Tariffs have sparked renewed concerns about their impact on the economy, leading to a decline in US equities at midday. FedEx and Nike warned of potential economic slowdowns, while shares of Tesla jumped after CEO Elon Musk reassured employees of the company’s future prospects.
The Dow Jones Industrial Average, S&P 500, and Nasdaq all fell as investors became increasingly uncertain about the effects of tariffs. FedEx was particularly hard hit, slashing its outlook on the US industrial economy due to “weakness and uncertainty.”
Nike also warned that tariffs would hurt demand for its products, causing shares to sink. In contrast, shares of Boeing rose after the Pentagon chose the company to build America’s new fighter jet. However, Lockheed Martin’s shares fell as a result.
Tesla’s stock advanced following an all-hands meeting with CEO Elon Musk, where he expressed optimism about the electric vehicle maker’s future. This move helped alleviate concerns that Musk was spending too much time away from work.
Other markets saw similar trends, with Gold prices dropping and oil futures remaining steady. The US dollar strengthened against the euro and pound, while trading little changed against the yen. Cryptocurrencies largely fell in value.
Source: https://www.investopedia.com/top-stock-movers-now-fedex-nike-lennar-and-more-11701160