US open: Dow Jones cautiously higher as tariff war escalates
By Iain Gilbert
Date: Wednesday 09 Apr 2025
(Sharecast News) - The blue-chip Dow Jones was cautiously higher at the opening bell on Wednesday as Donald Trump's tit-for-tat tariff war with China continued to escalate.
As of 1545 BST, the Dow Jones Industrial Average ticked up 0.08% to 36,674.31, while the S&P 500 advanced 0.48% to 5,006.83 and the Nasdaq Composite came out the gate 1.45% firmer at 15,489.94.
The Dow opened just 28.72 points higher on Wednesday, doing little to claw back heavy losses recorded over the last four sessions as traders braced for the White House's 104% tariff on Chinese imports to take effect at midnight, along with levies on 85 other nations.
Futures were in the red after China imposed an 84% tariff on US goods in response, while Canada also confirmed plans to put into effect 25% retaliatory tariffs on US-made vehicles and the EU approved its first set of tariffs on the US for 15 April. Since Trump announced his so-called 'Liberation Day' tariffs after the close on 2 April, the blue-chip Dow Jones has shed more than 4,500 points, while the S&P 500 and Nasdaq Composite were 12% and 13% lower, respectively.
However, despite futures initially having the bloodletting continue, news that Treasury Secretary Scott Bessent will take a lead role in negotiating tariffs with other countries has seemingly encouraged some market participants, with traders likely preferring Bessent's involvement over Commerce Secretary Howard Lutnick or trade advisor Peter Navarro. Stocks also got a leg up after Donald Trump urged investors to remain calm and said now was "a great time to buy".
Also of note, the yield on the benchmark 10-year Treasury note surged nearly eight basis points to 4.381% after starting the week below 4%, raising alarm among investors as they attempt to navigate the global trade quagmire.
On the macro front, US mortgage applications surged 20% in the week ended 4 April, according to the Mortgage Bankers Association of America, more than erasing the three consecutive weekly declines preceding it. Applications to purchase a home were up 9%, in line with a nine basis point drop in benchmark mortgage rates to 6.61%, while applications to refinance a mortgage shot up 35% to their highest level since October.
Elsewhere, US wholesale inventories rose 0.3% month-on-month in February, according to final estimates from the Census Bureau, hitting $902.3bn. Durable goods inventories were up 0.2%, while non-durables rose 0.5%. On an annualised basis, wholesale inventories were 1.1% higher.
Still to come, minutes from the Federal Reserve Open Markets Committee's latest meeting will be published at 1900 BST.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Apple Inc. (AAPL) $178.48 3.51%
Walmart Inc. (WMT) $84.57 3.39%
Intel Corp. (INTC) $18.63 2.78%
Boeing Co. (BA) $143.02 2.60%
Microsoft Corp. (MSFT) $361.02 1.82%
Unitedhealth Group Inc. (UNH) $558.72 1.02%
Walt Disney Co. (DIS) $82.39 0.81%
American Express Co. (AXP) $233.27 0.81%
Visa Inc. (V) $309.70 0.46%
McDonald's Corp. (MCD) $300.99 0.39%
Dow Jones - Fallers
Amgen Inc. (AMGN) $273.10 -2.56%
Johnson & Johnson (JNJ) $146.22 -2.52%
Merck & Co. Inc. (MRK) $76.98 -2.50%
Verizon Communications Inc. (VZ) $41.45 -1.72%
Chevron Corp. (CVX) $134.60 -1.70%
Home Depot Inc. (HD) $331.77 -1.04%
Coca-Cola Co. (KO) $67.83 -0.86%
Goldman Sachs Group Inc. (GS) $458.42 -0.82%
Walgreens Boots Alliance, Inc. (WBA) $10.52 -0.71%
Caterpillar Inc. (CAT) $272.20 -0.63%
S&P 500 - Risers
Delta Airlines Inc. (DAL) $39.20 9.25%
United Airlines Holdings Inc (UAL) $59.94 6.75%
Advanced Micro Devices Inc. (AMD) $83.43 6.67%
Alaska Air Group Inc. (ALK) $43.15 5.23%
Southwest Airlines Co. (LUV) $25.95 4.85%
Nvidia Corp. (NVDA) $100.74 4.61%
Apple Inc. (AAPL) $180.11 4.46%
CenturyLink Inc. (LUMN) $3.38 4.28%
Wynn Resorts Ltd. (WYNN) $68.93 4.27%
Walmart Inc. (WMT) $85.01 3.94%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.46 -6.48%
Bristol-Myers Squibb (BMY) $50.63 -4.60%
Alexandria Real Estate Equities Inc. (ARE) $73.46 -4.52%
AbbVie Inc (ABBV) $168.54 -4.06%
Incyte Corp. (INCY) $54.80 -3.81%
Hanesbrands Inc. (HBI) $4.18 -3.79%
Zions Bancorporation (ZION) $40.61 -3.70%
Regeneron Pharmaceuticals Inc. (REGN) $536.23 -3.70%
Helmerich & Payne Inc. (HP) $18.29 -3.64%
Vornado Realty Trust (VNO) $30.68 -3.32%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $233.55 5.27%
American Airlines Group (AAL) $9.51 4.85%
Nvidia Corp. (NVDA) $100.74 4.61%
Apple Inc. (AAPL) $180.11 4.46%
Wynn Resorts Ltd. (WYNN) $68.93 4.27%
Asml Holdings N.V. (ASML) $618.92 3.96%
Expedia Group Inc. (EXPE) $141.59 3.63%
Intel Corp. (INTC) $18.78 3.61%
Skyworks Solutions Inc. (SWKS) $50.82 3.29%
Sirius XM Holdings Inc (SIRI) $19.97 3.26%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $54.80 -3.81%
Regeneron Pharmaceuticals Inc. (REGN) $536.23 -3.70%
Vertex Pharmaceuticals Inc. (VRTX) $458.82 -2.87%
Biomarin Pharmaceutical Inc. (BMRN) $54.38 -2.70%
Amgen Inc. (AMGN) $273.04 -2.58%
Biogen Inc (BIIB) $111.69 -2.07%
Seagate Technology Plc (STX) $65.19 -2.03%
T-Mobile Us, Inc. (TMUS) $242.00 -1.75%
DENTSPLY Sirona Inc. (XRAY) $12.47 -1.54%
Baidu Inc. (BIDU) $75.96 -1.17%
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