U.S. stocks were little changed on Tuesday as investors stayed cautious following a series of letters from the White House to major trading partners, outlining sweeping new tariffs.
The real market action unfolded in commodities, with copper surging 10% after President Donald Trump announced a 50% tariff on copper imports starting today.
The industrial metal jumped to $5.52 per pound, hitting a new all-time high and marking its biggest one-day gain since October 2008.
During a Cabinet meeting, Trump stated: "Some letters are at a 60%, 70% rate.” He said to be announcing new tariff measures on pharmaceuticals — possibly a 200% tariff.
He added that trade relations with China have been "very fair" recently, noting a strong working relationship.
While Trump reiterated openness to trade negotiations, he emphasized that the U.S. will not extend the August deadline for reciprocal tariffs to take effect.
Commenting on the European Union, Trump said: "The EU has been speaking to us. President von der Leyen has been very nice lately, but they've treated us badly until recently. We're probably two days away from sending the EU letter. A letter is a deal."
At 1:40 p.m. ET, the S&P 500 was flat at 6,220, the Nasdaq 100 gained 0.1% to 22,710, while small caps led the way with the Russell 2000 rising 0.9%.
Energy stocks outperformed as oil prices climbed 1.4% for a second straight session, topping $68 — a two-week high.
Treasury yields also moved higher, with the 10-year rising five basis points to 4.43% and the 30-year yield climbing to 4.96%.
The U.S. dollar remained steady, while gold fell 0.8% to $3,308 per ounce. Bitcoin (CRYPTO: BTC) traded around $109,125.
Tuesday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | % change |
| Russell 2000 | 2,233.89 | 0.9% |
| Nasdaq 100 | 22,710.77 | 0.1% |
| S&P 500 | 6,229.74 | 0.0% |
| Dow Jones | 44,254.05 | -0.3% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $570.48.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.3% lower to $442.54.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.1% to $533.50.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.9% to $221.73.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 2.8%; the Utilities Select Sector SPDR Fund (NYSE:XLU) lagged, down 1.3%.
Tuesday’s Stock Movers
- Sunrun Inc. (NASDAQ:RUN) dropped 12%, while Enphase Energy Inc. (NASDAQ:ENPH) fell 4.5% and First Solar Inc. (NASDAQ:FSLR) declined 6% after President Trump signed an order slashing tax credits for wind and solar energy.
- Freeport-McMoRan Inc. (NYSE:FCX) jumped 4.4%, benefiting from a sharp spike in copper prices following the newly announced tariffs.
- Fair Isaac Corp. (NYSE:FICO) sank 15% after Bill Pulte, director of the Federal Housing Finance Agency, announced Fannie Mae and Freddie Mac will now allow lenders to adopt the VantageScore 4.0 credit scoring model.
- Intel Corp. (NASDAQ:INTC) rallied 7.5% after Citigroup raised its price target on the stock from $21 to $24.
- JPMorgan Chase & Co. (NYSE:JPM) declined 3.5% — its worst session since April — after HSBC downgraded the bank from Hold to Reduce and lifted its price target from $237 to $259.
- Datadog Inc. (NASDAQ:DDOG) fell 4.3% to $145.81 after Guggenheim downgraded the stock from Neutral to Sell, setting a price target of $105.
- Devon Energy Corp. (NYSE:DVN) surged 7.4% after JPMorgan increased its price target from $40 to $42 while maintaining a Neutral rating.
- Other oil and gas majors advanced amid rising crude prices: Exxon Mobil Corp. (NYSE:XOM) rose 2.8%, Chevron Corp. (NYSE:CVX) gained 3.5%, and ConocoPhillips (NYSE:COP) climbed 4.3%.
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