The Trump administration confirmed on Wednesday that it may slap tariffs on imported vehicles and automotive parts, pending the outcome of an investigation by the Department of Commerce.
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Dow Jones futures were 0.03% lower. The S&P 500 added 0.04% and the Nasdaq Composite was up 0.16%.
U.S. stocks erased early losses on Wednesday and closed higher after minutes from the Federal Reserve’s latest meeting showed the central bank plans to stay on a gradual path of rate increases even if inflation meets its target. Worries about the Fed raising rates faster than expected have buoyed Treasury yields and the dollar lately, and contributed to swings in stocks
The Dow Jones Industrial Average gained 52.4 points, or 0.21%, to 24,886.81. The S&P 500 rose 8.85 points, or about 0.3%, to 2,733.29. The Nasdaq Composite climbed 47.5 points, or 0.64%, to 7,425.96.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24886.81 | +52.40 | +0.21% |
| SP500 | S&P 500 | 2733.29 | +8.85 | +0.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7425.9554 | +47.50 | +0.64% |
In the Fed minutes, members of the central bank’s policy-making committee indicated that another increase in interest rates would be warranted soon, likely in June.
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General Electric posted its biggest drop in nine years as CEO John Flannery said he could not guarantee the company’s dividend. Shares tumbled 7.3%.
Tiffany shares rallied 23.3% to a record high after the jeweler released better-than-expected quarterly results.
Economic data included new home sales, which came in at 662,000 for April, versus March’s 672,000.
Investors will get another retail name reporting earnings before the opening bell in Best Buy. Gap will report after the market closes.
On the economic calendar, the data includes the weekly jobless claims report and also existing home sales.
Tariff concerns on imported cars is sending auto stocks lower in Europe. Shares of BMW, Daimler and Volkswagen fell between 1.7% and 2.3%.
London’s FTSE is higher by 0.06%. Germany’s DAX is rising by 0.10% and France’s CAC is gaining by 0.36%.
Japan’s Nikkei fell to a more than two-week low on Thursday as automakers like Toyota slumped after the Trump administration launched a national security investigation into car and truck imports that could lead to new U.S. tariffs.
The Nikkei ended the day with a drop of 1.1%.
Caution prevailed amid renewed concerns over China-U.S. trade tensions.
China’s Shanghai Composite was unchanged.
Hong Kong’s Hang Seng added 0.1%.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.
