US close: Stocks sharply lower as Trump's tariffs reignite trade war
By Iain Gilbert
Date: Tuesday 04 Mar 2025
(Sharecast News) - Wall Street stocks closed sharply lower on Tuesday as Donald Trump's tariffs on Canadian, Mexican and Chinese imports came into effect.
At the close, the Dow Jones Industrial Average was down 1.55% at 42,520.99, while the S&P 500 lost 1.22% to 5,778.15 and the Nasdaq Composite saw out the session 0.35% weaker at 18,285.16.
The Dow closed 670.25 points lower on Tuesday, below where it sat before Election Day in November, as Trump ignites a trade war between the US and a number of its main trading partners.
China retaliated with additional tariffs of up to 15% on US goods, while Canadian prime minister Justin Trudeau said he would place a 25% import levy on US goods, to which Trump responded by promising to hit America's neighbour to the north with even higher tariffs. Mexican president Claudia Sheinbaum said his country would respond with tariffs and other measures this weekend.
In the corporate space, retailer Best Buy traded lower in pre-market after its warning that continued pressure on consumers was expected to hurt sales saw investors ignore Q4 revenues that came in ahead of expectations. Best Buy said Q4 revenues had fallen from $14.64bn to $13.94bn, ahead of expectations for a bigger drop to $13.68bn, while same-store sales rose 0.5% when analysts were expecting to see a 1.5% year-on-year decline.
Elsewhere, Target posted a stronger-than-expected end to 2024 but guided to soft sales in February.
No major data points were released on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $474.35 1.56%
International Business Machines Corporation (CDI) (IBM) $253.04 1.14%
Amgen Inc. (AMGN) $312.21 1.09%
McDonald's Corp. (MCD) $305.57 0.42%
Walgreens Boots Alliance, Inc. (WBA) $10.84 0.42%
Dowdupont Inc. (DWDP) $0.00 0.00%
Merck & Co. Inc. (MRK) $92.57 -0.62%
Chevron Corp. (CVX) $151.95 -0.74%
Johnson & Johnson (JNJ) $165.47 -1.08%
Dow Chemical Co. (DOW) $35.63 -1.21%
Dow Jones - Fallers
Intel Corp. (INTC) $21.33 -13.45%
Boeing Co. (BA) $159.11 -6.44%
3M Co. (MMM) $145.75 -5.00%
American Express Co. (AXP) $283.00 -4.23%
Goldman Sachs Group Inc. (GS) $579.87 -4.19%
JP Morgan Chase & Co. (JPM) $249.90 -4.11%
Walt Disney Co. (DIS) $108.85 -3.50%
Coca-Cola Co. (KO) $70.05 -3.14%
Walmart Inc. (WMT) $94.85 -2.81%
Visa Inc. (V) $352.22 -2.65%
S&P 500 - Risers
Ipg Photonics Corp. (IPGP) $60.32 4.23%
FMC Corp. (FMC) $36.66 3.15%
Albemarle Corp. (ALB) $72.15 3.15%
Helmerich & Payne Inc. (HP) $25.33 2.61%
Celanese Corp. (CE) $48.19 2.48%
PepsiCo Inc (PEP) $154.19 1.88%
Mondelez International Inc. (MDLZ) $65.29 1.82%
Jack Henry & Associates Inc. (JKHY) $177.02 1.71%
Unitedhealth Group Inc. (UNH) $474.35 1.56%
Dollar General Corp (DG) $72.92 1.43%
S&P 500 - Fallers
Intel Corp. (INTC) $21.33 -13.45%
Best Buy Co. Inc. (BBY) $75.43 -13.04%
Apache Corp. (APA) $18.57 -11.61%
United Airlines Holdings Inc (UAL) $86.21 -9.67%
Western Digital Corp. (WDC) $44.63 -9.60%
Diamondback Energy Inc. (FANG) $145.04 -9.29%
Align Technology Inc. (ALGN) $169.88 -8.61%
Seagate Technology Plc (STX) $94.08 -8.42%
Dollar Tree Inc (DLTR) $66.68 -7.85%
Whirlpool Corp. (WHR) $90.82 -7.75%
Nasdaq 100 - Risers
Mondelez International Inc. (MDLZ) $65.29 1.82%
NetEase Inc. Ads (NTES) $100.65 1.45%
Monster Beverage Corp (MNST) $54.82 1.41%
Verisk Analytics Inc. (VRSK) $299.54 1.37%
Charter Communications Inc. (CHTR) $368.36 1.28%
eBay Inc. (EBAY) $66.64 1.25%
Vertex Pharmaceuticals Inc. (VRTX) $486.22 1.12%
Amgen Inc. (AMGN) $312.21 1.09%
Biogen Inc (BIIB) $142.65 0.98%
Electronic Arts Inc. (EA) $131.81 0.86%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.28 -14.03%
Intel Corp. (INTC) $21.33 -13.45%
Western Digital Corp. (WDC) $44.63 -9.60%
Tesla Inc (TSLA) $271.92 -9.54%
Align Technology Inc. (ALGN) $169.88 -8.61%
Seagate Technology Plc (STX) $94.08 -8.42%
Dollar Tree Inc (DLTR) $66.68 -7.85%
American Airlines Group (AAL) $13.35 -7.29%
Broadcom Inc. (AVGO) $187.48 -6.77%
DENTSPLY Sirona Inc. (XRAY) $15.59 -6.48%
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