US open: Stocks lower as Powell heads to Congress
By Iain Gilbert
Date: Tuesday 11 Feb 2025
(Sharecast News) - Major indices opened lower on Tuesday after Donald Trump signed an executive order to impose a 25% tariff on steel imports.
As of 1525 GMT, the Dow Jones Industrial Average was down 0.25% at 44,357.85, while the S&P 500 lost 0.22% to 6,053.28 and the Nasdaq Composite came out the gate 0.19% firmer at 19,676.54.
The Dow opened 112.56 points lower on Tuesday, taking a bite out of gains recorded in the previous session as traders shrugged off new tariff threats from the Trump White House.
However, those threats turned into reality late on Monday night when Trump, in addition to the steel tariffs, raised import duties on aluminium from 10% to 25%, with both levies set to come into effect on 4 March.
Outside of tariff headlines, Tuesday's primary focus will likely be Federal Reserve chairman Jerome Powell's Congress testimony, which kicked off at 1500 GMT, in which the central bank head left the door open for more interest rate cuts but said the Fed was in no hurry to act.
Powell struck an upbeat tone on the economy, calling it "strong overall" with a "solid" job market and also noted that the labour market condition had cooled and was "not a source of significant inflationary pressures. He also acknowledged that inflation has "moved much closer" to its 2% longer-run goal but "remains somewhat elevated." He also noted the Fed was not considering changing its 2% PCE inflation target in its policy framework review.
Elsewhere, the National Federation of Independent Business revealed that its small business optimism index fell to 102.8 in January, down from 105.1 in December, missing forecasts for a reading of 104.6. Chief economist Bill Dunkelberg said: "Overall, small business owners remain optimistic regarding future business conditions, but uncertainty is on the rise. Hiring challenges continue to frustrate Main Street owners as they struggle to find qualified workers to fill their many open positions. Meanwhile, fewer plan capital investments as they prepare for the months ahead."
In corporate news, Coca-Cola beat earnings expectations on the back of rising global demand, while health insurance firm Humana said FY24 profits had hit $1.2bn as it exited unprofitable medicare markets
Still to come, Lyft and Super Micro Computer were slated to report earnings after the close on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $20.78 6.54%
Coca-Cola Co. (KO) $66.77 3.44%
International Business Machines Corporation (CDI) (IBM) $252.04 1.11%
Chevron Corp. (CVX) $157.31 0.99%
Apple Inc. (AAPL) $230.96 0.69%
Nike Inc. (NKE) $71.24 0.42%
Johnson & Johnson (JNJ) $154.56 0.21%
McDonald's Corp. (MCD) $308.94 0.17%
Home Depot Inc. (HD) $414.11 0.03%
Verizon Communications Inc. (VZ) $39.96 0.01%
Dow Jones - Fallers
Walgreens Boots Alliance, Inc. (WBA) $9.66 -3.64%
Salesforce.Com Inc. (CRM) $322.92 -1.31%
Visa Inc. (V) $347.05 -1.19%
Walt Disney Co. (DIS) $108.01 -1.16%
American Express Co. (AXP) $307.12 -1.01%
Travelers Company Inc. (TRV) $240.21 -0.91%
Goldman Sachs Group Inc. (GS) $645.50 -0.77%
Boeing Co. (BA) $179.42 -0.62%
Procter & Gamble Co. (PG) $166.61 -0.55%
Merck & Co. Inc. (MRK) $85.96 -0.50%
S&P 500 - Risers
Ecolab Inc. (ECL) $264.27 7.45%
Intel Corp. (INTC) $20.78 6.54%
Apache Corp. (APA) $23.36 5.01%
Phillips 66 Common Stock (PSX) $128.99 4.27%
Cincinnati Financial Corp. (CINF) $141.04 3.54%
Vornado Realty Trust (VNO) $43.86 3.52%
Coca-Cola Co. (KO) $66.77 3.44%
Western Digital Corp. (WDC) $69.85 2.95%
S&P Global Inc Com (SPGI) $529.04 2.67%
Electronic Arts Inc. (EA) $133.73 2.42%
S&P 500 - Fallers
Fidelity National Information Services Inc. (FIS) $68.79 -16.78%
Coty Inc. Class A (COTY) $6.42 -5.17%
Regeneron Pharmaceuticals Inc. (REGN) $675.30 -5.11%
Marriott International - Class A (MAR) $289.55 -4.89%
Ipg Photonics Corp. (IPGP) $66.72 -4.70%
Walgreens Boots Alliance, Inc. (WBA) $9.66 -3.64%
CenturyLink Inc. (LUMN) $4.80 -3.51%
Incyte Corp. (INCY) $67.82 -3.33%
AES Corp. (AES) $10.40 -3.30%
Expedia Group Inc. (EXPE) $199.53 -3.03%
Nasdaq 100 - Risers
Intel Corp. (INTC) $20.78 6.54%
Western Digital Corp. (WDC) $69.85 2.95%
Electronic Arts Inc. (EA) $133.73 2.42%
Adobe Systems Inc. (ADBE) $457.02 2.31%
Hologic Inc. (HOLX) $64.76 1.63%
Take-Two Interactive Software Inc. (TTWO) $209.99 1.61%
Mondelez International Inc. (MDLZ) $58.66 1.47%
Illumina Inc. (ILMN) $105.29 1.28%
Gen Digital Inc. (GEN) $28.10 1.26%
Asml Holdings N.V. (ASML) $749.20 1.24%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $675.30 -5.11%
Marriott International - Class A (MAR) $289.55 -4.89%
Workday, Inc. (WDAY) $265.11 -3.71%
Walgreens Boots Alliance, Inc. (WBA) $9.66 -3.64%
Trip.com Group Limited (TCOM) $66.07 -3.61%
Baidu Inc. (BIDU) $89.95 -3.49%
Incyte Corp. (INCY) $67.82 -3.33%
Expedia Group Inc. (EXPE) $199.53 -3.03%
Align Technology Inc. (ALGN) $210.00 -2.66%
Tesla Inc (TSLA) $343.11 -2.58%
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