Stock Markets Tumble Amid Tariff Uncertainty and Trade Tensions

U.S. stock markets experienced a downturn on Tuesday, with significant comments from President Donald Trump and Treasury Secretary Scott Bessent leaving investors uncertain about forthcoming trade deals. Trump indicated a review of potential deals over the next couple of weeks, while initial discussions with Canadian Prime Minister Mark Carney did not yield immediate results.

Contradicting earlier optimistic statements from Bessent about trade announcements, Trump's tariff negotiations were highlighted as pivotal by market strategist Tim Ghriskey, who noted China's challenging stance. This uncertainty caused a decrease in major stock indexes, with the Dow Jones falling 313.51 points and the S&P 500 losing 30.49 points.

Further impacting the markets, the release of Commerce Department data placed the trade deficit at a record $140.5 billion. Upcoming pharmaceutical tariffs and pressure on vaccine makers contributed to the healthcare sector's poor performance. Meanwhile, the Federal Reserve's meeting is unlikely to change interest rates, keeping investor focus on the July outlook.

(With inputs from agencies.)