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