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Stock market today: Dow, S&P 500, Nasdaq fall as oil prices rise, US-Canada trade war escalates
Yahoo Finance • • business
Key Points:
- US stocks declined on Tuesday amid escalating US-Canada trade tensions, rising oil prices near $100 per barrel, and inflation concerns ahead of key economic data and Oracle's earnings report.
- Canada imposed retaliatory tariffs of up to 50% on approximately $20 billion of US goods, intensifying the trade conflict and impacting sectors such as dairy, steel, and wood products.
- GE Aerospace announced an $11.75 billion acquisition of casting manufacturer Consolidated Precision Products to boost its supply chain for jet engine components amid rising demand from Boeing and Airbus.
- Qualcomm shares surged following a multi-generational deal with Amazon to supply custom silicon for AI data centers, including stock warrants as part of the collaboration.
- Oil prices surged due to Middle East conflicts affecting Saudi energy facilities and concerns over supply through the Strait of Hormuz, prompting Goldman Sachs to raise price forecasts for Brent and WTI crude.
