Market Reaction to New Tariffs

As the US stock market opened on Wednesday, significant losses were observed across major indexes. This downturn comes in anticipation of the new tariffs on all imported cars, steel, and aluminum, which are set to be enforced today. Additionally, President Donald Trump is expected to announce reciprocal tariffs, further escalating global trade tensions.

Tesla's Disappointing Delivery Numbers

In corporate news, Tesla Inc. reported its first-quarter deliveries for 2025, which fell short of analysts' expectations. The company delivered 336,681 units, a figure that has contributed to the downward pressure on the stock market.

Index Performances

By 9:30 am ET, the Dow Jones had dropped 0.82%, or 343 points, with Nvidia experiencing a 2.92% loss. Similarly, the Nasdaq 100 and the S&P 500 saw declines of 1.34% and 1.03%, respectively. Tesla's stock was notably among the worst performers, plummeting by 5.56%.

Currency Movements

On the currency front, the euro appreciated by 0.27% against the dollar, trading at $1.08230 at 9:28 am ET.