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US stocks edge higher as Canada retaliates over new trade tariffs
The Dow rose 0.1% and the S&P 500 gained 0.2%, while the Nasdaq climbed 0.4% ahead of Nvidia earnings and Kevin Warsh’s Jackson Hole speech.
US equities were mostly steady to higher on Tuesday as investors looked past escalating US Canada trade tensions and focused on upcoming company and central bank catalysts, according to Yahoo Finance.
The Dow Jones Industrial Average rose 0.1%, and the S&P 500 added 0.2%, while the Nasdaq Composite gained 0.4% after recovering from Monday’s tech declines. Stocks held on to gains as Canada’s finance department announced retaliatory tariffs on US goods after the Trump administration imposed 50% duties over the weekend, with the dispute also targeting items including steel and dairy.
The market also weighed signs of consumer strain, with new home sales and a consumer confidence measure both falling to their lowest levels since January. Those data are expected to set the tone for the Federal Reserve’s Jackson Hole Symposium later this week, where Fed Chairman Kevin Warsh is scheduled to speak.
In company specific moves, DICK’s Sporting Goods shares fell 13% before the bell after the retailer missed second quarter expectations and cut its full-year outlook due to challenging conditions in the athletic marketplace, while Intuit and Zoom Communications were due to report earnings later Tuesday. Bitcoin briefly rose above $80,000 for the first time in three months amid Treasury intervention in the bond market that revived dollar debasement concerns, and gold also rallied before pausing on Tuesday.
Latest closeGold $4,432.00 ▲1.6%|Bitcoin $79,112.40 ▲0.2%|S&P 500 7,785.76 ▼0.2%