US stocks traded steady on Tuesday as traders digested a slew of corporate earnings results and parsed comments from the White House about trade negotiations.
The S&P 500 Index fell 0.1% and the Nasdaq 100 Index declined 0.2% as of 10 a.m. in New York. Dow Jones Industrial Average rose 0.3% and Russell 2000 Index fell 0.5%. The Cboe VIX Index hovered around 25.
Amazon.com Inc. fell after White House Press Secretary Karoline Leavitt told reporters that the company’s reported decision to display the impact of tariffs on pricing is a “hostile” and political act. It is the biggest contributor to the S&P 500’s losses Tuesday morning.
Among single stock movers, General Motors Co. shares slipped after the carmaker pulled its 2025 earnings guidance and put $4 billion in share buybacks on hold, citing US tariffs. JetBlue Airways Corp. was the latest US airline to withdraw its outlook, noting macroeconomic uncertainty. PayPal Holdings Inc. left its full-year forecast unchanged, despite reporting a stronger-than-expected first quarter, citing “uncertainty in the global macro environment.”
Meanwhile, United Parcel Service Inc. said it expected to cut 20,000 jobs this year and close dozens of facilities.
“Trade uncertainty continues to drive global market and economic uncertainty, with US trading remaining choppy until we get clarity,” said Ivan Feinseth, chief investment officer at Tigress Financial Partners. “Stocks are on hold in the hopes of one or two trade deals that will create the template” for further agreements, he said.
Trump is on track to ease the impact of his auto tariffs, as the auto industry sought changes that would lift some levies on foreign parts for cars and trucks made inside the US. Treasury Secretary Scott Bessent at a White House press briefing said the administration was “very close” on a trade deal with India.
As a volatile month for the stock market draws to a close, the S&P 500 has managed to bounce back over the past few sessions. Data from Citigroup strategists show that the earnings season has boosted positioning momentum in US stocks, leaving exposure levels near neutral.
Still, market pros warn that risks still lurk, and they urge investors to stay cautious.
HSBC strategists lowered their year-end target for the S&P 500 to 5,600 from 6,700, to reflect the impact of slower US growth and tariff pressure on earnings.
“We expect the market narrative will flip-flop between recession and stagflation until tariff turmoil subsides, the Fed starts easing, and/or inflationary pressures fail to build up,” the strategists led by Nicole Inui wrote in a note to clients.
Later on Tuesday, investors will focus on the latest data on job openings and a consumer confidence index, both expected at 10 a.m. Meanwhile, the US merchandise-trade deficit unexpectedly widened in March to a record as companies continued importing goods to get ahead of tariffs, signaling a large hit to the economy in the first quarter.
HSBC’s Inui noted that until the recent concerns ease, “economic releases will be highly scrutinized with the market reacting accordingly.
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