The S&P 500 Index ($SPX) (SPY) Tuesday closed down -1.57%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.84%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.95%. June E-mini S&P futures (ESM25) are down -1.58%, and June E-mini Nasdaq futures (NQM25) are down -1.80%.
Stock indexes on Tuesday gave up an early advance and moved lower into the close to settle lower as the US trade war with China is set to escalate. Stocks retreated Tuesday after President Trump said the US is moving ahead to boost tariffs on China by another 50%, bringing total tariffs on Chinese goods to 104% if it refuses to rescind the 34% tariffs it placed on US goods by midnight. China said it would not back down and pledged to retaliate against President Trump’s latest tariff threat. China’s Ministry of Commerce said Tuesday, “The US threat to escalate tariffs on China is a mistake on top of a mistake, and if the US insists on its own way, China will fight to the end.”
