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The Nasdaq and other stock market indices were mostly down on Tuesday following President Trump’s approval of tariffs on steel and aluminum earlier in the week. The European Union, meanwhile, has vowed to retaliate against the President’s tariffs.
The price of gold reached a record high on Tuesday following Trump’s recent trade-war moves, trading at $2,942 per ounce. Meanwhile, gold exchange-traded funds (ETFs) also surged to an all-time high after their longest winning streak since 2020.
Moreover, Federal Reserve Chair Jerome Powell testified before Congress for the first time since President Trump’s inauguration and reaffirmed the central bank’s commitment to curbing inflation. He suggested that policymakers are in no hurry to cut interest rates.
“We remain committed to supporting maximum employment, bringing inflation sustainably to our 2 percent goal, and keeping longer-term inflation expectations well anchored,” Powell said on Tuesday.
As the day ended, the Dow Jones Industrial Average added 0.28%. The tech-heavy Nasdaq shed 0.36% while the S&P 500 popped 0.03%, respectively. Meanwhile, the 10-year Treasury yield was up at 4.529%.
Coca-Cola (KO-0.09%shares were up Tuesday morning as its earnings report exceeded revenue expectations. Chipmaker Super Micro Computer (SMCI+4.32%) is set to report its earnings after the closing bell, highlighting the developments in the AI sector.