NEW YORK (AP) 鈥� The U.S. stock market fell further Tuesday following President Donald Trump鈥檚 , briefly pulling Wall Street 10% below its . And like it's been most of the past few weeks, the market鈥檚 slide on Tuesday was erratic and dizzying.
The S&P 500 fell 0.8%, but only after careening between a modest gain and a tumble of 1.5%. At its bottom for the day, the index was more than 10% below its all-time high and on track for what Wall Street calls a 鈥渃orrection.鈥�
Other indexes likewise swung sharply through the day. The Dow Jones Industrial Average lost 478 points, or 1.1%, and the Nasdaq composite ended up slipping 0.2%.
Such head-spinning moves are becoming in what鈥檚 been a for investors as Trump tries to remake the country and world through and other policies. Stocks have been mostly lower on uncertainty about how much pain Trump is willing for the to endure in order to get what he wants.
And moves by Trump and comments by his White House on Tuesday didn鈥檛 clarify much.
Stocks began tumbling in the morning after Trump said he would double planned tariff increases on steel and aluminum coming from Canada. The president said it was a response to after Trump began threatening tariffs on one of the United States鈥� most important trading partners.
Trump has acknowledged the economy could feel some 鈥渄isturbance鈥� because of the tariffs he's pushing. Asked on Tuesday just how much pain Trump would be willing for the economy and stock market to take, right about when the market was nearing its lows for the day, White House press secretary Karoline Leavitt declined to give an exact answer. But she said earlier in a press briefing that 鈥渢he president will look out for Wall Street and for Main Street.鈥�
For his part, Trump said earlier on social media, 鈥淭he only thing that makes sense is for Canada to become our cherished Fifty First State. This would make all Tariffs, and everything else, totally disappear.鈥�
Stocks pared their losses later in the day, even eliminating them all briefly, after Ontario鈥檚 premier said he had agreed to remove the surcharge on electricity that had enraged Trump so much. He said he was confident that the U.S. president would also stand down on his own plans for 50% tariffs on Canadian steel and aluminum
After that perk higher, though, stocks would go on to slide again into the end of trading.
Tuesday's swings followed more warning signals about the economy as Trump鈥檚 -and- -again rollout of creates confusion and pessimism for U.S. households and businesses.
Such tariffs can hurt the economy directly by raising prices for U.S. consumers and gumming up global trade. But even if they end up being milder than feared, all the whipsaw moves could create so much uncertainty that U.S. companies and consumers freeze, which would sap energy from the economy.
stock lost 7.3% after it said it鈥檚 already seeing a change in confidence among customers, which is affecting demand for close-in bookings for its flights. That pushed the airline to roughly halve its forecast for revenue growth in the first three months of 2025, down to a range of 3% to 4% from a range of 7% to 9%.
麻豆传媒AVwest Airlines also cut its forecast for an important underlying revenue trend, and it pointed specifically to less government travel, among other reasons, including wildfires in California and 鈥渟oftness in bookings and demand trends as the macro environment has weakened.鈥�
Its stock nevertheless rallied 8.3%, though, after the airline said it would soon and announced changes to encourage its most loyal customers.
Oracle dropped 3.1% after the technology giant reported profit and revenue for the latest quarter that fell short of analysts鈥� expectations.
Helping to keep the market in check despite all the worries were several Big Tech stocks, which steadied a bit after getting walloped in recent months. Elon Musk鈥檚 Tesla rose 3.8%, for example, after Trump said in a show of support for 鈥淓lon鈥檚 鈥榖aby.鈥欌��
Tesla's sales and brand have been under pressure as Musk has led efforts in Washington to . Tesla's stock is down 42.9% for the young year so far.
Other Big Tech superstars, which had led the market to record after record in recent years, also held a bit firmer. added 1.7% to trim its loss for the year so far to 19%. It鈥檚 struggled as the market鈥檚 sell-off has particularly hit stocks seen as getting too expensive in Wall Street鈥檚 frenzy around technology.
Because Nvidia, Tesla and other Big Tech stocks have grown so massive in size, their movements carry much more weight on the S&P 500 and other indexes than any other company.
All told, the S&P 500 fell 42.49 points to 5,572.07. The Dow dropped 478.23 to 41,433.48, and the Nasdaq composite slipped 32.23 to 17,436.10.
In stock markets abroad, , indexes fell across much of Europe and Asia.
Stocks rose 0.4% in Shanghai and were nearly unchanged in Hong Kong as wrapped up its annual session with some measures to help boost the slowing economy.
In the bond market, Treasury yields clawed back some of their tumbles in recent months. The yield on the 10-year Treasury rose to 4.28% from 4.22% late Monday. In January, it was nearing 4.80%, before it began sinking on worries about the U.S. economy.
A report released Tuesday morning showed U.S. employers were at the end of January, just as economists expected. It's the latest signal that the U.S. , for now at least, after the economy closed last year . ___
AP Business Writers Yuri Kageyama and Matt Ott contributed.
Stan Choe, The Associated Press
