The U.S. reported a record-high trade deficit in March, exceeding expectations. Wall Street awaits updates on trade agreement negotiations, resulting in a decline in U.S. stock markets. The S&P 500 started 19 points lower, while the Dow Jones opened 6 points higher before surging over 160 points, or 0.4%, leading the major indices. The Nasdaq opened with a 95-point decline, underperforming and dropping 30 points early on.
The White House criticized Amazon (AMZN) for its plan to display President Trump’s tariff costs next to product prices, calling it a hostile political move. Amazon's stock fell by more than 1% early in the trading session. Alphabet (GOOG) also saw a 1% drop.
General Motors (GM) reported better-than-expected first-quarter results. However, it announced a reassessment of its future guidance and the suspension of additional stock buybacks amid tariff uncertainties, leading to a more than 2% decline in its stock. Additionally, Spotify (SPOT, Financial) reported weaker-than-expected first-quarter operating profits, causing its stock to fall by over 7%.
