U.S. stocks continued to seesaw as markets opened largely flat on Tuesday, following Monday’s positive close.
The Dow Jones Industrial Average, the S&P 500 and Nasdaq indices were trading roughly flat an hour after Tuesday’s opening bell. On Monday, all major indices ended the day solidly in the green.
Electronics related stocks had benefited from the recent exclusions for computers and smartphones among other consumer electronics. Auto stocks also soared amid news of potential tariff exemptions for car companies.
However, the overall market outlook pointed to continued jitters over potential direction of tariffs – particularly the turmoil around U.S.-China trade war.
The premarket gains had Treasury yields slightly wobbly, but remained elevated as the 10-year Treasury boasted a 6 basis points dip to 4.358%. Meanwhile, the 2-year Treasury yield was down about 4 basis point to 3.828%.
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Earnings and crypto watch
As investors weigh risk assets’ market outlook amid fresh tariff corner developments, the stocks of Johnson & Johnson (JNJ), Bank of America (BAC) and Citi (C) gained after the companies’ earnings results before the bell.
The stocks posted early gains as markets opened, with BAC and C trading 4%, and 3% up respectively. JNJ however was down 0.54%.
Elsewhere, Bitcoin (BTC) was slightly up, adding a percentage gain to its weekly uptick that sees bulls challenging for continuation above $85,000. The benchmark cryptocurrency held up despite downside pressure, with 7% in the past week as the bounce from the risk assets rout in early April subsided.
Despite the optimism that drove equities higher on Monday, largely as investors reacted to President Donald Trump’s latest tariffs moves, including on the auto industry, semiconductor and pharmaceuticals, the major indices remained whipsawed.
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