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U.S. stocks opened modestly lower Tuesday, following a session that saw the blue-chip Dow Jones Industrial Average gain 354 points.
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Heightened prospects that President Trump will slap more tariffs on Chinese goods weighed on market sentiment. The president told The Wall Street Journal that it was “highly unlikely” that the U.S. would delay a tariff increase to 25 percent on about $200 billion in Chinese goods. s to 25 percent.
He also said it is possible a 10 percent tariff could be levied on iPhones and laptops imported from China. Apple shares fell on worries that sales in China will be hurt by the trade war with the U.S.
Meanwhile, investors assessed a downbeat report from the S&P CoreLogic Case-Shiller National Home Price Index, which indicated that the pace of U.S. home price hikes declined in September.
Crude oil prices edged higher, with U.S. benchmark West Texas Intermediate rising 0.17 percent to $51.72.
On Monday, Dow component United Technologies announced the industrial giant will be split into three companies. Shares jumped in after-hours trading by 2 percent on the news, but were down sharply in Tuesday trading.
|I:DJI||DOW JONES AVERAGES||24558.11||-82.13||-0.33%|
|I:COMP||NASDAQ COMPOSITE INDEX||7061.5736||-20.28||-0.29%|
Also Monday, U.S. stocks rebounded from four consecutive days of losses. Investors were encouraged by the positive buzz on retail sales tied to Cyber Monday which is estimated to reach a record $7.9 billion, according to Adobe. Big tech stocks also rebounded helping lift the Nasdaq Composite 2 percent, while the S&P 500 and the Dow Jones Industrial Average rose about 1.5 percent with Dow turning in a 354 point gain.
|GM||GENERAL MOTORS COMPANY||37.38||-0.27||-0.72%|
General Motors jumped nearly 5 percent after announcing it would shed 15 percent of its North American salaried workforce or nearly 15,000 employees, while also shuttering production on underperforming vehicles in an ongoing push to cut costs. While President Trump said he was “not happy” with the announcement from CEO Mary Barra, investors felt otherwise.
In Asia on Tuesday, China’s Shanghai Composite was up 0.4 percent.
Hong Kong’s Hang Seng Index fell 0.09 percent.
Japan’s Nikkei average ended the day 0.64 percent higher.
In Europe, London’s FTSE traded lower by 0.6 percent, Germany’s DAX slipped 0.4 percent and France’s CAC added 0.5 percent.
FOX Business’ Mike Obel contributed to this story.