Key Takeaways
Major U.S. equities indexes sank at midday Tuesday as the U.S. imposed new tariffs on goods from Canada and Mexico, while doubling the levy on goods from China. The Nasdaq dropped about 0.6%, while the Dow and S&P 500 lost more than 1%.
Best Buy ( BBY ) was the worst-performing stock in the S&P 500 after the electronics retailer warned tariffs and inflation will hurt its business .
Tesla ( TSLA ) shares also lost ground amid concerns about the impact of tariffs , weak China sales, and a “buyers’ strike” against CEO Elon Musk’s involvement in U.S. government cuts.
KKR ( KKR ) shares tumbled after the private equity firm announced it planned to raise $1.5 billion in a stock sale, with the money aimed at shoring up the value of companies in its portfolio.
Walgreens Boots Alliance ( WBA ) shares jumped on a report the biggest U.S. pharmacy chain is close to being taken private in a $10 billion offer by Sycamore Partners.
Shares of Enphase Energy ( ENPH ) and First Solar ( FSLR ) gained as the U.S.-based solar power equipment providers could stand to benefit from tariffs on Chinese solar products.
Yum! Brands ( YUM ) shares rose after the fast-food restaurant operator said first-quarter comparable store sales at its Taco Bell restaurants could be higher than anticipated, and laid out plans to expand the franchise.
Oil futures declined and gold prices advanced. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
Read the original article on Investopedia