Tariffs, weak sentiment mean market gains could be shaky

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Tariffs, weak sentiment mean market gains could be shaky

Traders work on the floor of the New York Stock Exchange on June 3, 2025.

NYSE

Over the past week, Washington and Beijing have been trading barbs about violating their preliminary trade deal. Aside from that, higher steel and aluminum tariffs announced by U.S. President Donald Trump will kick in Wednesday.

Amid all the trade tensions, the Organisation for Economic Co-operation and Development slashed its U.S. and global growth forecast for this year and the next, citing “barriers to trade tighter financial conditions, weaker business and consumer confidence and heightened policy uncertainty.”

Investors, however, are still pushing up stocks, with Nvidia on Tuesday regaining the crown of most valuable public company. That said, CFRA Research’s Sam Stovall thinks that the market is “going to just sort of bob and weave in the meantime until we start to get a clearer understanding, if we get one, of the

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for earnings, GDP growth, etc.”

In other words, recent gains in markets aren’t likely to be indicative of a longer-term trajectory. Where stocks go will depend on where the U.S. economy lands amid the developments surrounding tariffs.

What you need to know today

Markets in U.S. and Asia riseU.S. stocks climbed Tuesday, boosted by rises in chip stocks and more-than-expected job openings in April. The S&P 500 gained 0.58%, the Dow Jones Industrial Average advanced 0.51% and the Nasdaq Composite closed 0.81% higher. Asia-Pacific markets rose Wednesday. Following the country’s presidential elections, South Korea’s Kospi index surged 2.5% at 1:45 p.m. Singapore time to hit its highest level since August last year. Australia’s S&P/ASX 200 added 0.77% even as the nation’s first-quarter economic growth missed expectations.

Nvidia is king againNvidia shares added 2.8% Tuesday to close at $141.22, giving it a market capitalization of $3.45 trillion. That move puts the chipmaker ahead of

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’s $3.44 trillion cap, which means Nvidia is again the most valuable publicly traded company in the world. The stock has surged more than 23% over the past month as Nvidia’s growth has persisted even through export control and tariff concerns.

Investors let down by Toyota dealShares of Toyota Industries slumped as much as 13% Wednesday, signaling investors’ disappointment over Toyota Group’s reported 

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 to take the company private. The deal includes a tender offer of $26 billion for shares of Toyota Industries at 16,300 yen apiece, according to Reuters, sharply lower than the 18,400 yen it closed on Tuesday before the deal was announced.

Trump’s bill is a ‘disgusting abomination’: MuskElon Musk in a Tuesday post on X

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U.S. President Donald Trump’s “big, beautiful bill” as a “disgusting abomination” and subsequently

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that the bill “will massively increase the already gigantic budget deficit to $2.5 trillion (!!!)” Trump is still pressuring U.S. lawmakers to pass the bill, blasting Rand Paul after he said on CNBC’s “Squawk Box” that he is “just not open” to supporting a $5 trillion increase in the debt ceiling.

South Korea elects a new presidentSouth Korea’s opposition party leader Lee Jae-myung won 49.42% of the votes in a snap election, according to the 

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. Lee, who defeated the conservative candidate Kim Moon Soo, will be South Korea’s new president. The elections mark a turning point for the country after months of turmoil following former leader Yoon Suk Yeol’s botched martial law imposition.

[PRO] Watch out for new stocks in S&PSeveral financial services stocks could be rotated into the S&P 500, according to Bank of America. Stocks added to the index often rise in value because funds that track the benchmark will add it to their portfolios, so investors should pay attention to the moves, which will be announced by the end of the week. 

And finally…

The Texas flag flies outside TDECU Stadium in Houston, Oct. 21, 2023.

Tim Warner | Getty Images Sport | Getty Images

Tesla’s planned robotaxi launch in tech-friendly Austin has Musk playing catch-up in his hometown

Tesla’s long-awaited entry into the robotaxi market — expected later this month — will begin in Austin, Texas, which has emerged as a key battleground for self-driving technology.

CEO Elon Musk wrote in a 

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 last week that the company has been testing Model Y vehicles with no safety drivers on board in the Texas capital for several days.

But while the market remains nascent, Tesla already faces a hefty amount of competition. Alphabet’s Waymo, 

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’s Zoox, Volkswagen subsidiary ADMT and startup Avride are already present in Austin.

“The winners of the space are emerging, and it’s just a matter of scaling,” said Toby Snuggs, ​​head of sales and partnerships at Avride.

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#Tariffs #weak #sentiment #market #gains #shaky

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