Tech Stocks Bolster S&P 500 Amid Tariff Turmoil
The S&P 500 edged higher, buoyed by technology shares, amidst concerns of economic impact from Trump's trade policies. The services sector saw contraction, while tariffs strained business costs. Investors keenly await more labor market insights as trade tensions with China and protectionist measures continue.
The benchmark S&P 500 stock index finished the day with modest gains on Wednesday, driven primarily by technology stocks. However, initial gains were tempered by weak data exposing the economic strain imposed by President Donald Trump's volatile trade strategies.
The services sector saw its first contraction in nearly a year, and businesses faced escalating input costs, signaling ongoing risks of slowing economic growth and inflation. Despite investors' hopeful eyes on the upcoming nonfarm-payrolls data, trade uncertainty loomed large.
Washington's increased tariffs on steel and aluminum, now set at 50%, added to the tense atmosphere, as investors monitored tariff talks with trading partners. Discussions between Trump and Chinese leader Xi Jinping are anticipated to be pivotal amid the prolonged tariff skirmish.
(With inputs from agencies.)
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