Investing.com – Wall Street was muted on Tuesday as trade hopes faltered on fresh tariff threats from the U.S. to Europe over a long-running dispute about Airbus subsidies.
Investing.com – Wall Street was muted on Tuesday as trade hopes faltered on fresh tariff threats from the U.S. to Europe over a long-running dispute about Airbus subsidies.
The S&P 500 was flat by 9:40 AM ET (13:40 GMT). The Dow slipped 24 points or 0.1% and the NASDAQ composite was down 3 points or 0.1%.
The U.S. Trade Representative's office added $4 billion worth of EU goods that it could hit with tariffs in retaliation for the bloc’s subsidies to Airbus. The news is part of a 14-year-old dispute between Airbus and Boeing (NYSE:BA), with the U.S. claiming Europe’s subsidies cost the American economy $11 billion each year.
Stocks surged to a record high in the prior session after the U.S. and China agreed to restart negotiations and enter a trade truce.
"While the threat of additional tariffs on EU imports is still an overhang for investors, the market is more likely taking a breather until new macro-economic data comes out," Peter Cardillo, chief market economist at Spartan Capital Securities said.
Monthly jobs data on Friday is expected to rise after falling for the last two months.
Technology stocks were slightly higher, with Apple (NASDAQ:AAPL) up 0.3%, Facebook (NASDAQ:FB) gaining 0.4% and Tesla (NASDAQ:TSLA) inching up 0.3%.
Semiconductor companies pared back gains, with Advanced Micro Devices (NASDAQ:AMD) down 1% and Intel (NASDAQ:INTC) slipping 0.7%, while Micron (NASDAQ:MU) declined 0.7%.
Boeing slid 0.5%, while Walt Disney (NYSE:DIS) inched down 0.1% and Nike (NYSE:NKE) fell 0.5% on news that it pulled its Betsy Ross sneaker from stores due to intervention from former NFL quarterback Colin Kaepernick, who said the symbol is offensive.
In commodities, crude oil slumped 1% to $58.54 a barrel. Gold futures gained 0.4% to $1,394.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 96.273.
-Reuters contributed to this report
The S&P 500 was flat by 9:40 AM ET (13:40 GMT). The Dow slipped 24 points or 0.1% and the NASDAQ composite was down 3 points or 0.1%.
The U.S. Trade Representative's office added $4 billion worth of EU goods that it could hit with tariffs in retaliation for the bloc’s subsidies to Airbus. The news is part of a 14-year-old dispute between Airbus and Boeing (NYSE:BA), with the U.S. claiming Europe’s subsidies cost the American economy $11 billion each year.
Stocks surged to a record high in the prior session after the U.S. and China agreed to restart negotiations and enter a trade truce.
"While the threat of additional tariffs on EU imports is still an overhang for investors, the market is more likely taking a breather until new macro-economic data comes out," Peter Cardillo, chief market economist at Spartan Capital Securities said.
Monthly jobs data on Friday is expected to rise after falling for the last two months.
Technology stocks were slightly higher, with Apple (NASDAQ:AAPL) up 0.3%, Facebook (NASDAQ:FB) gaining 0.4% and Tesla (NASDAQ:TSLA) inching up 0.3%.
Semiconductor companies pared back gains, with Advanced Micro Devices (NASDAQ:AMD) down 1% and Intel (NASDAQ:INTC) slipping 0.7%, while Micron (NASDAQ:MU) declined 0.7%.
Boeing slid 0.5%, while Walt Disney (NYSE:DIS) inched down 0.1% and Nike (NYSE:NKE) fell 0.5% on news that it pulled its Betsy Ross sneaker from stores due to intervention from former NFL quarterback Colin Kaepernick, who said the symbol is offensive.
In commodities, crude oil slumped 1% to $58.54 a barrel. Gold futures gained 0.4% to $1,394.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 96.273.
-Reuters contributed to this report