen inflation and grind down growth for economies. On Monday, for example, the S&P 500 careened from an early loss of 1.7 percent to a gain of 0.7 percent.

READ: World economies brace for Trump tariffs deadline

In the bond market, Treasury yields sank after a report said US manufacturing activity contracted last month, breaking a two-month streak of growth. A separate report said US employers were advertising slightly fewer job openings at the end of February than economists expected.

Companies are saying they’re already feeling effects from Trump’s trade war, even with the main event potentially coming on Wednesday, when the president will announce a sweeping set of tariffs.

“Customers are pulling in orders due to anxiety about continued tariffs and pricing pressures,” one computer and electronic products company told the Institute for Supply Management in its monthly manufacturers’ survey.

“Starting to see slower-than-normal sales in Canada, and concerns of Canadians boycotting U.S. products could become a reality,” a manufacturer in the food, beverage and tobacco products industry said in the ISM’s survey.

The US economy is still growing, to be sure, and the job market has remained relatively solid even with February’s slightly weaker-than-expected job openings.

But one of the worries hitting the market is that even if Trump announces less-punishing tariffs than feared on Wednesday, the stop-and-start rollout of his trade strategy may by itself cause US households and businesses to freeze their spending, which would damage the economy. Trump has pushed for tariffs in part to bring manufacturing jobs back to the United States from other countries.

All the nervousness in the market has helped push the price of gold to records, and it briefly topped $3,175 per ounce Tuesday. That’s up from less than $2,700 at the start of the year.

On Wall Street, Tesla charged 3.6 percent higher a day ahead of reporting how many vehicles it delivered during the first three months of the year.

Worries have grown about a potential backlash from customers, and protestors have been swarming Tesla showrooms due to anger about CEO Elon Musk’s leading the US government’s efforts to cut spending. Tesla’s stock is still down by roughly a third for the year so far.

PVH jumped 18.2 percent after the company behind the Calvin Klein and Tommy Hilfiger brands reported a stronger profit for the latest quarter than analysts expected. It also said it plans to send $500 million to shareholders this year through purchases of its own stock.

Newsmax soared another 179 percent to follow up on its 735 percent surge from Monday, which was the first day of trading for the news company’s stock.

On the losing end of Wall Street was Johnson & Johnson, which dropped 7.6 percent after a US bankruptcy court judge denied the company’s settlement plan related to baby powder containing talc. It’s the third time the company’s attempt to resolve the baby powder settlement through bankruptcy has been rejected by courts.

All told, the S&P 500 rose 21.22 points to 5,633.07. The Dow Jones Industrial Average dipped 11.80 to 41,989.96, and the Nasdaq composite gained 150.60 to 17,449.89.

In stock markets abroad, indexes rose across much of Europe and Asia to recover some of their sharp drops from the day before.

In Europe, Germany’s DAX returned 1.7 percent, and France’s CAC 40 rose 1.1 percent after European Commission President Ursula von der Leyen said the world’s biggest trade bloc would not cower in the face of US trade demands.

“Europe holds a lot of cards, from trade to technology to the size of our market. But this strength is also built on our readiness to take firm counter measures if necessary,” von der Leyen said. “All instruments are on the table.”

In Japan, the Nikkei 225 held steady as Prime Minister Shigeru Ishiba said he was imploring Trump not to impose higher auto tariffs on Japan, a longtime US ally. A central bank survey found a worsening in business sentiment among big manufacturers.

In the bond market, the yield on the 10-year Treasury fell to 4.16 percent from 4.23 percent late Monday and from roughly 4.80 percent in January. That’s a significant move for the bond market, and yields have been falling with worries about a potentially slowing US economy. —AP