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US stocks were mixed on Wednesday as investors absorbed a report that President-elect Donald Trump is considering declaring a national economic emergency to pave the way for proposed tariffs. Meanwhile, minutes from the Federal Reserve’s December meeting showed “many” officials supported a gradual pace of interest rate cuts in 2025.
The S&P 500 (GSPC) was up more than 0.1%, while the Dow Jones Industrial Average (DJI) added 0.25%, or about 100 points. The tech-heavy Nasdaq Composite (IXIC) closed just below the flat line.
Meanwhile, the 10-year Treasury yield (^TNX) hovered at 4.7% ahead of a crucial December jobs report set for release on Friday morning.
Trump is looking to the emergency powers to provide a legal basis for his proposed hefty and wide-ranging tariffs, CNN reported. The news jolted markets already on guard for Trump surprises as Inauguration Day nears, bracing for a wave of policy moves and executive orders.
Investors are keeping a close eye on prospects for the economy as they gauge shifts in the chances of slower interest-rate cuts this year.
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