Closing summary
Wall Street suffered another session of sharp losses as investors’ hopes for US delays or concessions on tariffs ahead of a midnight deadline turned to despair.
The White House’s press secretary, Karoline Leavitt, poured water on hopes that Donald Trump might delay his tariffs set to kick in on Wednesday.
The S&P 500 fell 79.48 points, or 1.6%, to 4,982.77, after surging 4% earlier in the day.
The Dow Jones Industrial Average fell 320.01 points, or 0.8%, to 37,645.59.
The Nasdaq composite fell 335.35 points, or 2.1%, to 15,267.91.
The Russell 2000 index of smaller companies fell 49.43 points, or 2.7%, to 1,760.71.
The CBOE Volatility Index, seen as Wall Street’s “fear gauge”, was last up 5.35 points at 52.33, the highest close since 1 April, 2020.
Tesla and Apple each dropped about 6%.
Oil prices fell more than $1 a barrel on Tuesday, trading at four-year lows.
Energy commodities gave up early gains to finish lower on Tuesday.
US crude fell 1.8% to $59.58 a barrel. Natural gas dropped 5.2%.
Shares of most oil and gas companies closed with losses.
Occidental Petroleum dropped 6.8%, ConocoPhillips fell 3.5% and Exxon slipped 2.2%.
