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US stocks traded mixed on Tuesday as investors assessed more tariff policy shifts from President Donald Trump and looked ahead to upcoming inflation data.
Traders also digested the start of Federal Chair Jerome Powell’s two-day testimony in Congress. In his opening remarks, Powell told lawmakers the Fed is not in a rush to adjust interest rates and reiterated the central bank’s stance of not commenting on trade policy.
By mid-afternoon trade, the Dow Jones Industrial Average (^DJI) flipped into the green, edging around 0.1% higher. Meanwhile, the benchmark S&P 500 (^GSPC) dropped roughly 0.1% while the tech-heavy Nasdaq Composite (^IXIC) pulled back about 0.4%, after a winning day on Wall Street.
The tone is cautious in the wait for Trump to reveal his plan for universal like-for-like tariffs, promised for announcement midweek. The president on Monday imposed 25% tariffs on all steel and aluminum imports from March 12, according to executive orders. That puts further pressure on top trading partners Canada and Mexico.
Meanwhile, the countdown is on for January’s Consumer Price Index reading on Wednesday and its wholesale counterpart on Thursday, as inflation stays persistent.
On the earnings front, Coca-Cola (KO) shares rose after it beat estimates for fourth quarter profit and revenue as soda demand stayed robust amid price increases. Shopify’s (SHOP) stock bounced back from pre-market losses after the e-commerce company reported a downbeat first quarter profit forecast with better-than-expected holiday sales.
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