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Stocks were little changed on Tuesday as investors digested cautious commentary from Federal Reserve Chairman Jerome Powell on interest rates. Concerns remain over the direction of the economy amid U.S. tariffs and the possible escalation of a global trade war.
The Dow Jones Industrials moved into the green 55.95 points, to 44,526.36
The S&P 500 slid 0.63 points to 6,065.81
The tech-heavy NASDAQ dipped 27.81 points to 19,685.69
Apple gained more than 2.5% on a report that the company is partnering with Alibaba to develop AI features for iPhone users in China, curbing the market’s losses. Coca-Cola also jumped about 3% on a strong earnings report.
Powell earlier addressed the Senate Banking Committee and signaled the Fed does not need to move quickly to ease monetary policy.
Trump on Monday signed new tariffs on all steel and aluminum imports to the U.S. The European Union responded by saying it would retaliate with levies of its own if the U.S. tacks on tariffs against products from the country bloc.
Prices for the 10-year Treasury retreated slightly, raising yields to 4.53% from Monday’s 4.50%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 71 cents to $73.03 U.S. a barrel.
Prices for gold tailed off $3.50 an ounce to $2,930.90 U.S.
