[New York Stock Market] Uncertainty Over Trump’s New Tariffs Rises...All Three Major Indexes Fall

Tariff Policy Turmoil Saps Investor Sentiment
International Oil Prices Strengthen

Amid uncertainty triggered by new tariff threats from U.S. President Donald Trump, the three major U.S. stock indexes in New York all opened lower on the 22nd (local time).

As of 10:01 a.m. that day on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average (Dow) was down 386.06 points, or 0.77%, from the previous session at 49,239.91. The large-cap S&P 500 Index was down 25.79 points, or 0.37%, at 6,883.72, while the tech-heavy Nasdaq Composite was down 98.52 points, or 0.43%, at 22,787.55.

The U.S. stock market is falling because President Trump’s new tariffs have intensified uncertainty over global trade. On the 20th (local time), the U.S. Supreme Court ruled that President Donald Trump’s tariffs based on the International Emergency Economic Powers Act (IEEPA) were unlawful.

In response, President Trump held a press conference and declared, “Under Section 122 of the Trade Act, we will impose a 10% global tariff in addition to the tariffs already in place.” Just one day later, on the 21st, he said he would raise the global tariff to 15%.

Due to President Trump’s new tariffs, the effective tariff rate is expected to be about 1 percentage point lower than it was before the Supreme Court ruling. However, analysts say concerns over confusion in tariff policy, as well as the possibility of retaliation by the Trump administration, are weighing on the stock market.

Carsten Brzeski, Global Head of Macro at ING, said, “Uncertainty is back,” adding, “The risk of escalating tensions between the United States and its trading partners is higher than it was a year ago.”

Among top constituents by market capitalization, performance was mixed. Nvidia was up 0.99%, Apple up 0.98%, Taiwan Semiconductor Manufacturing Company (TSMC) up 0.47%, Alphabet Class A up 0.43%, Broadcom up 1.34%, Walmart up 2.40%, and Eli Lilly up 3.54%. In contrast, Microsoft was down 2.12%, Amazon.com down 2.50%, Tesla down 1.96%, and Meta down 1.02%.

Nvidia rose after Aletheia Capital upgraded the stock to a buy, saying its share price was undervalued ahead of its earnings release. Nvidia’s stock had been trading sideways for several months and, as of the end of the fourth quarter, was one of the most undervalued names among the big tech companies.

Technology stocks as a whole weakened slightly after news that OpenAI told investors it plans to invest about 6,000 dollars in infrastructure by 2030. Previously, OpenAI had said it would invest more than 1.4 trillion dollars.

Shares of Novo Nordisk fell more than 14% after clinical trial results showed that the efficacy of its next-generation obesity treatment lagged behind that of a rival product from Eli Lilly. Domino’s Pizza gained about 4% after reporting that same-store sales in the United States beat expectations and announcing a dividend increase.

Airline stocks weakened as a massive snowstorm that hit the northeastern United States led to flight cancellations. Delta Air Lines, United Airlines, and American Airlines all fell by around 4%.

International oil prices moved higher. West Texas Intermediate (WTI) crude for April 2026 delivery was up 1.01% from the previous session at 67.15 dollars per barrel.