Stock market today: Nasdaq erases gains, S&P 500, Dow extend declines as Trump boosts Canadian steel, aluminum tariffs

President Donald Trump connected Tuesday said he's boosting Canadian alloy and aluminum tariffs to 50%, with the caller duties acceptable to spell into effect connected Wednesday.

In a station connected Truth Social, the president said the summation is successful effect to Ontario Premier Doug Ford's determination to enforce a 25% surcharge connected energy exports to the United States.

"Based connected Ontario, Canada, placing a 25% Tariff connected 'Electricity' coming into the United States, I person instructed my Secretary of Commerce to adhd an ADDITIONAL 25% Tariff, to 50%, connected each STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD," Trump wrote.

Stocks erased earlier gains pursuing Trump's post, with the Nasdaq falling from league highs to commercialized conscionable astir the flatline.

The Dow fell astir 1% portion the S&P 500 dropped astir 0.4%.

In summation to these tariffs, Trump besides threatened to "substantially increase" tariffs connected cars coming into the US from Canada, adding these tariffs, "will, essentially, permanently unopen down the automobile manufacturing concern successful Canada. Those cars tin easy beryllium made successful the USA!"

Labor marketplace information released Tuesday was mostly successful enactment with Wall Street's expectations arsenic investors ticker intimately for immoderate further signs of cracks forming successful the US economy.

New information from the Bureau of Labor Statistics released Tuesday showed determination were 7.74 cardinal jobs unfastened astatine the extremity of January, an summation from the 7.51 cardinal seen successful December.

The December fig was revised little than the 7.6 cardinal unfastened jobs initially reported, mamarking the largest sequential driblet seen crossed the information successful implicit a year. Economists surveyed by Bloomberg had expected Tuesday's study to amusement 7.6 cardinal openings successful January.

The Job Openings and Labor Turnover Survey (JOLTS) besides showed 5.39 cardinal hires were made during the month, up somewhat from the 5.37 cardinal made during December. The hiring complaint held level astatine 3.4%.

Tuesday's study besides showed the quits rate, a motion of assurance among workers, roseate to 2.1% up from the 1.9% seen the 2 months prior.

US stocks opened little connected Tuesday, extending the anterior session's brutal sell-off arsenic fears escalated implicit the wellness of the US economy.

The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) each fell astir 0.2%, losing clasp of tiny gains earlier successful premarket trading. The tech-heavy Nasdaq Composite (^IXIC) dropped astir 0.1% aft logging its worst regular nonaccomplishment since 2022.

Kohl's (KSS) enactment retired a downbeat 2025 outlook this morning, driving a 16% tumble successful shares earlier the bell.

The section store forecast nett beneath Wall Street estimates, and it present sees a deeper driblet successful income than expected.

Kohl's present sees net per stock of betwixt $0.10-$0.60, versus the $1.23 anticipated. Comparable income are expected to autumn 4% to 6%, compared with the 0.9% expected.

The gloomy presumption is conscionable the latest motion that retailers are nether unit arsenic American shoppers acrophobic astir ostentation and a commercialized warfare take to walk carefully.

Tesla's (TSLA) banal is gearing up for a comeback — again.

The EV maker's shares roseate implicit 2% successful premarket trading, having fallen a whopping 15% to pb broader banal losses successful Monday's washout. One imaginable explanation? President Trump's committedness to "buy a marque caller Tesla" arsenic a amusement of enactment for CEO Elon Musk.

But arsenic Yahoo Finance's Hamza Shaban notes, Tesla's banal has shaken disconnected unit many, galore times before. He reports:

Read much successful Morning Brief here.

Yahoo Finance's Ines Ferré reports:

Read much here.

Airline stocks sank successful premarket trading Tuesday aft Delta Air Lines (DAL) chopped its outlook for the existent quarter, citing softening home request amid "macro uncertainty."

Delta banal fell 7%, portion United Airlines declined 4.5%, and American Airlines (AAL) dropped 3% arsenic concerns swirled astir a user slowdown.

In a merchandise connected Monday, Delta revised its gross maturation to 3%-4% for the archetypal quarter, down from 7%-9% antecedently forecast, Yahoo Finance's Josh Schafer reported. Profits are besides expected to instrumentality a hit, with net per stock expected to beryllium successful a scope of $0.30-$0.50 successful the archetypal quarter, down from $0.70-$1.00 previously.

Then, connected Tuesday, American forecast a bigger archetypal 4th loss, arsenic tariff pressures and authorities spending uncertainty weighed connected the outlook for question demand.

Southwest (LUV) besides chopped its gross maturation forecast, though shares roseate aft the fund bearer announced it would statesman charging for immoderate checked bags successful an effort to boost earnings. The argumentation displacement hinted astatine the increasing power of activistic capitalist Elliott Management astatine the institution arsenic it pushes to revamp Southwest's concern model.

An aboriginal inclination to telephone retired arsenic we get acceptable for net play successful a fewer weeks: the DOGE interaction connected firm America.

Southwest (LUV) mentioned "less authorities travel" successful its income informing today. Delta (DAL) CEO Ed Bastian somewhat hinted astatine an interaction successful a TV interrogation pursuing its ain income informing precocious connected Monday.

HPE (HPE) CEO Antonio Neri tells maine helium is monitoring the imaginable interaction of DOGE — which for his institution would travel successful the signifier of less server orders.

Yahoo Finance's Josh Schafer reports:

Read much here.

Gold (GC=F) roseate past $2,900 an ounce arsenic Wall Street's sell-off eased, though capitalist concerns implicit the US system persisted.

Bloomberg News reports:

Read much here

President Donald Trump has taken a antithetic attack to the banal marketplace during his 2nd word successful office.

Namely: helium appears to person outsourced the responsibility.

And aft a crisp sell-off crossed the banal marketplace connected Monday saw post-election gains crossed the large indexes and respective cardinal tech stocks that person powered the marketplace wiped out, it was not the president, but alternatively the vice president that appeared to bash the talking to investors.

In a station connected X, the societal media level owned by Elon Musk, a cardinal subordinate of Trump's administration, Vice President JD Vance said companies that physique successful the US volition beryllium rewarded; for companies gathering extracurricular the US, "you're connected your own."

Last week, the president said, "I'm not adjacent looking astatine the market" arsenic the rollout of his tariff argumentation shook capitalist confidence.

Unlike his archetypal word successful office, Trump has besides not spoken explicitly astir the Federal Reserve and his presumption connected policy. (Last clip around, Trump repeatedly called for little rates.)

Instead, Treasury Secretary Scott Bessent has repeatedly expressed a presumption that Treasury yields should beryllium little amid Trump's propulsion to cleanable up the national fund and rein successful spending crossed the government.

Given the velocity and extent of the market's sell-off since hitting grounds highs connected Feb. 19, however, we'll spot however agelong the president tin clasp this caller line.