Wall St ends lower as White House says Trump to implement tariffs
Fri January 31, 2025 5:04 PM
Though there was a little backpedaling on tariffs yesterday, they were back in the news full force today. As the tariffs were up starting Saturday, the market was down and it was no surprise that the sectors hardest hit were electronics and energy, the two industries expected to be most impacted by tariffs. All the indexes were rather handsomely in the black during the morning until about 1:00 p.m., the Nasdaq up some 300 points. It was precisely at that hour that Trump must have announced that the tariffs were on because at that precise hour, all three indexes dropped like a rock.
The good news is that Trump is delaying the tariffs on gas and oil until mid-February and not revealing which countries will be hit so it’s possible not to be Canada and Mexico. The better news is that the market was pleasantly surprised that the reaction to the news was not more severe. As today’s expert put it, “I would have thought the market would be down more. It’s not just the announcement itself, which I think probably impacts a select number of industries. It’s whatever retaliation moves are taken.” All in all, though, the indexes registered gains in closing the month ranging from 1.6% on the Nasdaq to 4.7% on the Dow. This rotation from tech to industrials does however reflect the nervousness of a market that can’t get a handle on the impact of future policy. Volume came in at 15.8 billion, quite close to the 4-week average of 15.5 billion.
DJ: 44,882.13 +168.61 NAS: 19,681.75
+49.43 S&P: 6,071.17
+31.86 1/30
DJ: 44,544.66 -337.47 NAS: 19,627.44
-54.31 S&P: 6,040.53
-30.64 1/31
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