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The Nasdaq and other stock market indices were down Tuesday afternoon 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.
In the afternoon, the Dow Jones Industrial Average was mostly flat. The tech-heavy Nasdaq and S&P 500 shed 0.46% and 0.15%, respectively. Meanwhile, the 10-year Treasury yield was up at 4.529%.
Coca-Cola (KO+3.63%shares were up Tuesday morning as its earnings report exceeded revenue expectations. Chipmaker Super Micro Computer (SMCI-7.73%) is set to report its earnings after the closing bell, highlighting the developments in the AI sector.