US stock markets are trading near record levels despite President-elect Donald Trump's comments on potential trade actions that could impact the global economy. The S&P 500 and Nasdaq composite indices are showing gains, while the Dow is down slightly. Concerns over Trump's plans for tariffs against Mexico, Canada, and China are causing global shares to retreat.
NEW YORK — U.S. stocks are hanging around their records as Wall Street takes Donald Trump ’s latest talk about tariffs in stride, even if they could roil the global economy were they to take effect. The S&P 500 was up 0.3% in early trading Tuesday, near the all-time high it set a couple weeks ago. The Dow Jones Industrial Average fell 155 points, or 0.4%, while the Nasdaq composite was up 0.4%. Kohl’s tumbled after its results for the latest quarter fell short of analysts’ expectations.
Hong Kong's Hang Seng was little changed, inching up less than 0.1% to 19,159.20. The Shanghai Composite fell 0.1% to 3,259.76. Bessent, a billionaire, has argued for reducing the U.S. government’s deficit, which is how much more it spends than it takes in through taxes and other revenue. Such an approach could soothe worries on Wall Street that Trump’s policies may lead to a much bigger deficit, which in turn would put upward pressure on Treasury yields and drive prices lower.
A U.S. report coming on Wednesday could influence how much the Fed may cut rates. Economists expect it to show that an underlying inflation trend the Fed prefers to use accelerated to 2.8% last month from 2.7% in September. Higher inflation would make the Fed more reluctant to cut rates as deeply or as quickly as it would otherwise.
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