• The Dow Jones Industrial Average .DJI fell 157.13 points, or 0.62 percent, to 25,178.61, the S&P 500 .SPX lost 3.55 points, or 0.13 percent, to 2,783.02 and the Nasdaq Composite .IXIC added 27.52 points, or 0.36 percent, to 7,588.33.
The S&P 500 and the Dow Jones Industrial Average slumped on Monday as the U.S. tariffs signed into law last week by President Donald Trump weighed on industrials, though gains in tech stocks boosted the Nasdaq.
• Trump last week softened his stance on tariffs by exempting Canada and Mexico, and negotiations were ongoing as the European Union and Japan also seek exemptions.
• “The big multinational, industrial companies of the world are all taking a hit on the concern that they will be the targets of reprisal sanctions,” said Robert Phipps, a director at Per Stirling Capital Management in Austin.
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• Asian stock markets were lower on Tuesday as Washington's policies hit regional steel producers. Several Asian nations are expected to suffer from President Donald Trump's decision to slap tariffs on steel and aluminum imports.
• "We believe that steel products from South Korea, Japan, Vietnam, Thailand, South Africa, Australia, U.A.E. and Argentina are most at risk of displacement from the U.S. market," energy research firm Wood Mackenzie said in a note. "These countries are the least likely to be exempted from tariffs and their steel exports have the highest displacement potential."
Reference: Reuters, CNBC
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