The Dow Jones Industrial Average dropped Tuesday to kick off a shortened week of trading, with Wall Street keeping tabs on the U.S.-Iran war as well as rising trade tensions between Canada and the U.S.
The 30-stock index let go of 507.16 points, or 1%, to begin Tuesday’s session at 52,907.09
The S&P 500 sank 28.02 points, or 0.4%, to 7,690.58
The NASDAQ Composite retreated 104.81 points, or 0.4%, to 26,402.18.
Traders also have to contend with brewing trade tensions between the U.S. and Canada once again. Retaliatory tariffs from Canada on about $20 billion of U.S. goods take effect on Tuesday.
President Donald Trump on Monday said ahead of the new duties that Canadian aircraft manufacturer Bombardier can’t sell in the U.S. unless Canada begins making its products in the U.S.
Qualcomm is partnering up with Amazon Web Services to “help build out AWS” AI Infrastructure, according to the company’s press release.
Shares for the chipmaker rose over 7% following the news.
The Federal Reserve is due to hold a monetary policy meeting next week. Traders are pricing in a 60% chance the central bank will hike rates by a quarter-percentage point after the meeting.
Prices for the 10-year Treasury were static, keeping yields at Friday’s 4.78%.
Oil prices were boosted $1.74 to $93.22 U.S. a barrel.
Gold prices dulled $32.40 to $4,444.20 U.S. an ounce.
