Stocks shift into reverse with Trump set to announce new auto tariffs

Stocks skidded in afternoon trading after the White House signaled that President Trump on Wednesday would announce more tariffs, with the latest salvo targeting U.S. auto imports. 

The S&P 500 dropped 64 points, or 1.1%, to close at 5,712, the Dow Jones Industrial Average fell 0.3% and the Nasdaq Composite nosed down 2% as investors pulled back from major technology players. 

Shares of automakers also slid, with General Motors sinking 3.2% and Stellantis, the parent company of Chrysler, Dodge, Jeep and Ram, dropping 3.5%. The Detroit automakers' manufacturing plants and supply chains are spread across North America, so additional tariffs would raise their costs and crimp profits.