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Stock market today: Indexes trade mixed as investors digest Trump's latest tariff plans
US stock indexes were mixed after Donald Trump's newest tariff threats roiled markets Monday evening.
The President-elect called for an extra 10% tariff on Chinese imports and a 25% duty on Mexican and Canadian products. Trump wrote in two Truth Social media posts that these will remain in effect until the countries address drug and migrant flows.
US stocks briefly sold off after hours before recovering early Tuesday. The 10-year Treasury yield was up three basis points to 4.296%.
The US dollar jumped on the news, reaching its highest level in over four years against the Canadian dollar. The peso weakened against the dollar and Canadian oil prices slipped 2.2%.
Stocks are coming off a rally on Monday fueled by Trump's pick for Treasury Secretary, Scott Bessent.
The former hedge fund manager is considered a pro-market Wall Street veteran, perceived as a stabilizing force to counter some of the president-elect's policy ideas. Bessent has talked in the past about spreading out the impact of tariffs by implementing them gradually and has told clients that Trump's presidency would lead to a US economic boom .
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
Here's what else is going on:
In commodities, bonds, and crypto:
Read the original article on Business Insider