Equity Markets High Ahead of Reciprocal Tariffs Announcement

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Equity Markets High Ahead of Reciprocal Tariffs Announcement

, MT Newswires - 3:48 PM ET 4/2/2025 Investing Ideas

03:48 PM EDT, 04/02/2025 (MT Newswires) -- US benchmark equity indexes are on track to close higher on Wednesday, ahead of the White House announcement of reciprocal tariffs.

The Dow Jones Industrial Average gained 0.5% to 42,205.3, while the Nasdaq Composite increased 0.8% to 17,589.7. The S&P 500 was up 0.6% to 5,666.7. The consumer discretionary sector posted the highest gains, while consumer staples had the steepest decline.

Tesla (TSLA) shares jumped 5%, among the top gainers on the S&P 500 and the Nasdaq. Chief Executive Elon Musk will be stepping down in the coming weeks from his roles within the administration, Politico reported, citing President Donald Trump.

CarMax ( KMX ) rose 4.3%. The company is well-positioned for the upcoming tariffs of the Trump administration, with potentially a path to 2026 earnings of as much as $6 per share in a bull case scenario, Wedbush said in a Tuesday note.

Altria Group ( MO ) was the worst performer on the S&P 500, down 3.5%, as Deutsche Bank downgraded its rating on the stock to hold from buy.

The 10-year US Treasury yield gained 1.9 basis points to 4.2%, while the two-year rate was up 2.7 basis points to 3.9%.

May West Texas Intermediate crude oil was up 0.8% to $71.79 a barrel.

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